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Treasury’s Ussher resigns over alleged CGT dodge

Treasury Minister Kitty Ussher resigned last night after it emerged that she may have avoided paying capital gains tax by flipping her designated primary residence.

Ussher allegedly switched her designated primary home from London to Burnley for one month in order to avoid paying £16,800 in CGT when she sold her constituency home in 2007.

In Brown’s cabinet reshuffle two weeks ago, Ussher was moved from the Department of Work and Pensions to the Treasury.

Ussher says she did not do anything wrong but in her resignation letter she said she was leaving because she did not want to cause the Government any embarrassment.

She announced yesterday that she would be standing down from her Burnley seat at the next general election and said this was because she wanted to spend more time with her family.

Department for Communities and Local Government minister Sarah McCarthy-Fry will replace Ussher at the Treasury.


Manager focus: Tom Winnifrith

Gold and oil stocks were key drivers of performance on the SF t1ps Smaller Companies Growth fund, according to Tom Winnifrith, the manager. The £8m vehicle is a concentrated portfolio of 35 small-cap stocks with a heavy overweight to gold. Winnifrith began building the position late last year and is considering adding to his holdings […]

Consumer Prices Index annual inflation falls

Consumer Prices Index (CPI) annual inflation fell by 2.2% in May, down from 2.3% in April, according to a report from the Office for National Statistics released today.The largest downward pressure on CPI inflation came from food and non-alcoholic beverages, owing in part to meat prices rising by less than a year ago. Housing and […]

Europe: why persist with value today?

By Rob Burnett, Neptune’s Head of European Equities The Neptune European Opportunities Fund remains committed to a value bias. We see a broadening array of opportunities in diversified industries at compelling valuations today. The most complicated part of the market is the European banks. We are currently overweight in this sub-sector as many banks are […]


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