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Reforms NewsThe new allure of Ireland as a tax havenThe Government could have another nondom debacle on its hands. This time it’s corporate. Shire, the drugs group that is one of Britain’s top 100 companies, is planning to go nondom and move to Ireland for tax purposes.<br/> <br/> The company tried hard yesterday to avoid creating a political row. But it is unlikely to succeed. By saying that it believed the move would help to protect its tax position, the implication was clear.<br/> <br/> Recent changes to the UK tax regime - not least those involving nondomiciled workers – and present discussions about the rules governing overseas corporate earnings should give any British company with big international operations pause.<br/> <br/> Is the Government going to make the UK tax environment even less attractive? Shire is not waiting to find out. It is shifting domicile to Dublin, where the corporate tax regime is already more friendly. And, just as important, more stable.<br/> <br/> Gordon Brown has been boring on for more than a decade about the importance of stability. As he said in his Mansion House speech in 2006, the key to economic success in a globalising world is not just stability in monetary and fiscal policy but also “stability through a stable and competitive tax regime”.<br/> <br/> Yet the UK tax regime has been anything but stable and has become progressively less competitive. For many business leaders, the recent changes to capital gains tax – which reversed the reforms that Mr Brown introduced ten years ago – and the assault on nondom workers was the last straw. They have lost confidence in the Government’s commitment to stability and competitiveness.<br/> <br/> Some companies have already voted with their feet. When Experian was demerged from GUS in 2006, it opted to be based in Ireland. A number of American companies, including Kraft and Yahoo!, have switched their European headquarters to Switzerland. Shire is the first FTSE 100 company to shift its domicile, but tax advisers say that a number of others are considering it.<br/> <br/> For the UK, the immediate impact of Shire’s move will be largely symbolic. It is not shifting any more people to Ireland, where it already has an operation, and merely will move its board meetings to Dublin. It will not pay any less tax on its UK profits and at present it does not pay any UK tax on its overseas profits (although it feared that it might in future). But it is now bound to think differently about the relative merits of the UK and Ireland in terms of future expansion. Britain has benefited greatly from the growth in the number of international companies based in London in recent years. Unless the Government wakes up to the threat, more will be lured away by that warm Irish welcome.Read Full Article Henry Paulson well qualified to play ScroogeA little over a year ago Henry Paulson, the US Treasury Secretary, set about the task of designing much-needed reforms in the US financial system.Read Full Article Stronger Rules for Mortgages Are ProposedThe nation’s top economic policymakers on Thursday proposed a broad series of reforms aimed at tightening oversight of financial institutions.Read Full Article Henry Paulson mortgage reforms fail to support dollarWall Street started betting on an emergency US interest rate cut today as it slammed mortgage market reforms from US Treasury Secretary Henry Paulson amid news that housing foreclosures jumped 60 per cent last month.Read Full Article Lord Levene calls on Chancellor to delay new CGT rateLord Levene of Portsoken brushed aside opposition to his proposed third term as chairman of Lloyd’s of London yesterday as the Treasury launched a consultation on a fundamental overhaul of the world’s oldest insurance market.<br/> <br/> Lord Levene also added his voice to protests over Alistair Darling’s proposed reforms to the capital gains tax (CGT) regime and a clampdown on wealthy nondomiciled foreigners.<br/> <br/> With four days to go before Mr Darling’s Budget, Lord Levene called on him to delay introduction of a flat 18 per cent rate of CGT and a £30,000 levy on “nondoms” and consider the consequences.<br/> <br/> Lord Levene is also chairman of IFSL, the former British Invisibles, which promotes the international activities of UK-based financial institutions. “I hear many voices raised with considerable concern about both [CGT and nondom] issues,” the Lloyd’s chief said.<br/> <br/> “The proposals were perhaps put together rather hurriedly. The City of London is a major financial centre. If we are going to do anything that makes it less attractive then we need to consult on it and tell people why we are doing it. My feeling is that it’s worth taking a bit more time,” Lord Levene said.