TBA Global

TBA’s latest news – 29th August 2023

Inverclyde Rated as UK’s Most Affordable Homebuying Area

A study has found that Inverclyde in Scotland is the most affordable place to buy a house in the UK, with house prices in Westminster far exceeding the wages of workers in central London.

The UK’s largest mortgage lender stated that despite restrictions due to rising interest rates, falling house prices over the past year and strong wage growth have made buying homes more affordable.

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Tesco Scraps Value Added Tax on Period Pants

Tesco has become the first retailer to cover the cost of value-added tax (VAT) on its period underwear, following calls from the industry for the government to scrap the 20% tax on the product.

The supermarket will reduce the price of all eight ranges of F&F period pants by 20% starting this week, making these products more affordable for customers.

The price for a pack of three pants will drop from £18 to £14.40, and the price for a single pair of pants will decrease from £7.50 to £6.

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UK Inheritance Tax Continues to Soar

HMRC Collects £2.6 Billion in Just Three Months Published data shows that UK inheritance tax bills continue to rise, with June of this year reaching the highest monthly total on record. Helen Morrissey, Retirement Analysis Director at Hargreaves Lansdown, stated that “inheritance tax of around £2.6 billion for the quarter is by no means our largest tax take, but it’s certainly the most disliked.”

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Jeremy Hunt Downplays Tax Cut Plans Despite Borrowing Lower Than Expected

Despite reports that the state of public finances is not as dire as predicted by the government’s spending watchdog in the Spring Budget, Jeremy Hunt has played down the possibility of pre-election tax cuts.

While the UK economy has not fallen into recession so far, increased tax revenue means that the UK’s budget deficit reached £4.3 billion last month – the fifth-highest for July since modern records began in 1993 but £1.7 billion less than the Office for Budget Responsibility’s estimate.

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Squeezed by rising prices, The wages of the bosses of large British companies rose by an average of nearly 16% last year

With wages squeezed by rising prices for most workers, the average wages of bosses at Britain’s largest companies rose by almost 16% last year.

The Center for High Pay said median pay for CEOs of FTSE 100 companies will be £3.91 million in 2022, up from £3.38 million in 2021. The average boss of a FTSE 100 company earns 118 times more than the typical UK worker earning £33,000 a year.

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