Goldman's Richard Gnodde: a poster boy for the UK non-dom exodus
But at this year's gathering in January, Gnodde, 65, found himself talking about his own career after the Wall Street bank announced that he would be stepping down as chief executive of its international arm to become vice-chairman.
Gnodde had spent two decades becoming one of the highest-profile bankers on London's financial scene. In his clipped South African accent, he proclaimed he was 'thrilled to have the remit to really operate broadly around the world and spend time with our people, our clients'.
What he did not say was
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The Independent
9 minutes ago
- The Independent
Treasury ‘looking at' new property taxes to replace stamp duty
The Treasury is considering plans to raise money from a tax on the sale of homes worth more than £500,000, according to reports. Government officials are looking at a potential national property tax, which would replace stamp duty on owner-occupied homes, The Guardian reported. No final decision has been made, but it is thought this national tax could help build a model for local levies to replace council tax in the medium term. Buyers pay stamp duty under the existing framework, if they purchase property worth more than £125,000. The new levy would be paid by owner-occupiers on houses worth more than £500,000 when they sell their home, with the amount due determined by the value of the property and a rate set by the Government. 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 £6.8 billion and cut borrowing by £3.4 billion. '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.' Chancellor Rachel Reeves will unveil any changes to the Government's tax policy at a fiscal event, such as a budget. Former government adviser Tim Leunig has previously suggested replacing stamp duty land tax with a 'national proportional property tax' levied on house values greater than £500,000, in a paper published by the think tank Onward. At a rate of 0.54%, with a 0.278% supplement on values over £1 million, the levy 'would raise the same amount as stamp duty'. Sir Mel Stride, Conservative shadow chancellor, said: 'The Conservatives have warned that more taxes are coming and now reports are emerging that the family home is next in the firing line. 'This tax grab would punish families for aspiring to own their own home. 'Under Labour nothing is safe. Your home, your job, your pension – the Chancellor has all of it in her sights. 'Rachel Reeves will tax your future to pay for her failure.'
The Independent
9 minutes ago
- The Independent
Reeves considering new property tax on houses worth more than £500,000
The Treasury is examining plans for a new tax on the sale of homes worth more than £500,000 as part of a shake-up of stamp duty and council tax. Chancellor Rachel Reeves has asked officials to study how a new 'proportional' property tax could be introduced and to model its impact ahead of this autumn's budget. Ministers have already been briefed on the proposals, which could be rolled out during this parliament, The Guardian reports. Under one option, a national property levy would replace stamp duty on owner occupied homes. In the medium term, a second stage could see a local property tax replace council tax, a move designed to repair the finances of struggling local authorities. No final decisions have been made. Treasury sources stressed that while a national levy could be implemented in the coming years, reform of council tax would take longer and would likely depend on Labour winning a second term. The review reflects growing pressure on the chancellor to introduce more wealth based taxes. Labour's deputy leader, Angela Rayner, has urged Ms Reeves to consider measures that target property wealth. Ms Reeves is also under pressure to raise additional revenue without breaking Labour's pledge not to increase taxes on working people. If adopted, the new levy would be paid by owner occupiers when they sell a home worth more than £500,000. The amount would be based on the value of the property, with the rate set centrally and collected by HM Revenue and Customs. It would not replace stamp duty on second homes. The average house price in the UK stood at £272,664 in July, according to Nationwide. Current stamp duty receipts from primary residences vary significantly depending on the housing market, raising £11.6 billion last year. Treasury officials believe a national property tax would be a more stable source of income and would eventually raise a similar amount. Unlike stamp duty, which currently applies to around 60 per cent of home sales and is paid by buyers, the new levy would affect only about a fifth of transactions. The proposals are informed by a 48 page report published last year by the centre right think tank Onward. Written by Dr Tim Leunig, a former government adviser who helped devise the furlough scheme during the Covid pandemic, it set out a dual national and local 'proportional property tax' based on property values. Dr Leunig wrote: 'These proposals would make it easier and cheaper to move house, for a better job, or to be near family, as well as being fairer. It should not be the case that a terrace house in Burnley pays more than a mansion in Kensington – and it wouldn't be under these proposals.'
The Sun
10 minutes ago
- The Sun
Fears Rachel Reeves will slap NEW tax on people's homes to replace stamp duty and council tax
FEARS are growing that Rachel Reeves could slap a new tax on people's homes to replace stamp duty and council tax. The Chancellor is studying plans for a levy on houses worth over £500,000, according to The Guardian. 1 The paper said the Treasury is looking at a 'proportional property tax' which would be paid when owners sell their homes. It claimed the shake-up could also pave the way for a new local levy to replace council tax, which is still based on 1990s property values. But Treasury officials last night insisted that while tax reform is being explored, the details – including any threshold or rate – have not been decided. A Treasury spokesperson said: '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 Sun reported yesterday that homeowners would be forced to hand over £82,000 to the taxman thanks to Reeves' inheritance tax raid. threshold, which is called the nil-rate band. Anything above this threshold is charged at 40%, but your tax-free allowance rises by £175,000 if you leave your home to a direct descendant, such as a son, daughter or grandchild. Currently, pension pots are exempt from inheritance tax - but this will all change from April 2027, when they will suddenly be subject to the 40% levy, following a tax grab announced in last year's October Budget. The change is expected to increase the number of estates paying death duties from 4% to 9.7%, dragging thousands of people into the tax net. New analysis by Quilter shows that grieving families could face a nasty bill sting following the changes.
