Weekend catchup — this week’s private finance headlines

Weekend catchup — this week’s personal finance headlines

Vacation properties beneath scrutiny over council tax loophole

Ministers are set to crack down on 1000’s of vacation house house owners in England who dodge council tax by way of registering as companies, writes Jim Pickard.

The loophole has develop into specifically contentious in spaces similar to Cornwall, Devon and the Lake District, the place there’s a prime percentage of 2nd properties.

The debate comes to house owners of 2nd properties falsely stating that houses are to be had for let when — actually — they’re handiest the use of them for vacations.

Via calling their 2nd house “holiday-let lodging”, house owners can steer clear of council tax and as a substitute pay industry charges. However actually maximum 2nd properties are chargeable for small industry fee aid — so they don’t actually pay industry charges in any respect.

Learn extra on FT.com

Longer commutes by way of UK males lend a hand to provide an explanation for gender pay hole, learn about unearths

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Males in the United Kingdom are a long way much more likely to travel lengthy distances for paintings than girls, offering one cause of one of the gender hole in moderate profits, writes Gavin Jackson.

The longer a travel, the much more likely it’s to be executed by way of a person, the Place of work for Nationwide Statistics mentioned on Wednesday. Two-thirds of commutes that last more than an hour are undertaken by way of males whilst greater than part of commutes that final 15 mins or much less are finished by way of girls.

Median hourly profits for girls in the United Kingdom are 17.Nine consistent with cent less than the ones for males, partially reflecting that girls are much more likely to paintings in part-time jobs that have a tendency to pay much less. The pay hole falls to eight.6 consistent with cent for full-time employees.

Learn extra on FT.com

Barnardo’s loses UK felony fight to cut back pension liabilities

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Barnardo’s, the United Kingdom youngsters’s charity, has misplaced a long-running felony fight to cut back its pension liabilities by way of greater than £100m by way of reducing annual will increase for 1000’s of retired group of workers, writes Josephine Cumbo.

In a case with wider implications for employers, the Preferrred Court docket on Wednesday dominated the trustees of Barnardo’s pension scheme weren’t allowed to switch the measure of inflation used for pension bills from the retail value index (RPI) to the patron value index (CPI).

Barnardo’s argued the transfer used to be imaginable beneath its pension scheme regulations and would have shaved £105m from the liabilities of its 401-k, which has 9,000 participants.

The charity had put aside a “six-figure” sum for the Preferrred Court docket case, believing a win may just get monetary savings for frontline products and services by way of reducing its pension invoice.

However the 5 Preferrred Court docket judges unanimously held that pension will increase for participants should stay unchanged.

Learn extra on FT.com

Brexit rip-off caution issued by way of UK regulator

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The United Kingdom’s monetary watchdog has warned customers to be in search of scams as fraudsters profit from confusion stemming from Brexit, writes Caroline Binham.

The Monetary Behavior Authority mentioned on Thursday that it expects extra scams “right through this era of uncertainty”, and warned customers to not give over their private financial institution main points in telephone calls or emails purportedly from their lender.

The caution used to be a part of an FCA replace to customers over how they are going to be suffering from Brexit. UK banking shoppers will have to be in large part unaffected as a result of retail operations — even of Ecu lenders — have their very own subsidiaries in the United Kingdom that experience native capital, liquidity and senior managers, all overseen by way of UK regulators.

Learn extra on FT.com

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