REWRITING WILLS TO comply with changes to trust legislation announced in the Budget will cost families around £250m, according to the latest figures, reports The Daily Telegraph .
According to the paper, the Chartered Institute of Taxation (CIOT) estimated that families would face a typical cost of £250 to rewrite their wills, and more than 1m families are expected to be affected.
HM Revenue & Customs claims it will receive an extra £15m a year in tax from the affected trusts. This means it would take around 16 years before the Treasury will have raised as much as the rule changes will have cost families.
Anne Redston, chairman of personal taxes at the CIOT, is quoted as saying: "This is arguably the least efficient tax in history.”
SIR DIGBY JONES is to take a senior role at accountancy firm, Deloitte, when he steps down after six-and-a-half years as director general at the CBI in June, reports The Guardian.
Sir Digby , 50, will spend three to four days a week as senior adviser to John Connolly, Deloitte's chief executive, and become chairman of the company's industries group.
The CBI chief will continue with a number of other non-executive posts at other firms, but Deloitte, in London, will be his main place of work. Meanwhile, Connolly is expected to stand unchallenged for re-election as senior partner next year, sources close to the firm said.
PROMETHEAN, THE investment vehicle of Sir Peter Burt, the former Bank of Scotland chief executive, has made a £164m bid approach to London Scottish Bank, the “sub-prime” moneylender, reports The Times.
The discussions are at an early stage and no formal offer has been made, but Sir Peter is keen to secure the support of London Scottish’s management and a board recommendation for its mooted bid.
Any deal is likely to see the bank continue to list a minority of its shares on the London Stock Exchange, since Sir Peter has stated that he is keen for shareholders to benefit from the “upside” of his Promethean deals.
London Scottish makes small loans to people who cannot get credit from mainstream lenders and collects the repayments from their front doors. It reported a 23% fall in pre-tax profits to £16m for 2005.
London Scottish acknowledged yesterday that Promethean may make an offer for it of 115p a share. The figure is a 26% premium to the closing price on January 30, the day before the private equity firm disclosed that it had built a 3.69% stake in London Scottish.
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The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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