Finance in the News – w/c 26.11.18

Short summaries of articles we think you will find useful from some of the weekend’s broadsheets.

FINANCIAL TIMES

“Thousands in disguised remuneration schemes face tax blow”
Tens of thousands of people caught by a government crackdown on tax avoidance schemes are set to receive huge one-off tax bills unless they come clean to the UK tax authority by next April.
“FCA proposes cap on ‘rent-to-own’ retailer prices”
“Rent-to-own” retailers such as BrightHouse will be banned from charging vulnerable customers over the odds for household goods under rules proposed by the financial regulator on Thursday.
“Financial regulator under pressure to broaden exit fee clampdown”
The UK financial regulator is considering broadening a proposed ban on exit fees to include the largest wealth managers and pension companies.
“BBC considers scrapping free TV licences for over 75s”
Free licences for the over-75s are currently paid for by the government, but responsibility for the scheme will pass to the BBC in June 2020 as a condition of its royal charter
“Companies abusing insolvency pre-packs, independent panel says”
Businesses are sidestepping tax bills amounting to tens of millions of pounds using an insolvency procedure that the government is considering banning.

THE TIMES

“Lords brand new probate fee hike a ‘misuse of power’”
Plans to increase charges by as much as 3,771% have been slammed by peers
“Lenders slash rates for small deposits”
Homebuyers with smaller deposits can lock in record-low mortgage rates after a flurry of cuts by lenders.
“Middle classes are hit hardest by inheritance tax”
A new review suggests improvements to the system that many think is confusing and unfair

THE TELEGRAPH

“Accidentally rich’ face ‘unfair’ inheritance tax”
Inheritance tax (IHT) should be cut for “accidental millionaires” as they are being forced to pay a bigger chunk of their inheritance than the ultra-rich, experts have said.
“How to help your family on the ladder and avoid stamp duty’”
Loans, called “joint borrower sole proprietor” mortgages, allow multiple people to be part of a single mortgage application, which means that a parent’s income can be used to boost the amount their child can borrow.

THE GUARDIAN / OBSERVER

“Giveaway budget leaves low-paid women worse off”
Study by IPPR finds combination of tax cuts and benefits freeze has widened inequality.
“Property downturn could reduce number of affordable homes built by 25%”
Savills estimates 100,000 new homes a year need to be priced below going market rate.

MAIL

“General Motors sounds alarm:”
US car maker to shut five factories over fears of global downturn.

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