With the bank holiday, it feels like there isn’t blockbuster news, but what you might call the sort of news that can contain significant details.
Businesses may be allowed to offset tax already paid if HMRC deems them liable for additional tax under the off-payroll working rules.
In a consultation, published last week, HMRC has asked for industry feedback on a raft of changes to the IR35 tax rules as FTAdviser reports.
The FCA has said it is concerned about overseas firms targeting the UK pension benefits of DB scheme members living overseas.
In a guide published on 27 April, it highlights the increased risks to consumers when overseas firms refer DB scheme members to UK firms for pension transfer advice and gives its expectations of UK companies.
The guide said: “UK firms engaging with overseas firms or offering advice to scheme members based outside the UK should have regard to their regulatory responsibilities.”
Graham Bentley says ‘idiom idiocy’ has reached new levels as he hits out at business jargon in the asset management world. As he writes: “I don’t learn a learning, I learn a lesson. Learnings plural is pompous nonsense.”
(My own personal bugbear is the use of certain phrases in communications with the public as in “Risk-on or risk-off” which clearly risks most investors having no idea what you are talking about.)
David Coombs, the lead fund manager on Rathbone Multi-Asset Portfolios assesses inflation in Money Marketing. Among other things he notes the following -
“It takes between one and two years for an interest rate movement to feed through to households and businesses.”
In FTAdviser, Jeff Atherton the lead manager of the Man GLG Japan CoreAlpha Fund assesses Japan’s stock market reform. This is rather interesting.
“At the end of March, Japan Exchange Group (JPX), the operator of the Tokyo Stock Exchange (TSE), outlined the new JPX Prime 150 Index.
“It will be made up of 150 stocks selected to represent "Japanese companies that are estimated to create value".
“It will comprise the top 75 names in the TSE Prime Market by market capitalisation whose price-to-book ratio is greater than 1.0 times, and the top 75 names in terms of estimated equity spread (the difference between return on equity and cost of equity).”
He, unsurprisingly, thinks this is worth a closer look.
Rob Fisher, the chief operating officer, will leave after eight years at Vanguard’s Personal Investing arm.
Deutsche Bank will acquire Numis for around £410m as Investment Week reports.