You may be trying to come to terms with the concept of ‘Black Friday’, when normally sensible British people are expected to behave like bored, turkey-stuffed Americans and head to their local shops for a bit of bargain-related violence. But have you heard of ‘Consultation Thursday’ ?
BIS consults on easing corporate director ban
In one of the government’s many crackdowns on tax abuses, the July 2013 Transparency and Trust discussion paper suggested banning corporate directors for UK companies and limited liability partnerships.
Responses to the paper supported the principle that directors should normally be individuals, but the government now wants to allow corporate directors in some circumstances, including listed companies and large private companies with group structures. The full details are outlined in a new consultation paper, with a deadline for responses on 8 January.
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Institutional investors dodge CGT non-resident charge
In what looks a bit like civil servants clearing out the cupboards ahead of the Autumn Statement and a possible early budget, the BIS consultation paper was one of 13 similar documents published yesterday. Perhaps we should call it “Consultation Thursday” as a suitable response to the American colonies’ Thanksgiving celebration.
HMRC and the Treasury got in on the act with a summary of responses to the capital gains charge for non-residents set out in the Budget. The government reaffirmed its belief that CGT should apply to disposals of interests in UK residential property, but institutional investors would be exempt, said Treasury minister David Gauke. The exemption would be policed by the introduction of a “narrowly controlled company test”.
It looks like this one may be worth a look and make sure to put this one on your Autumn Statement/Finance Bill 2015 bingo card for next week.
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Funding for Lending falls by £128m
Lending to SMEs through the Funding for Lending scheme has dropped by £128m in the three months to September.
The new Bank of England figures reveal that net lending through the scheme, which started in 2012, shrank by £128m in the third quarter of the year, after a £435m fall in the previous quarter.
Net lending to large companies was down £2.2bn, while to all businesses it was £2.4bn lower, reports The Telegraph.
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Govt to name and shame late paying companies
The government has revealed plans to keep a detailed public record of how long it takes large companies to pay their suppliers.
All listed companies with more than 250 staff will have to publish quarterly information on the average time it takes them to pay, and the proportion of their invoices paid beyond agreed contractual terms, according to The Times.
Business minister Matt Hancock said the changes would prevent big businesses riding “roughshod” over their suppliers, who often failed to complain for fear of losing out on vital contracts.