Politics

Tax / US tax reform passes through House in milestone vote

The US House of Representatives has passed a bill opening the way to a major reform to the US tax code, including slashing the corporate tax rate, in a milestone vote which means the focus for President Donald Trump’s promised tax overhaul now moves to the Senate

Tax / Interest rates double to 0.5%

For the first time since July 2007, the Bank of England (BoE) has raised interest rates from 0.25% to 0.5% to help curb high inflation

Tax / Editor's comment: time to avoid Budget bungles

With rumours swirling around ahead of the Autumn Budget on 22 November, Sara White, editor of Accountancy, discusses what could be included in the Budget following a tough year for tax professionals due to delayed regulations and retrospective tax rules, Making Tax Digital deferral and IT glitches at HMRC, execerbated by the snap general election

Tax / HMRC warns of potential £450m Brexit funding need

HMRC has been allocated £78m from the Treasury this year to fund work around leaving the EU, while the need to design and implement significant upgrades to the customs declaration system may mean other projects have to go on hold, MPs have been told

Tax / Treasury committee to scrutinise student loan system

The Treasury Committee is launching a new inquiry into the student loan system and related financial implications, including the repayment threshold, interest rates, tuition fees, and the impact on university finances

Tax / Hammond in front of Treasury committee next week

Next week sees the first appearance by Chancellor Philip Hammond in front of the new Treasury ommittee, to be followed by a subsequent session when Mark Carney, governor of the Bank of England, will be facing MPs’ questions

Tax / Prime minister pledges £2bn for affordable homes

Prime Minister Theresa May’s speech to the Conservative party conference included a commitment to what she called a ‘new generation’ of council and housing association homes, plus long term social rental deals, as part of moves to address problems in the housing market, but had few details of any innovations designed to attract the business vote

Tax / Ireland referred to ECJ after failure to collect €13bn Apple tax

Ireland has been referred to the European Court of Justice (ECJ) after failing to collect €13bn (£11.5bn) from US technology giant Apple

Tax / Welsh to raise stamp duty rates for £400k plus property purchases

Property buyers in Wales will be hit by a higher rate stamp duty on house purchases valued at over £400,000 in the first change to property tax as a result of new devolved tax powers which come into effect from 1 April 2018

Tax / Labour plans to introduce gambling levy

A future Labour government would introduce a compulsory gambling levy on bookmakers and others in the industry, in a bid to provide more help for problem gamblers, deputy leader Tom Watson has said

Tax / What Trump's tax reform will mean for US expats in UK

Nine months into the Trump presidency, proposed tax reforms have been impeded, leading to confusion for Americans around the world, Bambridge Accountants managing partner Alistair Bambridge explains

Tax / Lib Dems call for tougher penalties on foreign property investors

In his first speech as Liberal Democrat leader, Vince Cable has called for ‘fierce’ tax penalties on overseas residents purchasing UK property for investment purposes and outlined plans to replace student fees with a graduate tax

Tax / EU finance ministers agree to draft digital tax laws for IT giants

The EU is closer to reaching agreement on draft rules for a pan-European digital tax basis for major multinational IT giants such as Amazon and Google, with proposals based on permanent establishment status due to be released in spring 2018

Tax / Roy-Chowdhury: end of fossil fuel taxes will dent Exchequeur

Public finances must adapt to a future without fossil fuel cars but the Treasury will find it hard to take the  loss when the cash cow of £28bn in annual fossil fuel taxes dries up, warns Chas Roy-Chowdhury, head of taxation at ACCA

Audit / Lack of transparency over government use of £973m Libor Fund

The National Audit Office (NAO) has slated the government’s handling of the £973m Libor Fund, which makes charity donations from fines paid by banks for manipulating key benchmarks, saying it is unclear whether the money has been used as intended and whether a commitment to fund additional apprenticeships has been met
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