News Roundup Wednesday 20th March 2019

NEWS ROUNDUP

TAX NEWS

New tax rules must not hurt developing countries

Alex Cobham, CEO of the Tax Justice Network, says in the FT that a proposed destination-based cash flow tax to replace corporate income tax risks hurting developing countries.

Financial Times, Page: 10

New scam warning after slew of fake HMRC calls

Money-saving expert Martin Lewis has warned that criminals are “spoofing” HMRC phone numbers and calling people claiming there’s a warrant for their arrest and they need to pay up now.

The Mirror

WEALTH MANAGEMENT NEWS

FCA weighs exit fee clampdown across investment industry

The Financial Conduct Authority has said it will look into a ban or cap on exit fees charged by investment platforms. The watchdog’s consultation on the move will last until June 14th. The initiative will hit investment platforms like Hargreaves Lansdown, AJ Bell and Charles Stanley Direct, which charge investors up to hundreds of pounds each time they want to move portfolios to rival providers. But the FCA could apply the rules more widely to include insurers, life companies and financial advice firms. Andrew Strange, a financial services expert at PwC, said the FCA’s findings on exit fees “have expanded way beyond the original scope of [platform] firms. Now wealth managers, insurers and asset managers all need to pay immediate attention to the findings. The FCA clearly has exit fees in its sights.”

The Times, Page: 42 Financial Times, Page: 18 City AM, Page: 5 The Daily Telegraph, Business, Page: 7 Daily Mail, Page: 83 Daily Express, Page: 53

PROPERTY NEWS

Give all first-time buyers SDLT relief

John Shallcross of Blake Morgan writes in City AM on how his firm has teamed up with KPMG and Laytons to push the Government to amend legislation so all first-time buyers can benefit from the Chancellor’s stamp duty land tax relief for purchases up to £500,000. An anomaly in the law has meant those using cash from Mum and Dad when buying new-build flats and granted a new lease are ineligible.

City AM, Page: 26

ECONOMY NEWS

Hammond could end austerity, IFS says

The Institute for Fiscal Studies (IFS) has claimed that the UK’s improved public finances, as revealed in the Spring Statement, provide Philip Hammond with the power to bring austerity to an end. The think tank said that increased “fiscal headroom” of £26.6bn enables the Chancellor an extra £15bn a year of spending, on top of current plans, while still keeping UK borrowing within his 2% of GDP limit target.

City AM Financial Times The Times, Page: 38 The Independent, Page: 63

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