Chancellor George Osborne is due to announce a number of concessions in the planned capital gains tax (CGT) rise, including exemption for over-65s, according to The Sunday Telegraph.
The government has come under fire over its plans to raise CGT from the flat rate of 18% to 'close to' income tax rates. Conservative MP John Redwood has led the charge against the increase and has been supported by businesses and savers - particularly elderly people who have invested in property to fund their retirement.
Tory MPs met with Osborne (pictured) last week to try to cap CGT at 25%, according to the paper, and the chancellor is now looking at a number of exemptions including those for entrepreneurs and those nearing retirement.
A source close to the situation told The Sunday Telegraph that there would be 'generous exemptions'.
The reintroduction of taper relief is also being considered for long-term assets.
Redwood said: 'It seems to me clear that the best answer is to charge 40% on short-term gains and taper it down to a much lower rate for long-term gains.'
Monday, June 7, 2010
Monday, May 24, 2010
Money-saving tips to beat inflation
1 Buy UK-produced fruit and vegetables
Apparently that unpronounceable Icelandic volcano is partly responsible for the price of produce going up: fruit and veg supplies are stuck in their land of origin, increasing the price of the produce that is in store over here. So instead of buying overpriced beans and berries, why not follow Nigel Slater's lead and get stuck into home-grown asparagus and the season's first broad beans.
2 Shop around for petrol
Asda has just cut its prices by 2p to 115.9p a litre, hopefully setting a trend that other petrol retailers will follow. Keep an eye on your local forecourts.
3 Invest in a National Savings & Investments (NS&I) inflation-linked savings certrificate
These are designed to give savers a guaranteed tax-free rate of return, higher than inflation measured by the Retail Prices Index (RPI), if held for the full certificate term. They are currently available in three- and five-year terms and are sold in issues which allow savers to invest up to £15,000 in each.
4 Use discount vouchers
It's almost impossible to visit certain restaurants nowadays without seeing whole forests of vouchers being waved at waiters, and the Guardian and Observer now have their own discount voucher site at www.guardianvouchercodes.co.uk. If you are based in London you could try a new one called Crowdity (www.crowdity.com). This enables you to get big discounts (such as a comedy evening with three-course dinner at Jongleurs for £5 instead of £40) – provided you can get enough friends to agree to take it up.
5 Ask for a pay rise
Okay, it is pretty unlikely in the current economic climate, but if you go about it the right way and you deserve one, you could surprise your employer into action. Gill Corkindale, writing in the Harvard Business Review, says it is important to identify whether or not your company is in a financial position to give you a rise – if the answer is yes, make sure that you are well known in your company (for the right reasons) and that your contributions are noted at appraisals. Then determine a realistic figure to aim for and pick the right time to ask. Above all, don't become emotional about it.
6 Find ways to earn extra cash
If your boss says no, think of other ways to earn a bit of extra cash. We're interested in (but have yet to try) the OnePoll iPhone app, which apparently allows you to earn money by completing surveys. The app is free and OnePoll pays between 10p and £5 for each survey of between 10 and 20 questions. Once users have reached £40 the cash is transferred directly to their PayPal or bank account.
7 Cycle to work
Halifax believes that taking to two wheels will increase in popularity this summer because of the high cost of petrol. The bank, rather cynically, is reminding cyclists to be aware of the increased risk of bike theft.
8 Forage
We're coming to that time of year when food becomes widely available for free in the countryside. Currently gracing our grassy verges are nettles and wild garlic– good for soup or with rabbit, or as Skordalia, a garlicky Greek dip. And although they are a bit late this year, there will soon be enough elderflowers to make champagne.
9 Pay down your debts
While interest rates paid on savings accounts are pitiful, banks are still managing to charge huge amounts for borrowing – an average rate of 18.3% for credit cards and 12.4% for personal loans, according to comparison website Moneynet. If you already have savings to cover emergencies, use your spare cash to pay off credit.
10 Book your summer holiday in the eurozone
According to Duncan Higgins of foreign exchange company Caxton FX, sterling has slipped drastically against the US, New Zealand, Canadian and Australian dollars, but the euro is in an even more dire state than the pound, thanks to Greece's difficulties. The other advantage of sticking to Europe, of course, is that you don't have to take a plane.
