News
Balls plans tax avoidance clampdown; Carney a non-dom?
Launching Labour’s 2015 manifesto, Balls announced a number of headline measures and pledges, including a review of HMRC to ensure the body is suitably equipped to limit tax avoidance.
Also included in the manifesto will be plans to levy significant penalties against tax avoiders, and the closure of various ambiguities and loopholes that effectively legally enable their behaviour. Particular stated targets are ‘self-employment’ rules, dodges that allow hedge funds to circumvent stamp duty and ‘carried interest’ regulations which mean private equity managers can reduce their capital gains liabilities.
Balls believes the measures would net the Treasury a minimum of £7.5bn annually, 50 per cent higher than current coalition targets of £5bn. However, Paul Johnson, director of the Institute for Fiscal Studies, has expressed scepticism over the legitimacy of the stated target figures offered by both parties, accusing the pair of “simply making up numbers.”
Last week, Ed Miliband pledged to close tax loopholes around non-doms, drawing criticism from many commentators. Over the weekend, it was revealed that Bank of England governor Mark Carney was himself a non-dom; the BoE was quick to respond to the news, with a spokesperson stating that Carney “pays full UK taxes on his annual salary and allowances.”
“The governor’s non-domiciled status is not a choice,” the spokesperson declared. “It is the straightforward outcome of the tests that determine domicile status in the UK.”
There are 0 Comment(s)
Everything you wanted to know about ISAs…but were afraid to ask
The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...
Your right to a refund if travel is affected by train strikes
There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...
Could you save money with a social broadband tariff?
Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Five tips for surviving a bear market mauling
The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...
Money Tips of the Week
© AE3 Media Ltd, Floor 7, Lincoln House, 296 - 300 High Holborn, London WC1V 7JH, Company.