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Daily Mail
16 minutes ago
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Inside the mad and dangerous world of Superbikes where 'gladiator' riders dice with death
It's been a weekend of unremitting heat at the UK round of the Superbike World Championship — motorsport which makes F1 look like a sedentary Sunday afternoon drive — and, at the end, the outstanding racer tells me about life and death. Toprak Razgatlioglu is motorcycle racing's most compelling character since Valentino Rossi — riding on the edge just like the Italian, and Barry Sheene decades before him.
Sky News
an hour ago
- Sky News
Rachel Reeves said this flagship policy would raise money - it may end up doing the opposite
What do we do about the non-doms? It's a question more than a handful of people have been asking themselves at the Treasury lately. It had seemed simple enough. In her first budget as chancellor, Rachel Reeves promised a crackdown on the non-dom regime, which for the past 200 years has allowed residents to declare they are permanently domiciled in another country for tax purposes. Under the scheme, non-doms, some of the richest people in the country, were not taxed on their foreign incomes. Then that all changed. Standing at the despatch box in October last year, the chancellor said: "I have always said that if you make Britain your home, you should pay your tax here. So today, I can confirm we will abolish the non-dom tax regime and remove the outdated concept of domicile from the tax system from April 2025." The hope was that the move would raise £3.8bn for the public purse. However, there are signs that the non-doms are leaving in such great numbers that the policy could end up costing the UK investment, jobs and, of course, the tax that the non-doms already pay on their UK earnings. If the numbers don't add up, this tax-raising policy could morph into an act of self-harm. With the budget already under strain, a poor calculation would be costly financially. The alternative, a U-turn, could be expensive for other reasons, eroding faith in a chancellor who has already been on a turbulent ride. So, how worried should she be? The data on the number of non-doms in the country is published with a considerable lag. So, it will be a while before we know the full impact of this policy. However, there is much uncertainty about how this group will behave. While the Office for Budget Responsibility forecast that the policy could generate £3.8bn for the government over the next five years, assuming between 12 and 25% of them leave, it admitted it lacked confidence in those numbers. Worryingly for ministers, there are signs, especially in London, that the exodus could be greater. Property sales Analysis from the property company LonRes, shows there were 35.8% fewer transactions in May for properties in London's most exclusive postcodes compared with a year earlier and 33.5% fewer than the pre-pandemic average. Estate agents blame falling demand from non-dom buyers. This comes as no surprise to Magda Wierzycka, a South African billionaire businesswoman, who runs an investment fund in London. She herself is threatening to leave the UK unless the government waters down its plans. "Non-doms are leaving, as we speak, and the problem with numbers is that the consequences will only become known in the next 12 to 18 months," she said. "But I have absolutely no doubt, based on people I know who have already left, that the consequences would be quite significant. "It's not just about the people who are leaving that everyone is focusing on. It's also about the people who are not coming, people who would have come, set up businesses, created jobs, they're not coming. They take one look at what has happened here, and they're not coming." Lack of options for non-doms But where will they go? Britain was unusual in offering such an attractive regime. Bar a few notable exceptions, such as Italy, most countries run residency-based tax systems, meaning people pay tax to the country in which they live. This approach meant many non-doms escaped paying tax on their foreign income altogether because they didn't live in those countries where they earned their foreign income. In any case, widespread double taxation treaties mean people are generally not taxed twice, although they may have to pay the difference. In one important sense, Magda is right. It could take a while before the consequences are fully known. There are few firm data points for us to draw conclusions from right now, but the past could be illustrative. 3:06 The non-dom regime has been through repeated reform. George Osborne changed the system back in 2017 to limit it to just 15 years. Then Jeremy Hunt announced the Tories would abolish the regime altogether in one of his final budgets. Following the 2017 reforms there was an initial shock, but the numbers stabilised, falling just 5% after a few years. The data suggests there was an initial exodus of people who were probably considering leaving anyway, but those who remained - and then arrived - were intent on staying in the UK. So, should the government look through the numbers and hold its nerve? Not necessarily. Have Labour crossed a red line? Stuart Adam, a senior economist at the Institute for Fiscal Studies, said the response could be far greater this time because of some key changes under Labour. The government will no longer allow non-doms to protect money held in trusts, so 40% inheritance tax will be due on their estates. For many, that is a red line. 1:57 Mr Adam said: "The 2017 reform deliberately built in what you might call a loophole, a way to avoid paying a lot more tax through the use of existing offshore trusts. That was a route deliberately left open to enable many people to avoid the tax. "So it's not then surprising that they didn't up sticks and leave. Part of the reform that was announced last year was actually not having that kind of gap in the system to enable people to avoid the tax using trusts, and therefore you might expect to see a bigger response to the kind of reforms we've seen announced now, but it also means we don't have very much idea about how big a response to expect."
