Personal finance
The UK Chancellor has several reasons to review the current tax-free investments, including the pounds 5.46 billion invested in personal equity plans and the pounds 610m lost in tax revenue. Building societies and insurers are pushing for changes to Peps and Tessas, with the Building Societies Association suggesting the
Personal finance
Many employees whose companies pay for specialist treatment for stress may receive a tax bill as a result. This is because of the way the Inland Revenue exercises discretion over the taxation of benefits provided through company-wide Employee Assistance Programmes. While cost-effective, company-wide schemes are often exempt from taxation, individual
Personal finance
The Inland Revenue has been criticized by TOUCHE ROSS, a leading chartered accountant, for its interpretation of the 1993 Finance Act, which affects the taxation of company cars. According to TOUCHE ROSS, the Revenue's stance is leading to thousands of company car drivers being taxed more heavily than
Personal finance
The UK tax system provides a hidden benefit to self-employed individuals and pensioners who have not fully utilized their 20% tax band. By writing to the tax inspector and providing a section 352 tax certificate, individuals can reduce the tax on their savings interest from 25% to 20%. This reduction
Hosokawa, Morihiro
The Japanese government has unveiled a long-promised economic stimulus package worth 15.25 trillion yen ($188 billion), aimed at pulling the country's economy out of recession. The package includes across-the-board income tax cuts of 20 percent, 7.2 trillion yen worth of new public works spending, and preferred
Hosokawa, Morihiro
Prime Minister Morihiro Hosokawa's tax reform agreement has provided a much-needed boost to the Japanese economy, with the Tokyo stock market experiencing a significant increase in morning trading. The deal, which will allow the government to implement six trillion yen ($55.5 billion U.S.) in income and
Taxation
Tokyo's ruling coalition has found itself on the verge of collapse as top policy-making officials agreed to postpone until next week a final decision on tax reforms. This decision comes after Prime Minister Morihiro Hosokawa's plan to introduce a new tax in 1997 to offset a
Taxation
Japanese Prime Minister Morihiro Hosokawa's plan to introduce a 7% National Welfare Tax, a major component of his government's economic stimulus package, has been met with opposition from the ruling coalition parties. The Social Democratic Party (SDP), the largest coalition force, threatened to withdraw its six
