A typical British household pays more than £200,000 in indirect taxes over a lifetime, according to a report by Axa, says the Scotsman .
The research has revealed the taxman takes £115,508 in VAT over the course of a lifetime from the average family.
Added to that is almost £6,000 paid out on television licences and £34,246 on tobacco and alcohol excise duty, reports the paper.
Motorists in the UK are hit with an average tax bill of £26,933 on petrol and a further £7,836 on vehicle excise tax over their lifetime, while stamp duty on houses adds a further £9,809 to the typical family's tax bill.
In all, the total charge of indirect tax comes to £211,686 for the average household over the course of a lifetime, Axa has estimated.
THE BANK of England gave a clear signal yesterday interest rates are at or very close to their peak as it projected inflation falling sharply next year, says the Guardian.
The central bank, which last week hiked the cost of borrowing to 5%, released its quarterly inflation report forecasting inflation would rise a bit more before the end of the year but then fall back to target in the first half of 2007 because of the tumble in oil prices over the past two months.
Unemployment figures released yesterday showed joblessness rose to a six-year high of 1.7 million in the three months to September - up 263,000 from a year ago. The unemployment rate is 5.6%, the highest since 2000.
THE NATIONWIDE Building Society yesterday said it would like to follow the pioneering move of First Direct and impose current account charges, reports the Times.
Graham Beale, Nationwide’s finance director and chief executive-elect, said: “In an ideal world, if you look at the costs [of running current accounts], we’d be sharing some of that cost with those people enjoying the services.”
Beale added: “In the medium term, I wouldn’t rule it out.” It was “inevitable” banks would want to recoup some current-account costs, he said.
Nationwide operates current accounts for 3.9 million customers and has been signing up new customers at the rate of 1,600 a day, many attracted by its 4.25% interest rate.
HEDGE FUND managers at London-based Cheyne Capital Management shared in a £75m pay pot for just nine months' work, according to the Daily Telegraph.
Accounts recently filed at Companies House show the Cheyne team, including founders Jonathan Lourie and Stuart Fiertz, shared in the cash in the nine months to December 2005. This is a 50% rise – on a 12 month basis – on the £50.48m pay pot Cheyne staff shared in the year to March 2005.
This is one of the few insights into the levels of remuneration received by hedge fund managers and their support staff, as such companies tend to use offshore accounts for their filings.
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