Apparently that unpronounceable Icelandic volcano is partly responsible for the price of produce going up: fruit and veg supplies are stuck in their land of origin, increasing the price of the produce that is in store over here. So instead of buying overpriced beans and berries, why not follow Nigel Slater's lead and get stuck into home-grown asparagus and the season's first broad beans.
2 Shop around for petrol
Asda has just cut its prices by 2p to 115.9p a litre, hopefully setting a trend that other petrol retailers will follow. Keep an eye on your local forecourts.
3 Invest in a National Savings & Investments (NS&I) inflation-linked savings certrificate
These are designed to give savers a guaranteed tax-free rate of return, higher than inflation measured by the Retail Prices Index (RPI), if held for the full certificate term. They are currently available in three- and five-year terms and are sold in issues which allow savers to invest up to £15,000 in each.
4 Use discount vouchers
It's almost impossible to visit certain restaurants nowadays without seeing whole forests of vouchers being waved at waiters, and the Guardian and Observer now have their own discount voucher site at www.guardianvouchercodes.co.uk. If you are based in London you could try a new one called Crowdity (www.crowdity.com). This enables you to get big discounts (such as a comedy evening with three-course dinner at Jongleurs for £5 instead of £40) – provided you can get enough friends to agree to take it up.
5 Ask for a pay rise
Okay, it is pretty unlikely in the current economic climate, but if you go about it the right way and you deserve one, you could surprise your employer into action. Gill Corkindale, writing in the Harvard Business Review, says it is important to identify whether or not your company is in a financial position to give you a rise – if the answer is yes, make sure that you are well known in your company (for the right reasons) and that your contributions are noted at appraisals. Then determine a realistic figure to aim for and pick the right time to ask. Above all, don't become emotional about it.
6 Find ways to earn extra cash
If your boss says no, think of other ways to earn a bit of extra cash. We're interested in (but have yet to try) the OnePoll iPhone app, which apparently allows you to earn money by completing surveys. The app is free and OnePoll pays between 10p and £5 for each survey of between 10 and 20 questions. Once users have reached £40 the cash is transferred directly to their PayPal or bank account.
7 Cycle to work
Halifax believes that taking to two wheels will increase in popularity this summer because of the high cost of petrol. The bank, rather cynically, is reminding cyclists to be aware of the increased risk of bike theft.
8 Forage
We're coming to that time of year when food becomes widely available for free in the countryside. Currently gracing our grassy verges are nettles and wild garlic– good for soup or with rabbit, or as Skordalia, a garlicky Greek dip. And although they are a bit late this year, there will soon be enough elderflowers to make champagne.
9 Pay down your debts
While interest rates paid on savings accounts are pitiful, banks are still managing to charge huge amounts for borrowing – an average rate of 18.3% for credit cards and 12.4% for personal loans, according to comparison website Moneynet. If you already have savings to cover emergencies, use your spare cash to pay off credit.
10 Book your summer holiday in the eurozone
According to Duncan Higgins of foreign exchange company Caxton FX, sterling has slipped drastically against the US, New Zealand, Canadian and Australian dollars, but the euro is in an even more dire state than the pound, thanks to Greece's difficulties. The other advantage of sticking to Europe, of course, is that you don't have to take a plane.
Sunday, May 9, 2010
Land Rover creates 275 manufacturing jobs
Automotive manufacturer Land Rover has announced the creation of 275 temporary jobs at its manufacturing plant in Solihull, West Midlands.
A spokesperson told Recruiter that the firm was looking for “skilled” manufacturing workers due to increased demand for its 2010 model year vehicles.
A spokesperson told Recruiter that the firm was looking for “skilled” manufacturing workers due to increased demand for its 2010 model year vehicles.
Monday, April 26, 2010
Car Insurance Premiums Take A Breather, But It’s Only Temporary
According to the latest benchmark AA British Insurance Premium Index, which tracks the movement of both home and car insurance premiums every quarter, the average quoted premium for a comprehensive car insurance policy fall by 3.2 per cent.
Simon Douglas, director of AA Insurance, says that while the sudden stall in the upward premium trend is a surprise he points out that a respite of this sort isn’t uncommon during the first quarter. He said “Most years we have seen insurers hold their premiums during the first quarter of the year, when there is greatest competition for business. It’s when most cars are sold and historically, it’s when most car policies are renewed.”
