Treasury to announce tax evasion clampdown

  • 19 March 2015
  • From the section Business
Tax dodging protestors

Details are starting to come out about Government plans to overhaul the law on tax evasion.

I am told that an announcement will be made in Parliament this morning about a two pronged attack on the issue.

The first prong will be concerned with the thorny issue of "intent".

It's understood that tax investigation authorities will no longer have to prove intent to evade tax via offshore accounts to prosecute.

'Aiding and abetting'

The difficulty of proving intent has been one of the major reasons for tax evasion cases collapsing or never being taken in the first place.

Read full article Treasury to announce tax evasion clampdown

Budget 2015: Happy oil workers, angry bankers

  • 18 March 2015
  • From the section Business
Oil platform, Bank Street sign

If you work in the North Sea oil and gas sector today was a good day.

The 10% tax cut - first revealed in my Business Blog on Monday - was welcomed by the sector.

Read full article Budget 2015: Happy oil workers, angry bankers

Budget 2015: The four things business will be looking out for

  • 18 March 2015
  • From the section Business
George Osborne

At 12.30 today, the Chancellor of the Exchequer will rise to his feet for the final Budget of this government.

Of course, much of what will follow over the next hour will focus on the politics and economics of the occasion, and my colleague Robert Peston has blogged on that.

Read full article Budget 2015: The four things business will be looking out for

Treasury paves way for major tax cut for North Sea

  • 16 March 2015
  • From the section Business
Oil platforms in the North Sea

With the Budget just 48 hours away, the North Sea oil and gas industry is eagerly awaiting details of major tax cuts I am told are being prepared by the Treasury.

At the moment, the sector pays high levels of tax compared to other industries. It pays a corporation tax rate of 30% and an additional "supplementary tax" of 30%. For older fields, the rate can rise as high as 80%, according to Mike Tholen, economics director at Oil and Gas UK, the main industry body.

Read full article Treasury paves way for major tax cut for North Sea

Treasury paves way for major tax cut for North Sea

  • 16 March 2015
  • From the section Business
Oil platforms in the North Sea

With the Budget just 48 hours away, the North Sea oil and gas industry is eagerly awaiting details of major tax cuts I am told are being prepared by the Treasury.

At the moment, the sector pays high levels of tax compared to other industries.

Read full article Treasury paves way for major tax cut for North Sea

Can the new owners re-invent BHS?

  • 12 March 2015
  • From the section Business
Man walks past BHS

The question for the new owners of BHS - and they are a pretty obscure bunch for the moment - is whether they can breathe new life into what has become a pretty dowdy constituent of the high street.

Unlike Top Shop, Top Man and Miss Selfridge, BHS has lacked the full beam of Sir Philip Green's attention.

Read full article Can the new owners re-invent BHS?

HSBC - where does responsibility lie?

  • 9 March 2015
  • From the section Business

Today we may get a little closer to understanding where responsibility lies for HSBC's ownership of a Swiss private banking business that helped customers evade taxes between 2005 and 2007.

At 3.15pm, the chief executive of the bank, Stuart Gulliver, will appear before members of the Public Accounts Committee in Parliament which is investigating tax avoidance and evasion.

Read full article HSBC - where does responsibility lie?

Barclays boss backs criminal charges for market manipulation

  • 3 March 2015
  • From the section Business

One of the most remarkable factors to emerge in all the mess of bankers manipulating markets for their own gain, is how little oversight there is - or was - of the major global markets in interest rates, currencies or precious metals.

The traders themselves largely oversaw the rules, such as they were, and policed the system which dealt in markets often worth trillions of pounds.

Read full article Barclays boss backs criminal charges for market manipulation

Misconduct of the past stalks Barclays

  • 3 March 2015
  • From the section Business
Barclays PLC Group Chief Executive Antony Jenkins

Antony Jenkins is saying today that Barclays is in the healthiest position it has been in since the financial crisis.

Some of the numbers revealed in its annual results support the view of the chief executive.

Read full article Misconduct of the past stalks Barclays

Lloyds’ results will focus on the dividend and pay

  • 27 February 2015
  • From the section Business
Lloyds Bank sign reflected

There are two major points to be made about the Lloyds results. First, the paying of the first dividend since 2008 shows that the core banks - Lloyds and Halifax - are performing well, with underlying profits up 26% to £7.8bn.

There are nearly three million shareholders in Lloyds, many of whom saw the value of their stake in the bank (often a large part of their savings) destroyed when it nearly collapsed.

Read full article Lloyds’ results will focus on the dividend and pay