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George Osborne re-appointed as Chancellor

George Osborne is to retain his position as Chancellor of the Exchequer in the next parliament, Prime Minister David Cameron has announced.

Osborne has held the role since the Conservatives returned to power in coalition in 2010, and his appointment is the first word from Cameron on the make up of a Conservative government since his party succeeded in winning a majority in Parliament.

Osborne will also take on a new role as first secretary of state, making him the most senior member of the Cabinet, and effectively deputy prime minister.

In addition, Theresa May will be retained as Home Secretary, Philip Hammond will also keep his role as Foreign Secretary and Michael Fallon will say on as Defence Secretary.

The only other known role in the government is that of former older workers’ champion Ros Altmann, who is to be appointed to the House of Lords, who is taking up a position as consumer protection minister.

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HMRC takes bank bonus appeal to Supreme Court

The UK’s highest court is to hear an appeal by HMRC over two offshore schemes used by banks to shield staff payments from tax. The tax office will attempt to convince the Supreme Court that UBS and Deutsche Bank used the schemes to avoid tax in 2003 and 2004, the FT reports. Employees received shares […]

HMRC amends pension reclaim form

HMRC is to change the wording of one of its new tax forms for people reclaiming overpaid tax on pension withdrawals, after confusion over who could use it. Form 55 is to be updated because it currently implies it should only be used if “you’ve only taken one payment and do not intend to take […]

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Advisers back away from DB transfers

Just one in four advisers are willing to work on transfers out of defined benefit pension schemes, boosting calls for new regulatory guidance. A survey of 248 advisers conducted by NMG Consulting found just 27 per cent would undertake DB transfers, while around half said they they would not. A quarter of respondents were undecided. […]

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Conservatives secure majority as SNP trounces Labour

The Conservatives have secured the 326 seats needed to form a majority government following a stunning election night which saw Labour hammered in Scotland by the SNP. The Tories are forecast to win a total of 331 seats, compared to just 232 for Labour. In Scotland the SNP won 56 of 59 seats, reducing Labour’s […]

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Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

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