The Shoparound index, which is closer to the premiums customers can expect to pay if they shop around, showed modest rises over the first quarter, suggesting that the cheapest premiums on the market are continuing to increase faster.
Comparison sites such as Quotezone, Gocompare or Confused.com can help you compare car insurance quotes and help you ensure you get the cover you need at the best price.
Douglas believes that after the first quarter, premiums will resume their upward trend and expects premiums over the next two quarters to show significant rises taking increases into double digits by the end of the year.
He said “Insurers no longer have reserves on which to call in order to keep premium rises in check. The same pressures as last year continue to force insurers to increase premiums: fraud and personal injury claims especially remain a significant concern.”
Despite the respite, car insurance premiums have risen by more than 13% since this time last year.
As Lee Griffin, business development director at Gocompare.com, comments, “”Alarm bells should be ringing when the car insurance renewal quote drops through the letter box this year. Don’t be fooled by any respite in premium increases.
“When premiums are rising it is more important than ever to check what other insurers could offer you. If you happen to be with the wrong insurer at the moment, you could be facing a hefty rise. It is often possible to get very similar cover for a much lower rate simply because each insurer will have a very different view of you as a risk and some insurers will not have increased their rates as much as others.”
Simon Douglas, director of AA Insurance, says that while the sudden stall in the upward premium trend is a surprise he points out that a respite of this sort isn’t uncommon during the first quarter. He said “Most years we have seen insurers hold their premiums during the first quarter of the year, when there is greatest competition for business. It’s when most cars are sold and historically, it’s when most car policies are renewed.”
The Shoparound index, which is closer to the premiums customers can expect to pay if they shop around, showed modest rises over the first quarter, suggesting that the cheapest premiums on the market are continuing to increase faster.
Comparison sites such as Quotezone, Gocompare or Confused.com can help you compare car insurance quotes and help you ensure you get the cover you need at the best price.
Douglas believes that after the first quarter, premiums will resume their upward trend and expects premiums over the next two quarters to show significant rises taking increases into double digits by the end of the year.
He said “Insurers no longer have reserves on which to call in order to keep premium rises in check. The same pressures as last year continue to force insurers to increase premiums: fraud and personal injury claims especially remain a significant concern.”
Despite the respite, car insurance premiums have risen by more than 13% since this time last year.
As Lee Griffin, business development director at Gocompare.com, comments, “”Alarm bells should be ringing when the car insurance renewal quote drops through the letter box this year. Don’t be fooled by any respite in premium increases.
“When premiums are rising it is more important than ever to check what other insurers could offer you. If you happen to be with the wrong insurer at the moment, you could be facing a hefty rise. It is often possible to get very similar cover for a much lower rate simply because each insurer will have a very different view of you as a risk and some insurers will not have increased their rates as much as others.”
Tuesday, March 30, 2010
Friday, March 19, 2010
Mortgages under 5% are back in bloom
The possibility of securing a mortgage rate below 5% has greatly improved in recent weeks, in a positive sign for would-be home buyers.
Home mortgage rates fell for the sixth straight week, according to two key measures, with one of them pointing to a sub-5% rate for the 30-year fixed loan for the second week in a row.
Freddie Mac's (FRE, Fortune 500) weekly report said the 30-year rate slipped to 4.87% for the week ended Thursday, the lowest since May. According to the mortgage backer, last week's rates stood at 4.94%.
Mortgage tracker Bankrate.com said the average 30-year fixed loan slipped to 5.22% from 5.25% the previous week. The 15-year fixed rate also fell, Bankrate said, to 4.6% from 4.64% the week before.
The 30-year rate is influenced by the benchmark 10-year note's yield, which moves in the opposite direction of its price. Treasury prices have risen over the past week as $78 billion worth of auctions received above-average demand.
"Another disappointing employment report had investors questioning the strength and sustainability of the economic rebound," the Bankrate report said. "The resulting uncertainty drove investors into the safety of government and mortgage-backed bonds."
"Not even a substantial auction of government debt has been enough to derail the streak of declining mortgage rates," the Bankrate report said.
