MITT ROMNEY’S tax returns show he paid 14.1%, below his campaign’s previous estimate of 15.4%.
The Republican candidate for the US presidency (pictured) paid about to $1.9m (£1.1m) on $13.7m of income in 2011, reports the BBC.
The top rate of tax in the US is 35%, but Romney lives primarily on income derived from his investments, for which 15% tax is payable.
The private equity businessman has already released his 2010 return, which showed he paid approximately $3m, equating to 13.9%.
A letter from PwC – Romney’s accountants – pertaining to his returns from 1990-2009 said he paid an effective rate of 20.2% during that time, with the lowest return being 13.66%.
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
The government is pressing ahead with changes to the way it taxes individuals with a foreign domicile
I will feel slightly awkward when I write to the client who is about to receive a large invoice from the PAYE expert, offering him the fee protection going forward