UK - Australia Free-Trade Agreement Negotiations Continue To Make Good Progress

We continue to make good progress toward an agreement on a free-trade agreement with our very good friends in the UK.

The fifth round of negotiations is expected to take place towards the end of April 2021.

Let's get this deal done 🇦🇺🇬🇧#AUKFTAhttps://t.co/DzDwAy61Dr

— George Brandis (@AusHCUK) March 15, 2021

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£75 Offer On New Capital on Tap Business Credit Cards

 

Apply for the Capital on Tap business credit card, and get £75 when you make your first transaction on the card.

Sign up through this link 

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Pandemic Provdes Boost To Local Economy

It seems that the local economy has benefited from the pandemic. Butchers, bakers, fishmongers and grocers recorded record sales in 2020, with shoppers staying closer to home and making use of local retail.

Data from Barclaycard showed sales in independent food and drink shops rose by 28.6 per cent compared to 2019, while spending on non-essential products fell by 11.3 per cent, suggesting money usually spent on clothing, holidays and recreation instead went back into the community. 

Lee Frost, a fourth generation butcher from Chorlton in Manchester, said sales doubled overnight as the pandemic hit. Ad per i:

“In the first lockdown, average Saturday sales went from £6,000 to £12,000. 

At first we thought it was panic buying, but the demand kept coming and we couldn’t keep up. 

In our busiest week, we took £35,000. Customers who would normally be going out to eat came to us”.

There have been suggestions the surge in popularity would dip dramatically after lockdown, but Mr Frost and other smaller retailers said they have forged close relationships with shoppers who have grown accustomed to “better quality” produce and a more personal experience. 

It would seem that even the darkest cloud really does have a silver lining!

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The Budget 2021

 

• Corporation tax will rise to 25% in April 2023, from 19%
• The pension lifetime allowance will be frozen at £1,073,100 until April 2026, instead of rising in line with inflation as planned
• Inheritance tax and capital gains tax will be frozen until April 2026

Introduction

The links below set out the detail of each tax policy measure announced at Budget and of previously announced measures that will be included in Finance Bill 2021. It is intended for tax practitioners and others with an interest in tax policy changes, especially those who will be involved in consultations both on the policy and on draft legislation.

Finance Bill 2021 will be published on 11 March 2021.

The information in the document is set out as follows:

Chapter 1 contains details of measures that are included in Finance Bill 2021.

Chapter 2 contains details of measures which are part of Budget but are not in Finance Bill 2021.

Table 1 lists measures where draft legislation was published on either 21 July 2020 or 12 November 2020, for consultation, and which remain unchanged.

Table 2 lists measures in this document without a corresponding announcement in the Budget report.

Annex A provides tables of tax rates and allowances for the tax year 2021 to 2022 and the tax year 2022 to 2023.

Annex B lists upcoming consultations, calls for evidence and other consultative documents announced at Budget. The government will publish a number of tax-related consultations and calls for evidence on 23 March, announced through a Command Paper “Tax policies and consultations Spring 2021”. None of these announcements will require legislation in Finance Bill 2021 or have an impact on the government’s finances. This document will be updated on that date to reflect the further announcements.

Annex C provides a guide to the impact assessments in tax information and impact notes.

The Corporation tax rise has caused some consternation. However, given that it won't take effect until 2023, it is not impossible to imagine a situation whereby the rise could be lessened or indeed not implemented at all!

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#Budget2021 Live

Watch live as the Chancellor @RishiSunak delivers #Budget2021 in @UKParliament. #PlanForJobs. https://t.co/fvedUBrF36

— HM Treasury (@hmtreasury) March 3, 2021

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Darlington Confirmed as Location for Treasury North

Chancellor Rishi Sunak this morning told Treasury officials that they would be relocating from London to Darlington, beating off competition from Newcastle, Leeds and Bradford. 

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The Budget

 

Today is Budget Day, and at 12.30 Rishi Sunak will address Parliament outlining the Budget.

Vast swathes of it have already been leaked (not like the good old days of Purdah!), and today's latest leak is that the limit for contactless payments will rise from £45 to £100.

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PMI Rises to 55.1

UPDATE: British factory activity has increased for nine consecutive months. The IHS Markit/CIPS UK manufacturing PMI rose to 55.1 in February - well above the 50.0 threshold denoting growth. #UKmfg🇬🇧

— Jefferson (@Jefferson_MFG) March 1, 2021

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Treasury North Location To Be Announced in The Budget

NEW: The location of Treasury North campus will be announced in next week’s Budget.

The location shortlist has been narrowed to Darlington, Newcastle, Leeds or Bradford. Rishi Sunak will decide this weekend where this major piece of levelling up goes.https://t.co/goCGWCsoC1

— Sebastian Payne (@SebastianEPayne) February 25, 2021

 

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Casting Call for "The Apprentice"

Applications will be closing soon for this year’s #TheApprentice. If you have a great business plan and reckon you can handle the heat in The Boardroom, apply here ➡️https://t.co/WCB32Tr2qf https://t.co/N79MD64mTr

— Lord Sugar (@Lord_Sugar) February 24, 2021

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Uber Not Uber Alles - Uber Loses Appeal

Uber had lost its appeal, as Britain's Supreme Court has ruled that Uber must classify drivers as workers, entitling them to a minimum wage and other benefits.

 This will have major implications for the wider gig economy.

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China's Ban Increases Value of Rare Earth Deposits in North Korea

*CHINA MAY BAN RARE EARTH TECHNOLOGY EXPORTS ON SECURITY CONCERN

— zerohedge (@zerohedge) February 19, 2021

 

North Korea is estimated to have nearly 216.2 million tons of rare earth deposits, currently worth around $2.8trillion.

A ban on rare earth technology exports from China will increase the value of these deposits significantly.

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Facebook Faces Data Breach Claim

This week Hausfeld, a leading international law firm lodged a representative action for a journalist representing up to a million claimants in a case against Facebook. 

In what the UK Information Commissioner’s Office (ICO) described as “a very serious data incident”, Facebook had permitted thisisyourdigitallife app to harvest the personal information, not only from the users of the app, but also from all their Facebook friends – none of whom had given consent.

Facebook’s clear failure to protect its users’ data will put the focus on damage value suffered by clients and the data compromised.

The Supreme Court will have the final say on this case in April, and if the ruling is upheld (as expected), it could open the flood gates to many further similar claims.

Those of you interested in registering a potential claim can do so here Facebook Data Breach Claim.

 

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Bank of England To Toughen Up Bank Capital Rules

The Bank of England is preparing its first significant break from EU regulations with a proposal that would make bank capital rules tougher in the UK than on the continent @fthttps://t.co/DLu1CXcf7q pic.twitter.com/5Fk7Pmm8ZO

— Spencer Dixon (@spencer68) February 15, 2021

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Bank of England Leaves Monetary Policy and Rate Unchanged

A unanimous vote for no change.

No surprises there then!

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