Continued delays to administration of Stamp Duty Land Tax are being blamed by HMRC on solicitor firms that have yet to twig to filling out forms correctly, reports The Daily Telegraph.
About a third of all forms are being rejected by the department, according to Telegraph figures, with most failures blamed on “simple mistakes in completing the form”.
The Law Society rejects the department’s accusations, stating that the computerised SDLT system has problems distinguishing between, for example, the letter ‘D’ or commas and the number ‘0’, which can lead to houses valued at £100,000 being read as £1m, with a subsequent tax bill of £40,000.
Additional delays of up to three weeks in the mortgage and house buying process are being blamed on the SDLT system, which may be contributing to what is already a weakened housing market, the paper adds.
AUSTRALIA’S MACQUARIE BANK has said it may table a bid for the London Stock Exchange, which only recently saw off a bid from rival Deutsche Bourse, reports the FT
”Macquarie, as is always the case, is considering a number of potential acquisition opportunities which includes a possible formal approach being made to the London Stock Exchange,” the bank has said in a statement released earlier today local time.
The Times writes that any bid is only likely to come about as a consortium deal, which suggests DB is perhaps not completely ruled out as a future owner of the UK’s biggest stock market.
"If any bid were made, it would be as part of a consortium and if any such offer is made it is likely to be solely in cash," Macquarie adds.
UK PLC HAS put Gordon Brown on notice that it will not accept additional hikes to National Insurance or other ‘stealth taxes’ as a way for the chancellor to stick to his ‘Golden Rule’, reports The Scotsman.
Digby Jones, director general of the Confederation of British Industry, has warned in a new speech that the government must not deal with the current domestic economic slowdown by imposing additional taxes.
Having been lauded for his handling of the economy so far, the chancellor should also look to imposing pension reform in the public sector to the same extent that private sector employers have had to go through, Jones says. If Brown and the government stopped being as transparent in policy discussions with business leaders as they have been since coming to power then business would start rethinking its relationship with Labour, Jones has warned.
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