<br/> <br/> He was speaking as the Treasury launched a 12-week consultation exercise on a wide-ranging set of reforms to the Lloyd’s Act, which has not been updated since 1982.<br/> <br/> A joint proposal published yesterday by the Treasury detailed plans, including relaxing the selection process for chairman and deputy chairman, scrapping the obligation of the Governor of the Bank of England to approve appointments to the Lloyd’s Council, and dropping a ban on underwriters buying brokers.<br/> <br/> The act was outmoded and had been drawn up when Lloyd’s was “a very different animal” and before regulators - including the Financial Services Authority – existed.<br/> <br/> He said Lloyd’s had consulted widely on the proposals and had already made compromises. He said the only serious concerns were over business arrangements for brokers and rules governing acquisitions and asset sales. He dismissed concerns in small pockets of Lloyd’s about his decision to stand again as chairman. It is understood there is limited opposition to both market reforms generally and Lord Levene.<br/> <br/> “I have yet to find anybody, nor have any of my colleagues, that are opposed [to my reelection],” he said.<br/> <br/> Lord Levene’s appointment will have to be ratified by Lloyd’s 18-member council. The proposed reforms to the Lloyd’s Act will have to go before both Houses of Parliament.Read Full Article External News for: reformsThe Senate Health Reform Bill - New York TimesMiamiHerald.comThe Senate Health Reform BillNew York TimesThe long struggle by Senate Democratic leaders to merge two versions of health care reform into a single bill was worth the wait. The bill that the majority ...Heavy hand on health reformCharleston Post CourierHealth care reforms vote in SenateThe Press AssociationUS health care reform faces biggest test yet in SenateMonsters and Critics.comForexTV.com -Examiner.com -Burnt Orange Report (blog)all 5,354 news articles »The Senate Health Reform Bill - New York TimesMiamiHerald.comThe Senate Health Reform BillNew York TimesThe long struggle by Senate Democratic leaders to merge two versions of health care reform into a single bill was worth the wait. The bill that the majority ...Heavy hand on health reformCharleston Post CourierHealth care reforms vote in SenateThe Press AssociationUS health care reform faces biggest test yet in SenateMonsters and Critics.comForexTV.com -Examiner.com -Burnt Orange Report (blog)all 5,354 news articles »Pharmaceuticals and health-care costs: a large pill to swallow - Seattle TimesBayou BuzzPharmaceuticals and health-care costs: a large pill to swallowSeattle TimesIt is particularly shameful, that through the other corner of their mouth they proclaimed the drug industry was favorable to health-care reforms and ...Health care reform, let's get it right this time, he saysCaldwell ProgressShould Washington dictate breast exams?The Detroit NewsA Health Freedom Contract With America Grace-Marie Turner The Orange County ...Galen InstituteMiddle East North Africa Financial Network -Atlanta Journal Constitutionall 89 news articles »The Senate Health Reform Bill - New York TimesMiamiHerald.comThe Senate Health Reform BillNew York TimesThe long struggle by Senate Democratic leaders to merge two versions of health care reform into a single bill was worth the wait. The bill that the majority ...Heavy hand on health reformCharleston Post CourierHealth care reforms vote in SenateThe Press AssociationUS health care reform faces biggest test yet in SenateMonsters and Critics.comForexTV.com -Examiner.com -Burnt Orange Report (blog)all 5,354 news articles »Pharmaceuticals and health-care costs: a large pill to swallow - Seattle TimesBayou BuzzPharmaceuticals and health-care costs: a large pill to swallowSeattle TimesIt is particularly shameful, that through the other corner of their mouth they proclaimed the drug industry was favorable to health-care reforms and ...Health care reform, let's get it right this time, he saysCaldwell ProgressShould Washington dictate breast exams?The Detroit NewsA Health Freedom Contract With America Grace-Marie Turner The Orange County ...Galen InstituteMiddle East North Africa Financial Network -Atlanta Journal Constitutionall 89 news articles »Fox News Poll: Most See No Upside to Health Care Reforms - FOXNewsFox News Poll: Most See No Upside to Health Care ReformsFOXNewsMore Americans continue to oppose the health care reform legislation than support it, according to a Fox News poll released Friday. ...New Poll: Voters back, but also fear, health reformSeattle Post Intelligencerall 4 news articles » |
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