Welcome to Worldwide’s regular financial news round up, slightly damp and clad in wellington boots after the torrential rain the UK has been receiving. But on the plus side, the weather is likely to have given umbrella manufacturers a boost. Every cloud has a silver lining…
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£ billions lost in tax avoidance
The UK is losing out on £ billions of revenue due to tax avoidance schemes, states a report by the National Audit Office. According to their report, HMRC have a backlog of over 41,000 cases with more than £10 billion at stake.
Source: BBC News
Cornwall ends second home council tax discount
Cornwall has become the first county to end the council tax discount available to second or holiday home owners. The council also decided to charge people who leave properties empty for at least two years 150% of their council tax bill.
Source: This is money
Mortgage lending up by 4%
The Council of Mortgage Lenders (CML) has reported an increased in mortgage lending of 4% in October 2012 compared to the same period last year, with gross mortgage lending rising to £12.9 billion
Source: Guardian
Financial adviser jailed for fraud
A financial adviser has been jailed for defrauding an elderly client out of £58,000. The adviser from Reading has been jailed for 14 months after defrauding the 93 year old lady in 2010.
Source: Fundweb
£1.2 billion lost each year by investors
UK investors are estimated to lose £1.2 billion a year to fraud, according to a government body which has set up a nationwide campaign, led by Action Fraud, to highlight the problem, which urges investors to ‘check before they invest’.
Source: Guardian