Times
an hour ago
- Times
Steve Tandy: I found out about Louis Rees-Zammit's return from my daughter
Good news has been a scarce commodity in Welsh rugby and the new national head coach only heard about the welcome return of Louis Rees-Zammit when he was informed by his 14-year-old daughter. 'She was telling me, 'Zammo's back,' ' Steve Tandy said. 'I'm like, 'Quick, give me the phone!' ' Confirmation that Rees-Zammit, the 24-year-old wing, would be ending his attempt to break into the NFL to renew his rugby union career came last week, six days before Tandy's first public engagement in his new role on Thursday. As his job entails reviving the fortunes of a Wales side who recently ended an 18-match losing streak with a narrow victory over Japan, taking over a squad painfully short on experience, the return of a wing who exhibited world-class qualities came as a considerable early fillip to the Tandy era. 'It's a great boost to the game, to fans and to coaches,' he said. 'The excitement that Zammo brings just by coming back is great for the game. Everyone will like getting Zammo back in the mix.' Rees-Zammit's time away from the sport neatly encapsulates the grim period that Wales endured under Warren Gatland, Tandy's permanent predecessor, and Matt Sherratt, who took interim charge after Gatland left during the Six Nations. The last of the wing's 32 caps was the first of that ignominious 18-match streak, the 2023 World Cup quarter-final defeat by Argentina, and in the 18-month spell that he was trying his hand in the NFL, Wales won only one game. Having previously played for Gloucester, Rees-Zammit has yet to determine which club he will join, but as his tally of caps exceeds the 25 required by WRU rules, he will not need to sign up with a Welsh region to resume his international career. As he prepares to begin his tenure with autumn internationals against Argentina, Japan, New Zealand and South Africa, Tandy would not discount the possibility of a swift Wales return for Rees-Zammit. 'You wouldn't rule anything out,' he said. 'Zammo, I'm pretty sure, will be in outstanding physical condition. We've got some outstanding back-three boys, but adding Zammo makes it even more competitive.' Tandy, 45, is making his own return to Welsh rugby after a substantial time away. Hailing from Tonmawr, near Neath, he was a hard-nosed flanker for Ospreys, becoming head coach shortly after his retirement. He subsequently specialised in defence, first with the Waratahs in Australia before beginning the six-year stint with Scotland, working under Gregor Townsend, that ended with his recent appointment back home in Wales. During his time with Scotland, he acted as defence coach for the British & Irish Lions on their 2021 tour to South Africa and he is determined to make bringing a harder edge to a Wales defence that conceded 25 tries in five Six Nations matches last season his priority. 'Coming from a defensive background, you want something really robust and resilient around that,' he said. 'We're going to be really tough in that area. But I want our group to have ambition, that if there's something to play, they go and play. I want them to believe that when they go out there, they can go and express themselves. But we definitely want that robust nature around the [defence], because that does fundamentally underpin outstanding teams.' The recent Lions squad that toured Australia featured only two Wales players and, once Tomos Williams had returned home with injury, Jac Morgan was the solitary Welshman. Increasing this representation for the Lions tour to New Zealand in 2029 would be a measure of the progress Tandy has made with the side from their position as 12th in the world rankings. Along with Morgan and Williams, players such as Dewi Lake, the hooker who captained the side in Japan, and Dafydd Jenkins, the lock who missed the tour through injury, will be pillars around whom Tandy can build. 'I'd love to see the next time it comes around, us getting more [in the Lions squad],' Tandy said. 'A lot of that will be underpinned by how well connected we get with the players, how we can accelerate their development. We've got lots of talent and we can get to that point of putting more people in the shop window for the next Lions tour.' The word 'development' is a crucial aspect in Tandy's appointment. Wales's slump was precipitated by losing so many experienced players in a short period, so fast-tracking promising young players to become comfortable on the international stage will be as much part of his role as the blending of elite performers. 'We have to nurture them, we have to coach them, we have to be around them more than probably any time before because they are a young group,' Tandy said. 'It's about building incrementally, there's no magic wand. We understand where we're at.' Tandy has yet to appoint his assistant coaches and will do so in conjunction with Dave Reddin, the former England rugby and FA performance expert recently appointed as the WRU's director of rugby and elite performance. This being Welsh rugby, there will also be political elements for the new pairing to negotiate, especially as there is a widespread acceptance that the recent results were not a mere blip, but a reflection of a professional structure that is not fit for purpose. The WRU announced last month that it was conducting formal consultations that could lead to the number of regional sides being reduced from four to either three or two. 'We've got to build something that suits us, not following anyone else,' Tandy said. 'I'm coming into this with my eyes wide open.'
