Reeves Weighs Reversing Non-Dom Inheritance Tax Changes, FT Says
Rachel Reeves is considering reversing a decision to charge inheritance tax on the overseas assets of non-doms, according to the Financial Times.
The Treasury is reviewing the decision to abolish the tax break for non-domiciled residents amid a wave of wealthy individuals departing and lobbying from the City of London, the FT said, citing officials and financiers it didn't identify. The regime would be changed if it was found to aid Britain's international competitiveness, the FT said, citing one government official.
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Yahoo
26 minutes ago
- Yahoo
Bentley is in limbo as tariffs remain unclear: What to know
The EU is looking to enact a 10% tariff across the board. Additionally, Bentley (VWAGY) is holding back inventory as tariff uncertainty clouds US import plans. Yahoo Finance Senior Reporter Pras Subramanian explains how this affects automakers and how the lack of a finalized US–UK deal is forcing Bentley to go month-to-month on its pricing strategy. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. Meanwhile, the European Union weighing a 10% tariff deal as President Trump's July deadline now looms. For more what this means for carmakers, let's get to our senior autos reporter, prize Sumerian prize. Yeah, I mean, this is kind of a big deal for European automakers like BMW and Mercedes, that that to bring that down the sector tariffs is 25% to 10% will be a huge deal for them, uh, based on the fact that so many of their cars are sold here. Uh, I mean, but, you know, the UK has a deal already supposedly with, with, uh, with the US and I spoke to the Bentley CEO about this, and they said, hold on, there's actually no details yet. Uh, the deal is supposedly been agreed to, but, uh, the UK government's still waiting for paperwork and an actual deal terms from the US government and, and, uh, UK government said it might take a few weeks still. So I spoke to the CEO about this, and he said, basically, since we don't have the deal actually, the terms yet and signed So he's saying I don't know. He's saying I just have a world of uncertainty I'm navigating. Yeah, so they, exactly, because they, they, you know, last month, they made the deal, made the announcement, but the deal has not actually been hasn't been signed yet, or come through yet. So he told me a few things they're doing, basically they're working month to month here on policy, uh, price protecting through the month of June, uh, people who have custom orders in place, they'll they'll honor those pricing agreements and they'll bring the cars in, but further inventory is going to be held in the UK until, uh, until further notice and, and basically, they just can't bring those vehicles in until they know what their exposure is going to be, because it could be a lot more, it could be a lot less who knows. So keeping it there, uh, they won't make any more decisions till next month. So month to month, we'll keep an eye on that, but they also have a new car out, new Bentayga Speed, SUVs are top selling SUV. I mean, the speed version is a VA powered truck. How much is that going to run us? Yeah, that's a big question. Around 300 grand, probably, but it's going to be only gas powered. It's just a change for them because they've been going heavily into hybrid, but they say, hey, you know what, our buyers want this option, and it'll be a very special car. So they're going to do it. I would assume that Bentley has a decent amount of pricing power at that level of customer that if they do end up if they get more clarity around the effect of the tariffs, if that's going to increase their costs that they can pretty easily pass that on to their customers or I mean, 10% is not that big of a jump from, let's say, 25. So a $300,000 car, you're talking about $30,000. So how much of that's going to go to the client and versus them? Half, uh, more than half, and that's part of the question they have to sort of answer themselves. But I think you're right, I think they, it's, it's, it's not a, it's not a fully elastic good, right? There is some, uh, ability to kind of waver here with pricing, but they can't go too far, right? Because margins are, I think the last, last year, they were around, uh, 14%, right? So there's only so much you can play with. And that's been coming down from 20 the year before. So that's the big question. Even if you're rich, you still want to feel like you're getting a good deal. That's why you have all the money. You don't pay, you don't need to. There you go. All right, thanks so much, Pras. Inicia sesión para acceder a tu portafolio
Yahoo
an hour ago
- Yahoo
MP who first blew whistle on child rape gangs was smeared as a racist, says son
