Labour plans for mansion tax subject to criticism

UK Labour leader Ed Miliband said his party plan will give an additional £2.5bn into the UK National Health Service by 2020, which he expects to raise via a mansion tax on properties valued at over £2m, a new levy on tobacco firms and a crackdown on tax avoidance by reducing loopholes used by large firms that move profits out of the UK.

Highest fine to date by the FCA to Barclays Bank

The Financial Conduct Authority (FCA) has fined UK Bank Barclays £38m for failing to protect customer’s money worth £16.5bn after the regulator identified ‘significant weaknesses’ in the bank’s systems and controls.

UK first to commit to country-by-country tax reporting

The UK is the first of 44 countries to formally commit to implementing the new country-by-country reporting template introduced by the OECD (Organisation for Economic Co-operation and Development) to start automatically exchanging tax information in an effort to eliminate global tax evasion.

UK Government pledges greater tax powers for Scotland

The UK Government has set itself a tight timetable to set out legislation for increased tax powers for Scotland, while there is little clarity about which extended income tax powers would be implemented for cross-border workers.

FRC releases new UK GAAP with electronic tagging

The Financial Reporting Council has comprised what is commonly being referred to by accountants as the new UK GAAP (generally accepted accounting practices) which is due to be implemented for accounting periods after the 1st of January 2015.

English banks will relocate in event of Scottish independence

The financial implications of a yes vote for Scottish independence were explored further as The Royal Bank of Scotland and Lloyds Banking Group reveal plans to move to London if the voting polls support a separation from the UK.

FATCA implemented in Russia, the UK and South Africa

In the UK amendments have been made to the offshore funds regulations that affect alternative investment fund managers operating as a partnership and having partners who elect to allocate their profit share to the alternative investment fund manager under the deferred remuneration provisions. HM Revenue…

The number of the UK Accounting Firms are reducing

The figures from the Financial Reporting Council (FRC) show there were 6,962 accounting firms registered in the UK in 2013, a 4% drop on the previous year when there were 7,239 firms registered. The main reasons are shortage of audit work and HMRC’s campaigns to cut down on tax planning. Peter Alderson,…