Analysis: Gloomy OBR forecasts expected to dampen chancellor’s Spring Statement
Economists believe key economic variables will continue to work against Rachel Reeves’ fiscal rules well into the Autumn
VAT
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High net worth voters back Labour despite private school tax
A quarter (27%) of the UK’s highest earners will vote for Keir Starmer in spite of VAT charges on private education
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Spring Budget 2024: Chancellor increases VAT threshold
Also extends business rate support in measures targeted at SMEs
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What might be in store for personal taxation under a Labour government?
As shadow chancellor Rachel Reeves indicated several measures the party will and won’t implement
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UK wealth manager forms ESG partnership with MSCI
As it scraps VAT from its managed portfolio service
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Brooks Macdonald removes VAT from MPS offering
This will apply to the firm’s custody model portfolio service and clients held on third-party platforms
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Gulf state eyes income tax in shock move
It would be the first country in the region to go down this road
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UK summer statement lacks detail on how to pay for it all
Copious use of the word ‘billion’ by Sunak but he offers no insights about how it will be funded
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IMF urges Saudi Arabia to consider 10% VAT rate
The hike is not expected to happen until after 2021 when other GCC countries could align too
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EU advisers face VAT fees after ‘historic’ Italian ruling
The Italian tax authority has ruled that independent financial advisers are subject to VAT fees, setting a legal precedent for other EU nations to adopt.
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UAE advisers taking cautious approach to VAT
Financial advisory firms operating in the UAE say while they still have questions about how the government’s new Value Added Tax (VAT) impacts the financial sector, it is better to be safe than sorry and assume it applicable to the services they provide.
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UAE exploring more taxes
The UAE Government is considering introducing further taxes in addition to value-added tax but has confirmed that a levy on income will not be up for discussion.