How that empty house next door could knock £50,000 off the value of YOUR home
Almost one million homes are standing empty across the UK, the majority of which have been vacant for more than six months, according to council tax data analysed by the charity Action on Empty Homes. Of these, 133,000 belonged to someone who has died.
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The Independent
29 minutes ago
- The Independent
Treasury considers inheritance tax reforms to fill £50bn spending gap in budget
Rachel Reeves is looking to raise more money by tightening the rules around inheritance tax in the autumn budget, it's been reported. Amid growing pressure regarding the state of the UK's finances ahead of the autumn budget, the chancellor is looking to address a blackhole left by Labour U-turns, higher borrowing and sluggish economic growth. Economists have warned Ms Reeves that she must raise taxes or tear up her flagship borrowing rules to fill the shortfall in public finances. According to a report in The Guardian, the Treasury is now looking at options on inheritance tax like changing rules to restrict the gifting of money and assets Under current rules, unlimited amounts of money and assets can be gifted to relatives and friends which avoids inheritance tax, provided that it is gifted at least seven years before the benefactor dies. Money given less than three years before is taxed at the full inheritance tax rate of 40 per cent, while gifts given between seven and three years has a 'taper relief' tax, which is between eight and 32 per cent. The Guardian reports that the Treasury is considering a lifetime cap to limit the amount of money an individual can donate outside of inheritance tax, as well as reviewing rules around the taper rate. 'With so much wealth stored in assets like houses that have shot up in value, we have to find ways to better tap into the inheritances of those who can afford to contribute more,' a source told the newspaper. 'It's hard to make sure these taxes don't end up with loopholes that undermine their purpose. But we are trying to work out what revenue might be raised and how to ensure it's a fair approach.' However, it has been reported that no substantive talks at a senior level have occurred about inheritance tax, and no decisions have been made. Reeves has already ruled out increases to income tax, national insurance and VAT, while inheritance tax brought in a record £6.7bn in 2022-2023. However, recent analysis that showed wealthy investors are leaving the UK because of measures such as the abolition of non-dom status has caused nervousness. A Treasury spokesperson said: 'As set out in the plan for change, the best way to strengthen public finances is by growing the economy – which is our focus. Changes to tax and spend policy are not the only ways of doing this, as seen with our planning reforms, which are expected to grow the economy by £6.8bn and cut borrowing by £3.4bn. 'We are committed to keeping taxes for working people as low as possible, which is why at last autumn's budget we protected working people's payslips and kept our promise not to raise the basic, higher or additional rates of income tax, employee national insurance or VAT.'
The Independent
29 minutes ago
- The Independent
Government urges households to check if they can save £150 on energy bills
The government has urged households to check they are eligible for an automatic discount on their energy bills this year as an annual scheme is expanded. The Warm Home Discount provides a £150 cut to domestic energy bills for qualifying recipients. The one-off discount is applied automatically to an energy bill between October and March. Around six million people will now receive a payment this winter, up by 2.7 million from last year after the Department for Energy and Net Zero (DESNZ) announced an expansion to the scheme. This brought in new rules that mean the bill payer must now only receive an eligible means-tested benefit, whereas before they also had to prove they lived in a home with high energy costs. However, the person in receipt of the benefit must be named on the energy bill to receive the payment, DESNZ has reminded households. Energy suppliers – which automatically apply the discount – will rely on customers' records as of 24 August to check eligibility. This means there is just a few weeks to ensure the correct person is named on the energy bill. A factor like moving house or changing supplier can sometimes affect this. After this date, eligible customers can still claim the discount, but will need to wait for a letter to arrive later in the year. This could come as late as January 2026. Minister for energy consumers Miatta Fahnbulleh said: 'We took decisive action earlier this year to expand the Warm Home Discount, giving more working families certainty and peace of mind before winter. 'I now want to make sure as many eligible households as possible get £150 off their energy bill, putting more money in their pockets as part of our Plan for Change. 'If you know someone who might be eligible – please start spreading the word to family and friends, encouraging them to check they are named on their energy bill.' To be eligible for the payment in England and Wales, the bill payer must either receive the guarantee credit element of pension credit or one of: The expansion of the Warm Home Discount comes after energy regulator Ofgem warned that UK energy bills are set to surge despite a recent cut to its price cap. The energy watchdog recently revealed that bills are set to rise by £104 by 2031 to cover the cost of £24 billion extra investment in Britain's energy infrastructure.
