Natwest chair says he ‘deeply regrets’ time at Petrosaudi after £1.3bn ‘scam of the century’ September 15, 2024 Natwest chairman Rick Haythornthwaite has expressed his regret and sadness for his role at the UK arm of oil company Petrosaudi, which was involved in a £1.37bn “scam of the century” against Malaysia’s sovereign wealth fund. Haythornthwaite said he took the role “in good faith” without knowing the existence of the fraud, which channelled money [...]
Retail group calls for ‘rates corrector’ in next Budget September 13, 2024 High business rates and other bills have led to an overtaxing of the retail industry compared to its size in terms of GDP, according to fresh data. The British Retail Consortium found that retail pays 7.4 per cent of all business taxes – £33bn – a share 1.5 times greater than its share of the [...]
Calls grow for Reeves to shield employees’ shares from capital gains tax hike September 12, 2024 Calls are growing for the government to carve out an allowance on capital gains tax for employee share schemes amid fears a sweeping hike could gut the UK of talent and hammer smaller companies’ ability to retain staff.
Tech chiefs warn Chancellor not to undermine growth with tax hike September 11, 2024 A sweeping hike in capital gains tax (CGT) risks “undermining the chancellor’s growth agenda” and could suck talent and investment away from Britain’s start-ups, some of the country’s top fintech bosses have warned. Industry bodies and tech chiefs mounted a co-ordinated push to topple the suggestion of a blanket rise in CGT yesterday as they [...]
Goldman Sachs expects tax hikes of ‘at least’ £20bn in Reeves budget September 10, 2024 Many potential tax reforms have faced criticism for their potential unintended consequences.
Lloyds, Barclays and Natwest could weather Labour tax raid, analysts say September 10, 2024 Lloyds, Barclays and Natwest would see their 2024 profits fall by “low single digits” if the Labour government decides to raise taxes on banks in October’s Budget, according to Bloomberg Intelligence. Bloomberg analysts said Lloyds Banking Group and Natwest would likely offset the hit to their profits by repricing their loans, while they did not [...]
Capital gains tax branded ‘ripe for reform’ ahead of Budget September 10, 2024 Capital gains tax is “ripe for reform”, a leading think tank has said, as Chancellor Rachel Reeves considers possible revenue raisers ahead of October’s Budget. With a range of potential tax rises on the table, the Resolution Foundation has joined a chorus of voices arguing that the levy needs to be reformed. In a report [...]
Labour’s upcoming tax rises – and what to do about them September 10, 2024 Here’s how wealth creators in the UK can navigate the upcoming tax changes, write Ollie Saiman and Katherine Waller As we approach the new government’s first budget it seems almost impossible to avoid the widespread speculation about what Halloween tricks or treats are going to jump out of the Chancellor’s red box on 30 October. Given the [...]
Investors pounce on start-up incentive scheme amid fears of Labour tax rises September 9, 2024 Flows into a government-backed scheme offering tax reliefs for investors in UK start-ups have surged since the general election, new data has revealed, as fears grow of possible tax rises under the new Labour government.
Bank bosses set for Downing Street summit amid windfall tax fears September 8, 2024 The bank CEOs are likely to be just as nervous about the prospect of any windfall taxes which could be announced in October's Budget.
