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☆ UK ‘non-dom’ tax status, explained
▼ + stars: | 2024-03-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“Those with the broadest shoulders should pay their fair share,” UK finance minister Jeremy Hunt told parliament Wednesday. ‘Colonial concept’The non-dom regime is an “archaic colonial concept,” which determines a person’s tax status based on their “intended” place of residence, said Arun Advani, an economics professor at the University of Warwick. The opposition Labour Party had previously said it would abolish the non-dom regime if it came to power, and spend the money raised on the National Health Service. Yui Mok/Pool/AFP/Getty ImagesMurty has since renounced those advantages, citing the “British sense of fairness” and the “distraction” her tax status posed to her husband, who was serving as the UK’s finance minister at the time. But in November 2022 Hunt defended the “non-dom” status.

Persons: Jeremy Hunt, ” Hunt, Arun Advani, Advani, Rishi Sunak, Akshata Murty, Yui Mok, Murty, Hunt, “ I’m, ” Organizations: London CNN, Britain’s Conservative, Revenue, Customs, London School of Economics, Political Science, University of Warwick, Labour Party, National Health Service, Britain's, Getty, BBC Locations: United Kingdom, Britain, India, Buckingham, London

☆ Ex-F1 boss Bernie Ecclestone pleads guilty to tax fraud charge
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

Former Formula One boss Bernie Ecclestone arrives at Southwark Crown Court in London, where he is charged with fraud by false representation over an alleged failure to declare £400 million of overseas assets to the Government. Ex-Formula One boss Bernie Ecclestone pleaded guilty in a London court on Thursday to one count of fraud for making dishonest representation to Britain's tax authority. The 92-year-old appeared at Southwark Crown Court and pleaded to one count of fraud by false representation, just over a month before he was due to stand trial. Prosecutors said Ecclestone made untrue or misleading representations to HM Revenue and Customers at a July 2015 meeting, when he said he "established only a single trust" in favour of his daughters. Ecclestone, accompanied by his wife Fabiana, spoke only to confirm his name and to enter his plea.

Persons: Bernie Ecclestone, Prosecutors, Ecclestone, Fabiana Organizations: Formula, Southwark Crown, Government . Ex, Revenue Locations: Southwark, London

☆ Bernie Ecclestone: Ex-F1 boss spared jail after admitting tax fraud
▼ + stars: | 2023-10-12 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Reuters —Ex-Formula One boss Bernie Ecclestone was spared an immediate prison sentence on Thursday after he pleaded guilty to misleading Britain’s tax authority about overseas assets worth more than 400 million pounds ($492 million). Ecclestone has also agreed a civil settlement with HM Revenue and Customs (HMRC), under which he will pay 652.6 million pounds covering tax, interest and penalties for 18 tax years between 1994 and 2022, prosecutor Richard Wright said. The 92-year-old appeared at London’s Southwark Crown Court and pleaded guilty to one count of fraud by false representation, just over a month before he was due to stand trial. Belinda Jiao/ReutersJudge Simon Bryan gave Ecclestone a 17-month prison sentence suspended for two years, meaning he will only go to jail if he commits another criminal offense during that time. His lawyer Montgomery had noted at a previous hearing in January that Ecclestone was charged shortly after he made “unpopular” comments about Russian President Vladimir Putin.

Persons: Reuters —, Bernie Ecclestone, Ecclestone, Richard Wright, Belinda Jiao, Simon Bryan, Clare Montgomery, Ecclestone “, ” Ecclestone, Andrew Penhale, ” Richard Las, “, Elizabeth Cook, Bryan, Mr Ecclestone, Montgomery, Vladimir Putin Organizations: Reuters, HM Revenue, Customs, Southwark Crown, HMRC, Brabham, Crown Prosecution Service Locations: Southwark, Singapore

☆ Ex-F1 boss Bernie Ecclestone spared jail after admitting tax fraud
▼ + stars: | 2023-10-12 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Ecclestone has also agreed a civil settlement with HM Revenue and Customs (HMRC), under which he will pay 652.6 million pounds covering tax, interest and penalties for 18 tax years between 1994 and 2022, prosecutor Richard Wright said. The 92-year-old appeared at London's Southwark Crown Court and pleaded guilty to one count of fraud by false representation, just over a month before he was due to stand trial. Ecclestone gave an unintelligible response to reporters as he left the court and got into a waiting Range Rover. Richard Las, chief investigation officer and director of the Fraud Investigation Service at HMRC, said Ecclestone had "lied to HMRC". The decision also states that Ecclestone paid around 250 million pounds in income and capital gains tax to HMRC between 1999 and 2017.

