British chancellor Philip Hammond has hinted at tax rises to help fund an end to the government’s austerity programme as prime minister Theresa May has yet to secure a deal that will allow the Conservatives to stay in power.
Ongoing delays to the introduction of new rules governing how UK non-domiciles are taxed could be “disastrous” for taxpayers who have already prepared for the changes, which were expected to come into force in April this year.
The thesaurus doesn’t offer a decent alternative to “uncertainty”, the post-election word du jour, yet Theresa May’s dire performance makes it likely we will be reading the word many times a day for the foreseeable future.
The UK Conservative Party’s pledge to introduce a so-called ‘dementia tax’ could have cost prime minister Theresa May a clear majority in the UK general election, say UK advisers, as Britain now faces the prospect of a Conservative government backed by Northern Ireland Unionists.
Financial advisers in the UK are facing an unprecedented period of uncertainty as Britain woke up to a hung parliament on Friday, casting doubts over the future of key tax policies dropped from the Finance Bill in the run up to the snap election.
Investors have been struggling to call any winners and losers ahead of the UK election due to its lack of a binary outcome.
More than one million UK taxpayers, who earn between £100,000 and £123,000, could face paying an effective tax of 60% if the current tax system remains unchanged, according to international accountancy firm RSM.
Plans by Britain’s opposition Labour Party to impose a ‘land value tax’ are unlikely to apply to gardens and other “productive land”, despite criticism the policy could cost the average home £5,539 (€6,346, $7,149).
Financial advisers in the UK still earn a quarter of their income from commission, according to latest figures from the Financial Conduct Authority (FCA).
The Financial Conduct Authority has entered into a co-operation agreement with Hong Kong’s Securities and Futures Commission (SFC) to support innovation in fintech.
The UK new non-dom rules which were dramatically dropped from the government’s finance bill has left those who prepared for those changes “in a very difficult position”, says Paul Thompson, tax and estate planning consultant at Canada Life.
Pension scams, DB schemes and retirement support should all feature in the party manifestos the UK political parties publish ahead of the snap election on 8 June, the Pensions and Lifetime Savings Association (PLSA) has said.