The son of a former Labour MP who was the first to raise the alarm about child rape gangs more than 20 years ago has described how she was smeared and attacked for being a racist, particularly by members of her own party. John Cryer, a former MP who now sits in the House of Lords, highlighted the backlash endured by his mother Ann when she blew the whistle on the scandal in 2003. Labour peer Lord Cryer said those who were complicit at the time and knew of the child abuse by a group of older men from the Pakistani community, but chose to cover it up, should face prosecution. He was speaking after a nationwide inquiry was announced by the Prime Minister into grooming gangs following a major review by Baroness Casey. Her report, published on Monday, found the ethnicity of perpetrators had been 'shied away from', with data not recorded for two-thirds of offenders. Home Secretary Yvette Cooper claimed officials had dodged the issue of ethnicity among the groups of sex offenders for fear of being called racist, even though available data showed suspects were disproportionately likely to be Asian men. The Government has accepted all 12 recommendations made by Lady Casey, including the establishment of a national inquiry. Mrs Cryer was MP for Keighley when she was alerted to the problem in her constituency by a group of concerned mothers, who said their young daughters were being sexually exploited by a group of older Asian men and the police and social services were refusing to act. After going public she faced accusations that she was a racist and also received threatening notes and phone calls, leading police to install a panic alarm in her house. She stood down as an MP in 2010. In the years since, a series of high-profile grooming scandals have been exposed, including in Rotherham and Rochdale. All followed a similar pattern with the large-scale exploitation of mainly white girls by groups of men of predominantly Pakistani heritage, which the authorities failed to tackle. Responding to a ministerial statement on the Casey review, Lord Cryer said: 'I rise to speak principally because the first person who raised the issue of the rape gangs, in other words the first whistleblower, happens to be my mum, Ann Cryer MP, who started raising this in 2003. 'She was then smeared and attacked, particularly by Labour figures, I've got to say, for being a racist. 'I'm not talking about ministers in the then government, many of whom actually supported her, and in the case of David Blunkett, as then home secretary, went out of his way to make sure that prosecutions happened, which they did. 'I'm talking about councillors, councils and other institutions who went on the attack and lied and smeared about the rape gangs.' He added: 'I think some of them were complicit. Some of them knew it was going on, and they decided to cover up. 'And in those cases, if there is evidence to that fact, then they should be brought before the courts and prosecuted.' In reply, Home Office minister Lord Hanson of Flint said: 'Can I pay tribute to his mother. I served in Parliament with Ann and I know she raised these matters and faced extreme difficulties locally as result, and took a very brave stand at that time.' Stressing the need to address the issue, he added: 'My party hasn't been in government for 14 years, but we have been in control of some of the councils. 'My party wasn't in control of government when a lot of these issues happened, but I have still got a responsibility to look at making sure we deal with these in an effective way.' Earlier, he told peers other recommendations made by Lady Casey would be implemented 'in very short order'. These included making it mandatory to collect ethnicity and nationality data of all suspects in child sexual abuse cases, a change in the law so all adult sex with under-16s would be considered rape, and a review of the criminal records of exploitation victims.
Yahoo
an hour ago
- Yahoo
Warm home discount to be extended to 2.7 million more households
Energy bill discounts of £150 will be extended to another 2.7 million households to help with fuel costs next winter. This brings the number of households eligible for the warm home discount up to just over 6 million, the Department for Energy Security and Net Zero (DESNZ) has confirmed after a consultation. The changes remove some restrictions on eligibility and mean every bill payer on means-tested benefits will qualify. Some 900,000 families with children and 1.8 million homes in fuel poverty are set to benefit from the payment. Prime Minister Keir Starmer said: 'I know families are still struggling with the cost of living, and I know the fear that comes with not being able to afford your next bill. 'Providing security and peace of mind for working people is deeply personal to me as Prime Minister and foundational for the Plan for Change. 'I have no doubt that, like rolling out free school meals, breakfast clubs and childcare support, extending this £150 energy bills support to millions more families will make a real difference.' Energy Secretary Ed Miliband said: 'Millions of families will get vital support with the cost of living this coming winter, demonstrating this government's commitment to put money in people's pockets through our Plan for Change. The Conservatives criticised the move, saying energy prices are expected to keep climbing overall. Andrew Bowie, the acting shadow energy secretary, said: 'Labour promised to cut everyone's energy bills by £300 but they have increased by £280 and are forecast to keep going up. 'Energy bills need to come down but this announcement will cut bills for just a quarter of households whilst increasing them for everyone else. 'Kemi Badenoch and I have been clear that net zero by 2050 is impossible without bankrupting Britain and making hard-working families worse off.'
