Latest news with #Hug
Yahoo
a day ago
- Business
- Yahoo
Wealthy homeowners accused of exploiting loophole to dodge 300pc tax raid
A Labour council has launched a crackdown on wealthy homeowners after accusing them of using a loophole to evade a 300pc tax raid on empty properties. Westminster council as much as quadrupled council tax in April in a bid to stop residents leaving houses unoccupied. It also rolled out double taxes for second home owners. But the move has been met with a 'significant increase' in the number of people using loopholes to avoid paying the higher taxes, according to the local authority. It is planning a crackdown by using the Government's anti-fraud database to reveal whether or not residents are falsely claiming key exemptions. Adam Hug, the council's leader, said: 'We have found a significant increase in owners trying to evade the additional costs by reporting the property as either not empty, not a second home, or, most commonly, claiming a single-person discount. 'It is challenging for officers to evidence that the property is indeed being used as a second home, especially if that person's primary residence is outside the borough. For both these issues, we are meeting with the Government's National Fraud Initiative.' The National Fraud Initiative is an electronic database designed to share information for use by private and public sector bodies that can identify potentially fraudulent claims, payments and inconsistencies. The council estimates that there are 34,000 homes in Westminster that are not being used as a primary residence, representing a quarter of its housing stock. This includes some 4,000 registered second homes and 1,300 long-term empty properties, as well as short-term lets used by tourists and private hospital patients. The borough has some of the highest house prices in the country, with properties selling for an average £1.5m last year, according to property website Rightmove. Speaking at a conference held last month by the Empty Homes Network, a pressure group for policy to tackle vacant properties, Mr Hug said Westminster was 'highly attractive to overseas investors' who are 'extremely wealthy' and 'significantly more challenging' to contact. From April, it imposed a 100pc council tax premium on homes that have been empty for up to five years, 200pc for up to 10 years and 300pc for more than a decade. Meanwhile, second home owners are liable for a 100pc council tax premium. Westminster is not the first council to have seen a double council tax raid on second home owners backfire. Analysis reported by The Telegraph shows local authorities will lose £334m to the policy because of a raft of exemptions available to residents. Other boroughs in the capital to have implemented double council tax for second home owners include Hackney, Wandsworth and Kensington and Chelsea. Sadiq Khan, the London Mayor, has even suggested that London second home owners should pay 'much more' than the 100pc premium. Westminster council has previously called for greater powers to take control of empty properties after just six months of being vacant to tackle homelessness in the borough. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
a day ago
- Business
- Yahoo
Wealthy homeowners accused of exploiting loophole to dodge 300pc tax raid
A Labour council has launched a crackdown on wealthy homeowners after accusing them of using a loophole to evade a 300pc tax raid on empty properties. Westminster council as much as quadrupled council tax in April in a bid to stop residents leaving houses unoccupied. It also rolled out double taxes for second home owners. But the move has been met with a 'significant increase' in the number of people using loopholes to avoid paying the higher taxes, according to the local authority. It is planning a crackdown by using the Government's anti-fraud database to reveal whether or not residents are falsely claiming key exemptions. Adam Hug, the council's leader, said: 'We have found a significant increase in owners trying to evade the additional costs by reporting the property as either not empty, not a second home, or, most commonly, claiming a single-person discount. 'It is challenging for officers to evidence that the property is indeed being used as a second home, especially if that person's primary residence is outside the borough. For both these issues, we are meeting with the Government's National Fraud Initiative.' The National Fraud Initiative is an electronic database designed to share information for use by private and public sector bodies that can identify potentially fraudulent claims, payments and inconsistencies. The council estimates that there are 34,000 homes in Westminster that are not being used as a primary residence, representing a quarter of its housing stock. This includes some 4,000 registered second homes and 1,300 long-term empty properties, as well as short-term lets used by tourists and private hospital patients. The borough has some of the highest house prices in the country, with properties selling for an average £1.5m last year, according to property website Rightmove. Speaking at a conference held last month by the Empty Homes Network, a pressure group for policy to tackle vacant properties, Mr Hug said Westminster was 'highly attractive to overseas investors' who are 'extremely wealthy' and 'significantly more challenging' to contact. From April, it imposed a 100pc council tax premium on homes that have been empty for up to five years, 200pc for up to 10 years and 300pc for more than a decade. Meanwhile, second home owners are liable for a 100pc council tax premium. Westminster is not the first council to have seen a double council tax raid on second home owners backfire. Analysis reported by The Telegraph shows local authorities will lose £334m to the policy because of a raft of exemptions available to residents. Other boroughs in the capital to have implemented double council tax for second home owners include Hackney, Wandsworth and Kensington and Chelsea. Sadiq Khan, the London Mayor, has even suggested that London second home owners should pay 'much more' than the 100pc premium. Westminster council has previously called for greater powers to take control of empty properties after just six months of being vacant to tackle homelessness in the borough.
