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FRC probes Deloitte over Glencore accounts
The Financial Reporting Council (FRC) has launched an investigation into Deloitte over audits related to mining and commodity trading company Glencore. The regulator said it is looking at the statutory audits of the financial statements of Glencore and Glencore Energy UK for the financial years ended December 31, 2013, to December 31, 2020. The FRC,…
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Think-tanks propose tax incentives for investors
Research by Onward and the Adam Smith Institutes shows that around 67% of the British public would support a policy offering wealthy investors tax incentives to stop them leaving the UK. The think-tanks have designed a plan to offer 15-year exemptions from foreign income, capital gains and global inheritance taxes to investors in UK growth…
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Deputy PM wants councils granted power to charge for hotel stays
The Deputy Prime Minister has called for councils to be given the power to introduce tourist taxes as a means to fill local coffers. The move aligns Angela Rayner with regional mayors including Sir Sadiq Khan and Andy Burnham, but the Chancellor is reportedly loath to introduce constitutional reforms that could take time to implement…
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Call to rethink IHT on farmers
Aled Jones, President of NFU Cymru, has urged the Prime Minister to reconsider inheritance tax proposals that are causing distress among older farmers. The UK Government plans to tax inherited agricultural assets over £1m at a rate of 20% starting April 2026, which Jones argues will affect far more than the estimated 500 farms. He…
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Small businesses demand action on tax hikes
Small businesses are urging the Government to “take its head out of the sand” regarding tax increases and new employment regulations, following a report from the Office for National Statistics indicating a rise in unemployment. The Federation of Small Businesses (FSB) described the job losses as “disturbing” and more evidence “that if you make it…
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EU’s new tax plan to pay for Covid debt
The European Commission is set to propose its first bloc-wide taxes on tobacco, e-cigarettes, and large companies to address a €650bn pandemic loan. The plan aims to raise between €25bn and €30bn annually, which constitutes about 20% of the EU’s budget. The taxation on tobacco could generate €15bn each year, with member states charged based…