Rates are returning to levels not seen since the spring when, in an effort to cap mortgage rates, the Federal Reserve began a campaign to buy back $300 billion in Treasurys. The Fed hoped that it would spark demand and keep yields -- and therefore, mortgage rates -- in check.
Mortgage rates fell as refinancings abounded. But those benefits seemed to wear off, as rates started on a tear in the summer. By June, the benchmark 10-year bond's yield had increased steadily to hover around 4%.
Now the central bank has less than $15 billion left to spend on its buyback program, which led some investors to worry that yields would soar again. So far, that's not the case.
On Wednesday, reports said Democratic congressional leaders were working to extend a $8,000 tax credit for first-time home buyers past the Nov. 30 expiration date and could even make it available to current homeowners who buy a new house.
Homeowners have received a boost from both the tax credit and the lower rates -- last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate.
To translate the difference in mortgage rate into dollars, consider a $200,000 loan. At last year's rate of 6.2%, the monthly payment would be $1,224.94, or $124 higher than the monthly payment at the current rate.
The low rates helped mortgage applications surge by 16.4% last week, according to a separate report.
Home mortgage rates fell for the sixth straight week, according to two key measures, with one of them pointing to a sub-5% rate for the 30-year fixed loan for the second week in a row.
Freddie Mac's (FRE, Fortune 500) weekly report said the 30-year rate slipped to 4.87% for the week ended Thursday, the lowest since May. According to the mortgage backer, last week's rates stood at 4.94%.
Mortgage tracker Bankrate.com said the average 30-year fixed loan slipped to 5.22% from 5.25% the previous week. The 15-year fixed rate also fell, Bankrate said, to 4.6% from 4.64% the week before.
The 30-year rate is influenced by the benchmark 10-year note's yield, which moves in the opposite direction of its price. Treasury prices have risen over the past week as $78 billion worth of auctions received above-average demand.
"Another disappointing employment report had investors questioning the strength and sustainability of the economic rebound," the Bankrate report said. "The resulting uncertainty drove investors into the safety of government and mortgage-backed bonds."
"Not even a substantial auction of government debt has been enough to derail the streak of declining mortgage rates," the Bankrate report said.
Rates are returning to levels not seen since the spring when, in an effort to cap mortgage rates, the Federal Reserve began a campaign to buy back $300 billion in Treasurys. The Fed hoped that it would spark demand and keep yields -- and therefore, mortgage rates -- in check.
Mortgage rates fell as refinancings abounded. But those benefits seemed to wear off, as rates started on a tear in the summer. By June, the benchmark 10-year bond's yield had increased steadily to hover around 4%.
Now the central bank has less than $15 billion left to spend on its buyback program, which led some investors to worry that yields would soar again. So far, that's not the case.
On Wednesday, reports said Democratic congressional leaders were working to extend a $8,000 tax credit for first-time home buyers past the Nov. 30 expiration date and could even make it available to current homeowners who buy a new house.
Homeowners have received a boost from both the tax credit and the lower rates -- last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate.
To translate the difference in mortgage rate into dollars, consider a $200,000 loan. At last year's rate of 6.2%, the monthly payment would be $1,224.94, or $124 higher than the monthly payment at the current rate.
The low rates helped mortgage applications surge by 16.4% last week, according to a separate report.
Wednesday, March 10, 2010
Jobless claims bill OK'd by Senate
The Senate on Wednesday approved a wide-ranging bill that would push back the deadline to file for extended unemployment insurance until year-end and extends dozens of expired tax breaks.
The bill, passed by a 62-36 vote, is the latest job creation effort to go before lawmakers, though it contains virtually no new initiatives to boost employment. Its price tag has wavered between $140 billion and $150 billion, which is partially offset. Its next stop is the House, where a quick passage is anything but assured.
Facebook Digg Twitter Buzz Up! Email Print Comment on this story
Lawmakers have come under pressure from both the White House and unemployed Americans to do more to spur hiring. But after many speeches, officials have enacted little to help the nearly 15 million looking for work.
The latest efforts -- which include a $15 billion job creation initiative that the Senate will take up next -- don't sit well with members from either side of the aisle. Some say that more must be done to boost employment. Others, particularly Congressional Republicans, have voiced concerns about adding to the deficit.
