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Categorie archief: The Guardian
Analysis of pandemic’s effects on businesses examines work, growth and stock markets
- UK economic revival under way but jobs concerns grow
- Q, U, V or W: what shape will Britain’s economic recovery be?
Property website says sales jumped by 27% in first two weeks of stamp duty holiday
The government’s stamp duty cut to reboot Britain’s virus-stricken property market has benefited London most and had little impact elsewhere so far, according to Zoopla.
In a reflection of the disproportionate benefit for wealthier buyers, the property website said that agreed house sales in the capital jumped by 27% in the first two weeks of the stamp duty holiday.
Readers respond to the news that the over-40s would start contributing towards the cost of care in later life under plans being considered by ministers
Here’s a mad idea: why not have a well-staffed department devoted to ensuring the super-wealthy pay their taxes in full (Over-40s in UK to pay more tax under plans to fix social care crisis, 26 July)? Maybe legislation could be brought in to close tax loopholes and ensure they face penalties from, say, substantial fines to prison sentences if they don’t? Even crazier – why not bring in progressive tax rates that would rise in a stepped way? Another ludicrous idea: instead of Jeremy Corbyn’s radical goal of less than 30% tax on them, why not the completely sensible levels of Thatcher’s era of 35%-plus?
Imagine a world in which the very wealthy actually paid their fair share instead of systematically extracting wealth from the nation and squirrelling it away. In one year, this country would resolve the debts of most public services. But then I guess that would make it obvious to everyone that the rightwing talking points of the postwar era around taxes and financial responsibility have always been a sham.
Further job losses seem likely when the UK furlough scheme ends – but advice is available
Every day the coronavirus-related job loss announcements mount up. British Airways is looking at axing possibly 12,000 posts; Boots is to cut 4,000, Pret a Manger 1,000, the owners of Upper Crust and Ritazza another 5,000. Airbus is talking of 1,700, Royal Mail 2,000 and Swissport, which handles airline baggage, about 4,500. When the furlough scheme ends, economists fear another huge wave of redundancies. We look at your rights and what you can expect financially.
Payouts are based on your pay, age and length of time in the job
But it’s not just the job you lose. We were so close at work; it was like a family
Change in law forced by Covid-19 backdated to 31 January to ensure last wishes are fulfilled
Video witnessing of wills is to be made legal in England and Wales to make it easier for people to record their final wishes during the coronavirus pandemic.
Existing law requires a will to be made “in the presence of” at least two witnesses but stipulations on isolating and shielding during lockdown have led some people to turn to video platforms such as Zoom and FaceTime instead.
Report shows wealth passed down in the UK now determines how well-off people will become
As many as one in 10 of UK adults born in the 1980s will inherit more than half as much money from their parents as the average person earns in a lifetime, according to a new report by one of the nation’s leading economics thinktanks.
The Institute for Fiscal Studies said wealth passed down from one generation to the next was fast-becoming the most important determinant of how well-off people will become.
Grandparents are being charged for time the house was uninhabited – but they didn’t own it then
Q I am writing to you in the hope you can help clarify and maybe help us with a dispute with West Lancashire borough council regarding the empty homes premium. My grandparents (for whom I hold power of attorney) have recently moved to west Lancashire to be close to me and my wife.
Upon completion of the purchase of their new home they were issued with a council tax bill that includes a surcharge for the empty homes premium. It turns out the property had been empty for more than two years as the previous owner had been moved to a nursing home and my grandparents are being charged for the time it was uninhabited even though they did not own the property at the time.
All you need to know about CGT and the possible outcomes of the chancellor’s surprise review
Is capital gains tax (CGT) going to rise dramatically as the government attempts to claw back the cost of extra spending during the coronavirus pandemic? A surprise review of CGT unveiled on Tuesday by chancellor Rishi Sunak opens the door to higher taxes on the wealthy and possibly middle income earners, too.
Rightmove says interest doubled for homes between £400,000 and £500,000 in Harrow, Milton Keynes and Watford
The £3.8bn stamp duty giveaway unveiled by chancellor Rishi Sunak last week has already sparked a mini property boom in the southern England commuter belt, according to the UK’s biggest property website, Rightmove.
The data indicates that most of the benefit of the £3.8bn giveaway will flow to Conservative-voting areas in the outer orbit of London.
Chancellor’s directive to focus on how people escape CGT ‘feels like starting pistol for a tax grab’, says analyst
Wealthy households could be in line for tax rises to claw back the cost of extra spending during the coronavirus pandemic, after the government called for a wide-ranging review of capital gains tax.
Rishi Sunak surprised backbench Tory MPs after he ordered the examination of the main tax on asset sales, which reaps billions of pounds for the exchequer each year on the sale of second homes, works of art and stocks and shares.
Rishi Sunak said tax would fall from 20% to 5% until 12 January 2021 but many firms plan to pocket difference
Shoppers and tourists expecting to see a cut in prices on Wednesday following the chancellor’s decision to slash VAT on hospitality could be in for disappointment as some organisations pocket the saving rather than pass it on to consumers.
Last week Rishi Sunak announced that the tax, which is charged on most goods and services, would be cut from 20% to 5% from 15 July until 12 January 2021 for entrance to restaurants, cafes, hotels and attractions such as zoos and cinemas.
I’m worried we won’t be eligible for the stamp duty cut as my fiance owns a flat he can’t sell
Q I live with my fiance, who part-owns a one-bedroom flat in south London through a shared- ownership scheme. He has been trying to sell the flat for two years so that we can buy a house together and start a family. However, due to issues with the fire safety of the insulation in the development, he is unable to sell the flat as no banks will lend a mortgage on the property.
The housing association with which he co-owns the property has said that he can sub-let the flat, so we can move out, then sell the property once the work to replace the insulation is finished (this has no date yet and we suspect it may take years, not months). However, this would mean that he is technically buying a second home, so we wouldn’t be eligible for the new cut to stamp duty. Our budget is already tight as we don’t have the money from the sale of his flat, so this could be the difference between being able to buy another home and not.
Fears stamp duty holiday could be swallowed up by competitive house bidding
Virtual viewings, no open-house tours, and getting out of the city are the order of the day for would-be homebuyers spurred to action by this week’s announcement of a stamp duty holiday on the first £500,000 paid for a new home
Estate agents have reported a surge in interest from buyers and sellers since the chancellor announced the tax break for buyers in England and Northern Ireland in his summer statement.
Thinktank fears deficit will go higher, new job retention plan is wasteful, and questions stamp duty and VAT cuts
Britain is in the middle of an unprecedented crisis but some things never change. On the day after a budget or mini budget the chancellor of the exchequer can expect to have what he considers a flawless package picked apart by the Institute for Fiscal Studies.
Rishi Sunak’s summer statement was not accompanied by new forecasts for the economy and the public finances but there was still plenty for the think tank that specialises in all things to do with tax, spending and budget deficits to get its teeth into.
Economic experts, unions and Labour sound warning after summer statement
Rishi Sunak has been warned he will need to act far more decisively to prevent mass unemployment this autumn after unveiling a £30bn mini budget designed to tempt nervous consumers out their Covid-19 hibernation.
The chancellor announced a short-term cut in VAT for hospitality and tourism and an August “eat out to help out” discount scheme as the government sought to send out a message to the public that it was safe to leave their homes and enjoy themselves.
The coronavirus lockdown has prompted some of the UK’s most prominent companies to announce large-scale job losses. The aviation, automotive and retail sectors have been among the worst hit, as businesses adjust to dramatically reduced revenue projections.