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07/10/2011
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
The Bank has already pumped £200bn into the economy by buying assets such as government bonds, in an attempt to boost lending by commercial banks and is now to further develop its QE programme since it commenced in 2009.
The Bank also held interest rates at the record low of 0.5% after the UK economy grew by only 0.1% between April and June, which was less than previously thought.
In other financial news, a 'breakthrough tax agreement' between Switzerland and the UK, which is expected to raise billions of pounds for the UK, was signed in London yesterday.
The agreement ensures funds of UK taxpayers in Switzerland face a significant one-off deduction of between 19% and 34% to settle past tax liabilities.
From 2013, a new withholding tax of 48% on investment income and 27% on gains applying to those who have not previously told us about these assets will ensure the effective future taxation of UK residents with funds in Swiss bank accounts.
The new charges will not apply if the taxpayer authorises a full disclosure of their affairs to HM Revenue & Customs (HMRC).
The Government has already announced a new power to find out about Swiss bank accounts held by UK residents and further strong safeguards for the UK.
Exchequer Secretary, David Gauke, said: "This is an excellent agreement which tackles a problem many people thought would never be solved.
"Working with the Swiss Government we have delivered a highly effective solution which will benefit both countries and recover billions of pounds of unpaid tax for the UK."
HMRC Permanent Secretary for Tax, Dave Hartnett, said: "The world is shrinking fast for offshore tax evaders and this agreement will ensure that we know where money that flees Switzerland is heading.
"We won't be far behind," he added.
(BMcC/CD)
The Bank has already pumped £200bn into the economy by buying assets such as government bonds, in an attempt to boost lending by commercial banks and is now to further develop its QE programme since it commenced in 2009.
The Bank also held interest rates at the record low of 0.5% after the UK economy grew by only 0.1% between April and June, which was less than previously thought.
In other financial news, a 'breakthrough tax agreement' between Switzerland and the UK, which is expected to raise billions of pounds for the UK, was signed in London yesterday.
The agreement ensures funds of UK taxpayers in Switzerland face a significant one-off deduction of between 19% and 34% to settle past tax liabilities.
From 2013, a new withholding tax of 48% on investment income and 27% on gains applying to those who have not previously told us about these assets will ensure the effective future taxation of UK residents with funds in Swiss bank accounts.
The new charges will not apply if the taxpayer authorises a full disclosure of their affairs to HM Revenue & Customs (HMRC).
The Government has already announced a new power to find out about Swiss bank accounts held by UK residents and further strong safeguards for the UK.
Exchequer Secretary, David Gauke, said: "This is an excellent agreement which tackles a problem many people thought would never be solved.
"Working with the Swiss Government we have delivered a highly effective solution which will benefit both countries and recover billions of pounds of unpaid tax for the UK."
HMRC Permanent Secretary for Tax, Dave Hartnett, said: "The world is shrinking fast for offshore tax evaders and this agreement will ensure that we know where money that flees Switzerland is heading.
"We won't be far behind," he added.
(BMcC/CD)
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26 October 2021
Baker Tilly Moore Announces Two Key Appointments
Leading accountancy and advisory firm Baker Tilly Mooney Moore has made two appointments to the Taxation Department amid a period of sustained growth and development. Eugene Moore joins the firm as Tax Manager, while Naomh McGrann has taken on the role of Tax Technician.
Baker Tilly Moore Announces Two Key Appointments
Leading accountancy and advisory firm Baker Tilly Mooney Moore has made two appointments to the Taxation Department amid a period of sustained growth and development. Eugene Moore joins the firm as Tax Manager, while Naomh McGrann has taken on the role of Tax Technician.
22 March 2013
Budget R&D Tax Incentives Welcomed
Invest Northern Ireland has welcomed the R&D measures announced by the Chancellor George Osborne as part of the Budget statement. Improvements to the R&D tax credit system and the new Patent Box regime are part of wider government measures to encourage investment in R&D and help innovative businesses to grow.
Budget R&D Tax Incentives Welcomed
Invest Northern Ireland has welcomed the R&D measures announced by the Chancellor George Osborne as part of the Budget statement. Improvements to the R&D tax credit system and the new Patent Box regime are part of wider government measures to encourage investment in R&D and help innovative businesses to grow.
04 May 2011
Dáil Probes EU Plans For Common Tax System
An interim Dáil Committee will meet with officials from the Department of Finance today, to consider whether a new EU proposal for a consolidated system of calculating the tax base of businesses operating in the EU complies with the principle of subsidiarity. The meeting will take place at 2.30pm in Leinster House.
Dáil Probes EU Plans For Common Tax System
An interim Dáil Committee will meet with officials from the Department of Finance today, to consider whether a new EU proposal for a consolidated system of calculating the tax base of businesses operating in the EU complies with the principle of subsidiarity. The meeting will take place at 2.30pm in Leinster House.
01 March 2006
Employers reminded to stop paying Working Tax Credit
HM Revenue & Customs (HMRC) have reminded employers that they must stop paying Working Tax Credit via their payroll by the end of this month. Since its introduction in April 2003, Working Tax Credit has been paid via employers to supplement the wages of people on low incomes.
Employers reminded to stop paying Working Tax Credit
HM Revenue & Customs (HMRC) have reminded employers that they must stop paying Working Tax Credit via their payroll by the end of this month. Since its introduction in April 2003, Working Tax Credit has been paid via employers to supplement the wages of people on low incomes.
04 June 2004
Businesses welcome R&D Tax Credit guideline clarification
Business has welcomed clarified guidelines on research and development (R&D) tax credits, but there is still room for improvement if confidence in the process is to remain, says PricewaterhouseCoopers (PwC).
Businesses welcome R&D Tax Credit guideline clarification
Business has welcomed clarified guidelines on research and development (R&D) tax credits, but there is still room for improvement if confidence in the process is to remain, says PricewaterhouseCoopers (PwC).
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
