Panic as investment banks face 1bn pounds sterling loss
Article Abstract:
The decision by UK Chancellor Gordon Brown to make changes to the tax regulations governing contracts backing guaranteed bonds issued by insurance companies could have a very negative impact on major investment banks. Some observers believe that the abolition of tax exemption in this area could cost the City of London as a whole considerably more than 1 billion pounds sterling, with individual banks losing hundreds of millions of pounds sterling. The Inland Revenue estimates that the direct impact of the tax change will lead to costs of 500 million pounds sterling over four years for securities traders.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1997
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Big tax breaks or none at all, please Mr Brown
Article Abstract:
It is likely that UK Chancellor Gordon Brown will include new tax breaks for certain forms of new companies in his 1999 Budget. However, this approach will prove ineffective if, as seems likely, financing is not really the constraint that prevents a potential entrepreneur setting up a hi-tech business. The government will define 'hi-tech,' and this will influence entrepreneurs' decisions as they seek to obtain the largest tax breaks. It would be better to offer very large tax breaks in order to make a real difference, or none at all, as they will merely negatively affect the shape of businesses.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1999
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Tax avoiders braced for a crackdown from the Chancellor
Article Abstract:
Tax planning consultants in the UK have been working extremely hard in advance of Chancellor Gordon Brown's Mar 1998 Budget, as it has already been made clear that this Budget will be particularly harsh on tax avoidance. Experts believe that there are no significant tax loopholes left, but it is believed that lost revenues from tax avoidance still amount to billions of pounds sterling each year. Particular attention will be given to measures used by Brown to limit the use of trusts.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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