While the House passed a comprehensive $154 billion job creation bill in December, the Senate has opted to address the unemployment issue with a series of smaller measures. Senate Majority Leader Harry Reid, D-Nev., has said he will soon unveil additional efforts, including those aimed at small businesses.
In this bill
The bill passed Wednesday would push back the deadline to file for extended jobless benefits and the federal subsidy for COBRA health insurance until Dec. 31.
Federal unemployment benefits kick in after the basic state-funded 26 weeks of coverage expire. These federal benefits, worth up to 73 weeks, are divided into tiers, and the jobless must apply each time they move into a new tier.
The measure would also extend dozens of tax provisions -- including allowing teachers to deduct education expenses and providing businesses a research and development credit -- that expired at the end of last year.
"Getting Americans back to work is a critical priority and extending the tax cuts and benefits in this bill will help build the stable environment we need for job creation," said Senate Finance Committee Chairman Max Baucus, D-Mont., who co-sponsored the bill.
It would also temporarily halt a 21% reduction in Medicare physician reimbursement rates. And it would send another $25 billion to the states to help them fund their Medicaid programs for another six months.
The bill also extends two Recovery Act provisions for small businesses. It provides $354 million to continue funding the increased Small Business Administration guarantee and fee waiver through year's end.
Next up
Next up is a $15 billion bill that would:
--Exempt employers from Social Security payroll taxes on new hires who were unemployed.
--Fund highway and transit programs through 2010.
--Extend a tax break for business that spend money on capital investments, such as equipment purchases.
--Expand the use of the Build America Bonds program, which helps states and municipalities fund capital construction projects.
The Senate already passed this measure, but then the House amended it last week, sending it back to the Senate. Should it pass again, this time unchanged, the bill would go to President Obama for his signature.
The bill, passed by a 62-36 vote, is the latest job creation effort to go before lawmakers, though it contains virtually no new initiatives to boost employment. Its price tag has wavered between $140 billion and $150 billion, which is partially offset. Its next stop is the House, where a quick passage is anything but assured.
Facebook Digg Twitter Buzz Up! Email Print Comment on this story
Lawmakers have come under pressure from both the White House and unemployed Americans to do more to spur hiring. But after many speeches, officials have enacted little to help the nearly 15 million looking for work.
The latest efforts -- which include a $15 billion job creation initiative that the Senate will take up next -- don't sit well with members from either side of the aisle. Some say that more must be done to boost employment. Others, particularly Congressional Republicans, have voiced concerns about adding to the deficit.
While the House passed a comprehensive $154 billion job creation bill in December, the Senate has opted to address the unemployment issue with a series of smaller measures. Senate Majority Leader Harry Reid, D-Nev., has said he will soon unveil additional efforts, including those aimed at small businesses.
In this bill
The bill passed Wednesday would push back the deadline to file for extended jobless benefits and the federal subsidy for COBRA health insurance until Dec. 31.
Federal unemployment benefits kick in after the basic state-funded 26 weeks of coverage expire. These federal benefits, worth up to 73 weeks, are divided into tiers, and the jobless must apply each time they move into a new tier.
The measure would also extend dozens of tax provisions -- including allowing teachers to deduct education expenses and providing businesses a research and development credit -- that expired at the end of last year.
"Getting Americans back to work is a critical priority and extending the tax cuts and benefits in this bill will help build the stable environment we need for job creation," said Senate Finance Committee Chairman Max Baucus, D-Mont., who co-sponsored the bill.
It would also temporarily halt a 21% reduction in Medicare physician reimbursement rates. And it would send another $25 billion to the states to help them fund their Medicaid programs for another six months.
The bill also extends two Recovery Act provisions for small businesses. It provides $354 million to continue funding the increased Small Business Administration guarantee and fee waiver through year's end.
Next up
Next up is a $15 billion bill that would:
--Exempt employers from Social Security payroll taxes on new hires who were unemployed.
--Fund highway and transit programs through 2010.
--Extend a tax break for business that spend money on capital investments, such as equipment purchases.
--Expand the use of the Build America Bonds program, which helps states and municipalities fund capital construction projects.
The Senate already passed this measure, but then the House amended it last week, sending it back to the Senate. Should it pass again, this time unchanged, the bill would go to President Obama for his signature.
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