The Sun
29 minutes ago
- The Sun
Dragons' Den judges called my idea ‘a disaster' & ‘delusional' – now it's worth £40m & I'm opening 100 new restaurants
AN ENTREPRENEUR whose restaurant idea was rejected as "a disaster" on Dragons' Den is set to open 100 new outlets of his popular chain. Alessandro Savelli, who co-founded Pasta Evangelists and currently serves as its CEO, says the chain is aiming to become the UK's "fastest-growing, casual dining hot spot". 5 5 5 Now worth around £40 million, Pasta Evangelists was rejected on Dragons' Den by business experts in 2018 when Savelli and co-founder Finn Lagun asked for a £75,000 investment for a 2.5 per cent cut of the company. Dragon Jenny Campbell even called Finn "delusional" and "a disaster" during their pitch. However, the entrepreneurs have no doubt had the last laugh as their business is now set for major expansion. Pasta Evangelists says it will invest £30 million into new restaurants, creating up to 1,500 jobs. It hopes to open 100 new restaurants across the UK in the next five years, including in the south of England, the Midlands, and Scotland. The company is also aiming to develop a "Pasta Apprenticeship" scheme to attract new staff and help the current workforce develop new skills and knowledge, reports The Grocer. Savelli said: "The demand for our fresh, beautifully cooked artisan pasta is growing. "Our intention is to become the UK's fastest-growing, casual dining hot spot and the hottest place to eat for pasta lovers of all ages. "Sustainable growth has always been our plan. "The hospitality industry is going through tough times at the moment, but we are confident that our business model is robust and dynamic, and the proof of this is we have already bucked the trend with the confirmed opening of five more restaurants in the space of three months, and more to come." Pasta Evangelists enter Dragons Den The chain opened a restaurant in Farringdon, central London, this summer as well as its first outside of the capital in Guildford in July. Three new London locations are set to open in the coming weeks, helping carry the total number of outlets to 11 as we head into autumn. Chancellor Rachel Reeves said the plans were "great news" and highlighted the "dynamism and resilience of British businesses". The restaurant has had a remarkable success story since its Dragons' Den miss. Recalling their appearance on the BBC show, Finn said he was "shaking life a leaf" before walking out to pitch his business. He added that he was left devastated by the business experts' "vicious" comments. Speaking to The Sun in 2023, he said: "I never would have expected to be called a ' disaster' or 'delusional ' on national TV - they were vicious things to say to a young entrepreneur. 'To use that kind of language against a young, passionate person was dismaying. I would never talk to any young entrepreneur like that." Despite their lack of faith in the business, the Dragons are no doubt feeling red in the face now as Pasta Evangelists is one of the UK's biggest fresh pasta companies. It has also earned the highest praise from many voices, including chef Gordon Ramsay. SCARRED BY EXPERIENCE ON DRAGONS' DEN While Pasta Evangelists has gone on to huge success, Finn says he's still scarred by his experience in the Den. "We received an extremely strong, negative, visceral reaction," he says. 'I was 24 years old when I went on Dragons' Den, so for a seasoned entrepreneur like Jenny Campbell to call me 'delusional' and a 'disaster' was so vicious... Jenny was savage. 'At one point she said, 'I like it' and I replied, 'Thank you', only for her to say, 'I like it because it's a brilliant business lesson in how not to set up and run a business'. 'I was mortified, I felt like an idiot having grinned at her and thanked her. She was deliberately trying to take me for a ride for entertainment.' Finn adds: 'I don't want to sound like the Virgin Mary but if the tables were turned and I was Jenny Campbell, I would have apologised. 'If I saw the business had turned into the UK's biggest pasta company in a few years I'd say, 'Well done, you defied expectations' and maybe even offer a little contrition or an apology.' 5 5
