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Chancellor to slash VAT and hike high rate income tax

The Chancellor is expected to cut VAT and introduce a new higher rate of income tax of 45p for those earning over £150,000 per year.

Alistair Darling will give his pre-Budget speech at 3.30pm this afternoon and is expected to pay for a £12.5bn cut on VAT from 17.5 per cent to15 per cent by taxing the wealthy at a higher rate.

Darling is expected to extend the £120 cut on income tax for basic rate payers to compensate for the abolition of the 10p tax band.

Among the other measures Darling has been tipped to unveil this afternoon, are the deferral of a 1 per cent increase in small company corporation tax to help small businesses through the recession.

He is also expected to offer additional Government guarantees on loans to small businesses, offer a tax break to small companies with cashflow problems. will be providing full news and analysis of the PBR from 3.30pm this afternoon.



KSF IOM liquidation adjourned until Jan 29

The Isle of Man high court has adjourned the liquidation of Kaupthing Singer & Friedlander Isle of Man for another 60 days to allow more time for a “more managed and co-ordinated wind-down.”


Passive aggressive

Adviser Fund Index panellists cut the British equity weighting in the Aggressive index by 7 per cent at the latest rebalancing. The allocation fell from 35 per cent to just 28 per cent on November 1, despite the addition of several British funds, including Cazenove UK Absolute Target.

PPF wants longer-term risk for levy

The Pension Protection Fund has proposed using longer-term risk when calculating protection levies for pension schemes in a bid to make bills fairer.

Citi gets £13bn bailout

The US Government has stepped up its bank bailout scheme with a £13.3bn ($20bn) into Citibank.

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]


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