Persons: Bernie Ecclestone, Belinda Jiao, Ecclestone, Richard Wright, Simon Bryan, Clare Montgomery, Andrew Penhale, Richard Las, Bryan, Mr Ecclestone, Montgomery, Vladimir Putin, Sam Tobin, William James, Alex Richardson, Susan Fenton Organizations: Formula, Southwark Crown, HM Revenue, Customs, HMRC, Crown Prosecution Service, Thomson Locations: Southwark, London, Britain, Singapore

☆ Fact Check-Muslims not exempt from stamp duty on UK property purchases
▼ + stars: | 2023-08-14 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

False claims are spreading on social media that Muslims in the UK are exempt from paying stamp duty, a tax paid when buying property or land. In fact, stamp duty relief rules for Sharia-compliant alternative mortgages stop the levy being paid twice, but stamp duty is still ultimately financed by the buyer. Social media accounts, including here , claim Muslims are exempt from stamp duty charges. Stamp duty relief was introduced in 2003 to end stamp duty charges on both transactions. The rules ensure the same outcome and amount of stamp duty payable as for conventional mortgages, a spokesperson for HMRC said.

Persons: Read Organizations: HM Revenue, Customs, HMRC, Reuters Locations: England, Northern Ireland, Wales, Scotland, Britain

☆ Cryptos have no intrinsic value and trading in them should be regulated like gambling, UK lawmakers say
▼ + stars: | 2023-05-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Trading in cryptocurrencies is akin to gambling and should be treated as such, British lawmakers said. Unbacked tokens like bitcoin and ether aren't underpinned by underlying assets and have "no intrinsic value," lawmakers on the U.K. Treasury Select Committee said in a report published Tuesday. The Treasury committee said it was concerned by government proposals to regulate consumer crypto trading as a financial service. This, lawmakers said, would create a "halo" effect that leads people to believe crypto trading is safe and protected, when this is not the case. Blair Halliday, U.K. managing director for top U.S. crypto exchange Kraken, said: "We fundamentally disagree with the Treasury Select Committee's conclusion that cryptoassets have no intrinsic value.

☆ A man got sent 580 letters on one day demanding tax payments after Chinese companies used his address, report says
▼ + stars: | 2023-04-09 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

11,000 companies used a man's address to register for sales tax, BBC News reported. Dylan Davies, from Cardiff, Wales, was sent 580 letters in one day in connection with sales tax. "You'd think there'd be a systems with the technology today that would have picked it up immediately," Davies told BBC News. Harra added that its investigation had found "no evidence of fraud or fraudulent intent" and that 70% of the companies registered to Davies' address were online marketplaces. It meant that overseas sellers on platforms such as Amazon and eBay should collect sales tax from overseas traders and pay HMRC.

☆ UK trade union says 100,000 public sector workers to strike on Feb. 1
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

[1/5] Ambulance workers keep a fire going to keep warm outside their Waterloo station, amid a strike due to a dispute with the government over pay, in London, Britain January 11, 2023. REUTERS/Toby MelvilleLONDON, Jan 11 (Reuters) - Britain's Public and Commercial Services (PCS) union said on Wednesday 100,000 of its members across 124 government departments would take strike action on Feb. 1 in a dispute over pay, pensions and job security. Britain is experiencing a wave of strikes across sectors ranging from healthcare to railways, as pay rises fail to keep pace with double-digit inflation. Thousands of ambulance workers held a second day of strikes on Wednesday, while many schools in Scotland were closed by a teacher walk out. The PCS union has been carrying out a rolling programme of strikes across different government departments and other public sector bodies over the last month, which has included driving test examiners, border force staff and road traffic officers.

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