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9am Lowdown: EU threatens UK with fine

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4th Nov 2014
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Tuesday already - how did that happen? And today's headlines aren't too far removed from yesterdays. Read on for five of the day's top stories.

EU threatens Britain with fine 

Following on from the £1.7bn bill the EU slapped on Britain as a result of its economic success, the EU has threatened to fine Britain £70m per month from next year, the Telegraph said. 

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JP Morgan Chase latest bank in currency probe

The largest bank in the US has joined HSBC, RBS and Barclays to be the latest bank investigated in a currency probe. 

The BBC said the US Department of Justice had launched a criminal investigation, while other regulators are running civil investigations.

It added possible losses from the legal proceedings could total £3.7bn.

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IFRS in the EU equals a positive outcome

The ICAEW has published research that suggests there were benefits following IFRS adoption in the EU. Read more about it here.

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Deloitte dropped as RBS auditor

EY will take over from Deloitte as the bank's auditor for the financial year ended December 2016. 

The Guardian reports that Deloitte had acted as its auditor before, during and after the bank's £45m taxpayer bailout.

* * *

Law Society says tax code custodial sentences unfair

The Law Society has responded to an HMRC consultation Tackling offshore evasion: a new criminal offence, warning that the UK's tax code could give rise to breaches of the principle of a right to a fair trial.

Tax law committee chair Gary Richards said: "We support the objective behind this proposal: to deter tax evasion. However, introducing a new strict liability offence is not the answer."

This morning we're asking, what's your take on ICAEW's IFRS research - do you think it yields benefits?

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By User deleted
04th Nov 2014 12:51

Treaty of Rome 1957 - 4 Freedoms ...

The Freedoms are as follows:

GoodsServicesCapitalPeople

all of which are supposed to be able to move freely across internal borders

Unfortunately this does not exist in practice – so why is only one of the freedoms (People) being singled out for the UK to be punished by the EU?

This is especially relevant when in reality none of the other ‘Freedoms’ have actually come fully into existence, so instead on ‘banging on’ about migration the EU would be better advised to concentrate on making the others (goods, services, capital) work after 57 years of failure and missing every deadline so far

For the most part other elements of the ‘Freedoms’ still remain optional for some member countries and yet the EU resolutely refuses to enforce any of the ‘Freedoms’ except People (migration)

Clearly discrimination for which the EU should be held accountable - so before rushing to levy fines on the UK perhaps the EU should consider their position - and go back to fining France, Germany, Spain etc. for on-going infringements dating back half a centuary

Thanks (3)
By The VAT Doctor
05th Nov 2014 08:02

Fed up
If I tipped up in many EU countries looking for work, asking for benefits, free hospital care and the like, I think I would get very short shrift. In my area, VAT, many EU countries routinely ignore the rules if it benefits them.

I really think that there is such a colossal waste of money already going on, this money won't make any difference to EU finances especially as much of it is to be refunded to France and Germany. If it were me, I'd pay what I thought was owed, taking into account the UK defence contribution compared to those who do nothing. What can the EU do in reality? Imposing what is effectively pretend interest will do nothing as there is no collection mechanism.

I think it might be time to go it alone. The EU would miss the UK more than we would miss them.

Thanks (2)