Carney: Brexit is "biggest domestic risk to financial stability" :
The governor of the Bank of England has told the Treasury Committee that the possibility of Britain leaving the EU is the "biggest domestic risk to financial stability", but the global risks, including from China, “are bigger than the domestic risks." Referring to a Bank of England report on the EU, Mr Carney concluded EU membership had "likely increased the dynamism of the UK economy and correspondingly its ...ability to grow without generating risks to the Bank's primary objectives of monetary and financial stability". Mr Carney’s comments were not welcomed by Conservative MP Jacob Rees-Mogg, however, who said the Bank was guilty of "political partisanship" over Europe.
Source : Financial Times, Page: 3 The Daily Telegraph The Times, Page: 12 Evening Standard London, Page: 1-2 Daily Mail, Page: 10 Independent i, Page: 4 The Independent, Page: 4
Legalising cannabis could generate £1bn in tax a year :
Legalising the sale of cannabis would generate £1bn a year in tax revenue, according to a study set up by the Liberal Democrats and carried out by a panel of experts including scientists, academics and police chiefs.
Source : The Independent, Page: 1, 9 The Guardian, Page: 7
Fears over business rates handover :
A poll of 500 businesses has raised questions over the impact of the chancellor’s plans to hand local authorities control of business rates, with it feared that the decision to let councils keep £26bn of revenues to spend on services may see some not spend the money wisely. Almost half of those surveyed by the ICAEW said they were not confident that adequate rates would be set. And only 38% said they were confident that councils’ would make the right decisions on expenditure.
Source : The Sunday Telegraph, Business, Page: 2
HMRC misses out :
Phones4u administrator PwC says unsecured creditors will be lucky to get 0.4% of what they were due following the firm’s collapse. They include HMRC, which was owed VAT and corporation tax.
Source : Daily Mirror, Page: 55
Taxpayers in the dark over dividend changes :
Most taxpayers are unaware of "important and imminent" changes to the way savings and dividends are taxed because of poor HMRC communication, a House of Lords committee has found. The Economic Affairs Committee said the forthcoming changes were complex and confusing and had been poorly communicated. It concluded that HMRC's communications strategy was "inadequate". A key change is the abolition of the tax deduction scheme whereby banks deduct tax from most interest earned. The committee said most taxpayers were unaware of the change, and whether or not they may have to file a tax return and pay tax to HMRC on interest earned in future. The committee is also concerned that the complexity of the tax system and compliance burden placed on individual taxpayers is growing.
Source : BBC News