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Financial services facing £250m VAT bill over temporary staff

The financial services sector could be left facing a £250m a year VAT bill for temporary staff under Government proposals for the recruitment industry reports the Financial Times.

The proposals would see financial services firms hit by the massive bill as they would have to pay VAT on wages they pay temporary staff. At present they only pay VAT on the fees paid to the employment agency.

The proposals put the industry on the same footing as other businesses, but at a further disadvantage because banks and building societies cannot reclaim VAT.


Government to extend catmarks to mortgages

The Government will extend its controversial catmarking scheme to embrace mortgages this week.The Treasury is rushing to publish a consultation paper before its mortgage seminar bringing together lenders, consumer groups and the FSA on Monday.The paper is expected to be less prescriptive than catmarked Isas or stakeholder pensions but will be a voluntary scheme which […]

Scottish Provident International conducts review

Scottish Provident International is reviewing all of its Personal Investment Portfolios held by UK residents ahead of new tax regulations.From April 6, 2000 UK personal portfolio bonds will be taxed an additional 15 per cent a year for &#34deemed gains&#34 made on the investment.The life office says the review will be completed by mid December. […]

Abbey National securitises 10 per cent of mortgage book

The Abbey National is planning to securitise 10 per cent of its £60bn mortgage book according to the Financial Times.The move is seen as an attempt to free up its balance sheet so it can increase its market share.This week Abbey will issue a £1bn mortgage backed bond as part of the package to take […]

Wesleyan appoints new managing director

Wesleyan Assurance has appointed James MacDonald as its new managing director.MacDonald was previously managing director of Rover Cars UK and of BMW Financial Services.He will take up the role in December.Wesleyan chairman and acting managing director Lowry Maclean says: &#34This appointment demonstrates the Wesleyan&#39s commitment to differentiate itself in the financial services industry by taking […]


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