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Wednesday , December 13 2017
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UK

EU, UK to progress to trade talks

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LONDON: The European Council will decide on December 15 whether talks on the UK’s exit from the European Union can proceed to a second stage, to trade and tax issues. The European Commission on December 8 recommended to the European Council to conclude that sufficient progress has been made in the first phase of the Article 50 negotiations with the ... Read More »

UK has two ways to secure frictionless border post-Brexit, says Brokenshire

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LONDON:  Britain has two proposals on how to secure a frictionless Irish border between the UK and the European Union after Brexit, Northern secretary James Brokenshire said on Sunday. Speaking after a week that saw the issue of the post-Brexit border nearly collapse talks between Britain and the EU, Mr Brokenshire said a new customs partnership or a “highly streamlined approach” to customs were on ... Read More »

UK: proposed real estate tax regime targets offshore investors’ capital gains

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LONDON: Historically, the United Kingdom has not taxed capital gains on real estate disposals when the seller was not a UK resident. The Development: Coming into line with most of the world’s jurisdictions, the UK government has announced broad plans, which are still in final development, to levy taxes on real estate sales by non-UK residents. Looking Ahead: While the ... Read More »

Qatar, UK to support small businesses in both countries to boost exports

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LONDON:Qatar and the UK have decided to support small businesses in both the countries and improve access to trade financing to help exporters as part of efforts to strengthen the bilateral economic relations. This was the outcome of the inaugural meeting of the Joint Economic and Trade Commission (Jetco) between Qatar and the UK yesterday. The UK’s International Trade Minister ... Read More »

Exports from Wales rise above UK average

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LONDON: The value of exports from Wales has increased by nearly a fifth over the last year, according to latest regional trade figures. This 19% increase is also higher than the UK average rise of 16%, said HM Revenue and Customs. Germany remains Wales’ biggest market but there were big increases in exports to both France and the United States. Imports ... Read More »

UK food, drink exports grow 15% to £5.9b in Q3 of 2017

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LONDON: Q3 saw further growth, building on the strength of the record-breaking first half results seen earlier this year. Exports grew to £5.9bn during this time period, up 14.7 per cent on Q3 2016. From January to September, Ireland, France and the United States remained the top three destinations for UK food and drink in terms of overall value. The ... Read More »

Bitcoin: UK and EU plan crackdown amid crime and tax evasion fears

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LONDON: The UK and other EU governments are planning a crackdown on bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion. The Treasury plans to regulate bitcoin and other cryptocurrencies to bring them in line with anti-money laundering and counter-terrorism financial legislation. Traders will be forced to disclose their identities, ending the ... Read More »

British factory sales boom as export demands from European markets increase

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LONDON: Sales are booming at British factories thanks to strong international demand. Companies are seeing strong growth in exports and orders from European markets in particular, according to the manufacturing group EEF and accountancy firm BDO. They said output in the fourth quarter rose by 34 per cent and total orders increased by 30 per cent, and upgraded their forecasts ... Read More »

Govt to tax non-residents On UK Commercial Property Disposals

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LONDON: It would seem relatively simple for a non-UK resident to avoid a tax liability on the disposal of UK property by purchasing properties in individual corporate wrappers and then selling the wrapper instead of selling the property. But disposals of interests in such entities that derive their value predominantly from UK land are also being brought within the tax ... Read More »

UK property taxes soar past £80bn for the first time

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LONDON: UK residents are paying higher property taxes than anywhere else in the developed world, with receipts soaring past £80bn for the first time. In news that won’t come as much of a surprise to homeowners and businesses alike, new research has revealed that the UK has the highest property taxes in the world both as a percentage of GDP and ... Read More »

Financial services pay out record sum in UK tax

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LONDON: The UK’s financial services sector paid its highest tax bill on record last year, raising fears that a Brexit banking exodus could ultimately harm Government coffers. The industry shelled out a total of £72.1 billion in tax contributions in the year to March 31, marking a 1% increase from a year earlier and resulting in the highest amount that ... Read More »

UK to again raise tax on diesel cars that don’t meet newest emissions standards

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LONDON: The UK will, from April 2018, increase the amount of tax paid by those registering a diesel car for the first time that does not meet the latest emissions standards, the UK finance minister has revealed. As it stands, diesel car sales in the UK (the second biggest auto market in Europe) have already fallen 15% this year — ... Read More »

UK passenger tax to rise yet again

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LONDON: The UK government is to increase Air Passenger Duty (APD) – an airline ticket tax – on premium tickets from April 2019. APD is already the world’s highest tax of this nature. Currently, rates for economy-class passengers are £13 ($17) for short-haul flights (within 2,000 miles of London) and £75 for long-haul (more than 2,000 miles). Business-class passengers pay £26 and £150 for short- and long-haul journeys respectively. Charges ... Read More »

UK government publishes post-Brexit customs legislation

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  LONDON: The Taxation (Cross-border Trade) Bill is designed to allow the UK to set and collect customs duty on goods imported into the country, including preferential or additional duties where appropriate. It will also underpin the UK’s standalone cross border VAT and excise legislation once EU legislation no longer applies. The precise nature of the UK’s future customs relationship ... Read More »

UK unveils ‘no-deal’ customs plan

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  LONDON: The UK government has published legislation allowing it to slap duties on imports in the event of a hard Brexit. The Taxation (Cross-border Trade) Bill will allow it to implement a standalone customs regime once it leaves the EU. The UK Treasury said the Bill would help ensure that goods can move “smoothly and safely in and out ... Read More »

Insurers urge UK Gov’t not to raise premium tax in budget

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  LONDON: The U.K. insurance industry urged Chancellor Philip Hammond on Monday not to raise insurance premium tax when he announces the Budget on Wednesday, saying another hike in the rate would be “horribly unfair.” The Association of British Insurers fears that Hammond may be about to raise the tax for the fourth time since November 2015 when he delivers ... Read More »

UK aerospace industry issues warning over lack of Brexit trade deal

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  LONDON: Britain’s aerospace exporters will warn parliament on Monday of a crippling £1.5bn-a-year headwind if ministers fail to agree urgent new customs and regulatory deals with the EU. Adding to pressure for the government to come clean about its long-term Brexit strategy, the industry will also provide written evidence to the Commons business select committee that the uncertainty is ... Read More »

Security warning over Brexit customs plans

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  LONDON: Border staff might be diverted from “crucial security functions” after Brexit to cope with a sudden increase in customs activity, MPs have warned. The Commons Home Affairs Committee said a planned 4% increase in Border Force staff was “completely unconvincing”, warning: “Security must not be put at risk by government failure to plan.” It also warned of “major ... Read More »

Paradise Papers: Government urged to tackle tax avoidance in Budget

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  LONDON: The government should use next week’s Budget to crack down on issues of tax avoidance raised by the release of the Paradise Papers, an ex-minister says. Labour MP Dame Margaret Hodge, who led an emergency debate on the leaked documents, said tax avoidance was “a national and international disgrace”. She called for new laws to force big firms ... Read More »

Six jailed for total of 45 years as HMRC smashes £100m fraud

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  LONDON: Six members of a crime group have been jailed for a £107.9 million fraud in one of the UK’s biggest tax crimes.  They were given sentences totalling 45 years for devising a fake eco-investment scheme as a tax break for wealthy investors. In the latest of a string of operations to tackle serious multi-million pound frauds by wealthy ... Read More »