Glasgow Times
4 days ago
- Entertainment
- Glasgow Times
Core festival 2025: Lineup for Glasgow festival announced
Core. festival will bring a three-day celebration of noise to the West End from September 12 to 14 The festival, described as a 'celebration of noise', will take place across Woodside Halls and The Hug and Pint. Read more: Kneecap announce Glasgow gig after being dropped from TRNSMT lineup This year's line-up features an impressive array of headliners. Florida's Torche, known for their unique blend of sludge and stoner metal, will take over the main stage on Friday night. The recently reformed band and are expected to deliver a performance that pays homage to their distinguished career. On Saturday Defeater, Boston's melodic-hardcore heavyweights, play their first Scottish show in nearly a decade, promising a long-awaited performance for die-hard fans. Meanwhile, the final night of the festival will close with Cave In, who will mark the 25th anniversary of their seminal album Jupiter by performing it in full Core. has cemented its place as a haven for noise, metal, hardcore, and experimental music fans, with this year's line-up boasting international and local names. This includes Pest Control, Agriculture, Oversize, The Chisel, Frontierer, and And So I Watch You From Afar, who head up an 'intimate' performance with Waldo's Gift. Read more: ScotRail issue travel warning ahead of Robbie Williams gig Scotland's own scene is well represented with OMO, Moni Jitchell, Shutter, No Kilter, Gout, Test of Patience, BLDSPRT, No Known Weakness, and Lights Out among many others. The festival has quickly become a staple event for underground music lovers, offering a shared space for noise, community, and unique catharsis. With an eclectic line-up and passionate ethos, attendees can expect a weekend of intensity and unforgettable moments. All those interested in attending can purchase tickets at the Core festival website.
Hypebeast
22-05-2025
- Entertainment
- Hypebeast
Kouros Maghsoudi's Hug Chair Transforms Seating Into Personal Expression
Summary DesignerKouros Maghsoudihas unveiled the Hug Chair, the latest addition to his Hug series, atNYCXDesign 2025. Known for his bold and unconventional approach to furniture design, Maghsoudi emphasizes its sculptural form and inviting presence with a low-lying silhouette, paired with thin metal legs. The legs serve the purpose of supporting the flat cushion seat, enclosed by bulbous, cylindrical arms upholstered in Italian leather. The Hug Chair continues Maghsoudi's exploration of hedonism in design, following previous releases such as theHug BedandHug Tray. While the Hug Bed was explicitly crafted for multiple seating and reclining positions, the Hug Chair offers a more versatile experience, allowing users to interact with it in various ways. The chair's internal framing system, made from FSC-certified wood, ensures durability while maintaining a sleek, modern aesthetic. Its curved arms and low, grounded form subtly nod to intimacy without feeling overly delicate, reinforcing its bold yet approachable design. Designed and crafted in New York City, the Hug Chair is available in a range of colors, patterns and textures. Fully customizable in any color or hide, the chair is intended to stand out effortlessly, making it a striking yet adaptable addition to contemporary spaces. The plush cushion wraps around the sitter, offering a physical embrace, much like the Hug Bed and Hug Tray. This continuity in design reinforces Maghsoudi's signature style, blending playfulness with opulence. The Hug Chair debuted at an exclusive NYCXDesign exhibition, co-hosted by Dezeen, where attendees were encouraged to interact with the piece in unexpected ways. The piece is now available for order via Kouros Maghsoudi's officialwebstorewith a price point of $12,000 USD.
Yahoo
16-05-2025
- Business
- Yahoo
Ferragamo revenue slips as Asia Pacific sales decline 13%
This story was originally published on Fashion Dive. To receive daily news and insights, subscribe to our free daily Fashion Dive newsletter. Salvatore Ferragamo SpA reported a Q1 2025 revenue decline of 2.6% of 221 million euros, or about $247 million, for the period ended March 31, according to a Wednesday earnings release. The company's biggest pain point for the quarter was a 13% sales decline in the Asia Pacific, excluding Japan, which represents 29.3% of its regional business. The company attributed the downturn to 'overall weak consumer environment significantly impacting traffic.' Meanwhile, overall net sales in Ferragamo's DTC channel slipped 3.6% to 164 million euros, while wholesale channel sales rose 7.9% to 54 million euros for the period. Ferragamo has been without a CEO since March, when Marco Gobbetti left by mutual agreement and ended his relationship with the company. Chairman Leonardo Ferragamo has been given executive powers in the interim, and is currently supported by a transition chairman advisory committee while the company searches for new leadership. Financially, Ferragamo's first quarter looks significantly different this year than it did a year ago, when the company posted an 18.3% revenue slide, led by a 38.3% wholesale channel decline and further hurt by an 11.1% DTC sales dip. This year, the company said it's looking to focus its product strategy as well as add 'different price points and functions in all categories.' Ferragamo said in the release that its main priority for the beginning of 2025 was its leather core business. The company plans to further consolidate its handbag category and strengthen the presence of its Hug bag, first introduced in 2023. In addition, the company said it was working to optimize its women's footwear division. Ferragamo's footwear division suffered the biggest loss for the quarter, falling 9.6% to about 92 thousand euros. That decline was directly offset by a 9.6% increase to more than 96 thousand euros in the leather goods division. Apparel dropped 3% to about 13 thousand euros, while the company's silk and other goods division was down 1.9% to about 16 thousand euros. Separate from its losses in the Asia Pacific region, Ferragamo posted a 4.1% sales increase in Japan, which represents 9.1% of its business. The company said the uptick was mainly driven by tourists' purchases. Sales in Europe, the Middle East and Africa rose 9.1% in Q1. The region represents about 25% of Ferragamo's total net sales and saw upticks at both its DTC and wholesale channels due to increased U.S. tourist spending and more local purchases. North America, which accounts for just under 29% of the company's business, posted DTC and wholesale gains that led to an overall sales increase of 3.7% for the region. Elsewhere, the company's sales in Central and South America dropped 0.8%, and that region represents 7.6% of Ferragamo's business. 'The difficult macroeconomic environment, weighing on consumers' confidence, impacted the first quarter's performance, driving a decrease in traffic, only partly offset by higher conversion rate and increase in the average ticket,' the company said in its release, adding that it was mindful 'of the increasingly uncertain scenario.' Recommended Reading Apparel, luxury spending fell in the beginning of 2025: report Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
