Home / Archive by category "Blog" (Page 2)

Blog

Stamp duty blamed for bulldozing luxury homes

Stamp duty has been blamed as a factor for a a developer wanting to bulldoze four luxury homes that he cannot sell, and to replace them with 30 flats. The properties are in Sandbanks, an expensive area of Poole in Dorset. The properties were on the market for £1.3 million each. Property developer Alex Collier wishes to bulldoze them and replace them with flats costing between £350,000 and £450,...
Read More

HMRC official accused of sexual assaults

Mark Nellthorp, a deputy director of HMRC, was sacked in September 2018 after five women made allegations against him of sexual assault. In February 2019, it was disclosed that he is bringing an employment tribunal case against HMRC for unfair dismissal. Two female assistant directors have been suspended for allegedly helping Nellthorp. In a separate development, 14% of HMRC staff said th...
Read More

TV licences hit by Netflix

More than 860,000 television licences were cancelled in 2017/18 because of the "Netflix effect". A television licence is, legally, still a tax. It must be paid by anyone who uses a television to watch programmes live or who uses the BBC's iPlayer service. Anyone who uses a television solely for other purposes, such as watching Netflix, does not need a licence. A basic Netflix subscription co...
Read More

Osborne buys £3 million chalet

Former Chancellor George Osborne has bought a £3 million chalet in the Swiss Alps resort of Verbier. The three-storey property is near one owned by Sir Richard Branson. Under Swiss law, he had to pay £116,000 in stamp duty and fees. A similar priced property in the UK would attract tax of £372,750, including the 3% surcharge for a second property. [19.02]
Read More

Grant Thornton fined £21 million

Accounting firm Grant Thornton was fined £21 million in respect of its audit of Assetco. It is the largest fine imposed for audit work. The firm had already been fined £2.3 million by the Financial Reporting Council in 2017. Audit partner Robert Napper was personally fined £130,000 and banned from the profession for three years. The company nearly collapsed in 2011 because of an accounting scan...
Read More

Asda loses equal pay claim

The supermarket Asda lost its equal pay case in the Court of Appeal on 31 January 2019. Shopworkers, who are predominantly female, were again successful in arguing that their work was the equivalent to warehouse workers, who are predominantly male. Asda was not allowed to appeal to the Supreme Court but plans to apply directly. Similar actions have been brought against Tesco, Sainsbury an...
Read More

Tax reliefs worth £156 billion

Tax reliefs are worth £156 billion a year, according to the Resolution Foundation. These reliefs include: £53 bn: VAT exemption for food and energy £44 bn: pension reliefs £27 bn: capital gains tax relief on private residences. Reliefs are the equivalent to £6,000 per household, or 20% of all tax. It criticises some tax breaks such as entrepreneurs' relief, which is worth £2.4 ...
Read More

Record for coin

A five guinea coin sold for £845,000 in January 2019. This is a record for a British coin. The coin was one of just 20 struck from gold seized from a Spanish treasure ship at the Battle of Vigo Bay in 1702. [19.01]
Read More

Minor convictions should stay secret

Minor convictions committed a long time ago, particularly in youth, should stay secret. The Supreme Court so ruled on 30 January 2019. Under Rehabilitation of Offenders Act, minor convictions do not generally have to be disclosed after they have become "spent" after sufficient time. There are exceptions when all convictions, however old or minor, must be disclosed. An example is by the Data Bar...
Read More

Failure of employment appeal server

An applicant was granted extra time to submit appeal documents when insufficient attention was given to the maximum size of attached documents that could be accepted. The Court of Appeal so decided on 22 January 2019. Five minutes before the deadline, an applicant sent an email with attachments. The attachments exceeded the 10 megabyte limit and so were not received. The applicant then sent the...
Read More
Top