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More than a million face self-assesment fines

Over a million people face a £100 penalty for having missed the January deadline for Self Assessment forms says the Inland Revenue.

More than three million have missed the deadline since the system was introduced in 1997.

There are still 350,000 returns still outstanding from January1998 and the Inland Revenue has sent out at least 20,000 penalty notices by mistake.

Former tax inspector Peter Back, of on-line tax service Virtuallyanywhere thinks the Inland Revenue will have to consider an amnesty for people who miss the deadlines.

He says: “This would allow non-payers and tax evaders time to pay their tax before a harsher penalty regime is introduced.”


B&B may seek trade buyer

Bradford & Bingley may seek a trade buyer rather than get a London listing in the light of falling valuations for mortgage and savings banks.Their proposed pricing at around ten times historic earnings has dampened down institutional interest in the share offer.Only mortgage and savings banks with aggressive e-banking strategies such as Halifax and Woolwich […]

Pension holders told to seize the moment

With the new tax year and lower tax relief on pensions only days away, now is the time for personal pension holders to up their contribution.A lump sum paid into a personal pension by April 5 attracts 23 per cent tax relief for a basic rate tax payer. But on April 6, this falls to […]

Abolition of ACT gives “its” a boost

Deutsche Bank says that the abolition of Advance Corporation Tax and the on going &#39its&#39 campaign have provided an opportunity for investors. It forecasts benefits from deregulation of European stock markets and greater harmonisation of tax in the EU.On-line internet dealing will revolutionise the sector for private investors and retail investors will own 55 per […]

Brits lured by cheap continental homes, says Abbey

Abbey National says the number of French and Italian homes bought by Britons has soared by 75 per cent over the last year.Homes on the continent tend to be cheaper than in the UK but buyers typically pay between 10 and 15 per cent of the price of a property in transaction fees and taxes.Homes […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


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