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No 10 says it backs pubs as landlords bar Labour MPs in tax protest

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No 10 says it backs pubs as landlords bar Labour MPs in tax protest


Downing Street has insisted the government backs pubs, as a growing number sign up to a campaign to bar Labour MPs from their premises in protest at tax rates.

The Labour MP ban was kicked off a week ago and more than 250 pubs, restaurants and hotels have signed up all over the country, including the Old Thatch in Dorset.

The Old Thatch landlord Andy Lennox said the protest was a last resort after multiple campaigns spelling out the need for tax cuts ended with higher taxes for hospitality.

But the prime minister’s official spokesman said the chancellor had delivered a £4.3bn support package for pubs, restaurants, and cafes because hospitality is a “vital part of our economy”.

He said: “Without this intervention pubs would have faced a 45% rise in bills next year. We’ve cut that down to just 4%.

“We’ve also maintained the draught beer duty cut, eased licences rules over pavement drinks and events, and capped corporation tax.

“These measures show we’re backing hospitality not abandoning it.”

Industry body UKHospitality disputes the government’s figures, both for the support package and the impact of intervention.

Asked how the prime minister felt about potentially being barred from his local pub over Christmas, the spokesman said: “The PM is obviously going to be working hard up to Christmas. I won’t get ahead of his Christmas plans.”

He refused to comment further on individual businesses’ polices.

But Mr Lennox said the campaign to bar the PM and other Labour MPs from pubs was only happening because the government had not responded to the hospitality industry’s needs.

The industry had mounted “huge, professional campaigning efforts”, including contacting every MP and hand-delivering letters to the Chancellor’s door, he told the BBC.

“Everyone is fed up because the Labour government hasn’t listened and instead has taxed us more.

“What’s really angered people is they they’re acting as if they haven’t – it’s as if somebody has pushed the wrong button and, instead of taxing Amazon and the warehouses they’re taxing us instead.

“We have been imploring our MPs for years because people are going out of business, and it’s not because they’re a bad business, but because they’re being taxed to oblivion.”

Mr Lennox said the landlord who sparked the campaign was neighbouring Dorset publican James Fowler, who was the first to put up the No Labour MPs stickers in the Larderhouse in Bournemouth on Saturday.

Bournemouth East’s Labour MP Tom Hayes, made a video reacting to the “No Labour MPs” sign that has gone up in one of his local pubs

The MP said: “It’s the Christmas season, it’s meant to be the joyful season, but the Larderhouse and other businesses with a “no Labour MPs” sticker in the window are undermining the inclusive culture that business owners locally have helped to nourish.

“My job has just got a million times harder because I can’t go and bang the drum for businesses with the Chancellor if I can’t speak to business owners because they’re banning me from doing so.”

Sounding upset, he added: “We need to get politics off the high street full stop, but especially at Christmas, when frankly we have enough playground politics over in parliament, we have enough division in our country.”

Mr Lennox said: The ban is a risky move for us to make and I understand the bridges I have burned.

“Tom Hayes is a good guy and he has engaged with us and signed letters, so there’s nothing wrong with Tom.

“But his frustration with landlords should be directed at his government, not the people who are having to protest like this.”

The UK’s 20% VAT rate for hospitality is one of the highest rates in Europe, with most countries charging about half that, and the Liberal Democrats called for a 5% VAT cut ahead of the Budget.

Mr Lennox said reducing the tax would “solve all the issues”, adding: “Cutting VAT will generate more growth and more taxation, so the government will make the money back but we’re allowed to make a profit first.”

Many businesses are also angry about changes to business rates, announced in last month’s Budget, that they say could add tens of thousands to their bills every year.

The government said it would calculate business rates for 750,000 High Street retail and hospitality firms using a lower percentage of the rateable value of premises, but this lower tax rate was not as generous as expected.

At the same time, many firms have seen their rateable value increase and face the phasing out of a Covid-era 40% discount from April.

The net result is that, despite some transitional relief, lots of them will see significant increases in their business rates bill.

Downing Street said the government was capping the business rate increases at 15% for most most properties and at £800 for the smallest.

From April there will be new, permanently lower tax rates for retail, hospitality and leisure, which he said will be the lowest in more than 30 years for small venues and would provide “certainty and stability for the future,” the spokesman said.



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D-St blues! Sensex sheds 1.5K, biggest drop on a Budget day – The Times of India

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D-St blues! Sensex sheds 1.5K, biggest drop on a Budget day – The Times of India


Of 30 Index Stocks, 26 Close In Red

At a time when global markets are witnessing high volatility due to geopolitical uncertainties, the hike in securities transaction tax (STT) on derivatives trades hit investor sentiment on Dalal Street on the Budget day. This in turn led to a sharp sell-off that pulled the sensex down by nearly 1,500 points—its biggest points loss on a Budget day—to close at 80,773 points. The sell-off also left investors poorer by Rs 9.4 lakh crore, the biggest Budget day loss in BSE’s market capitalisation.The day’s trading was marked by high volatility. The sensex rallied over 400 points as FM started her speech, fell about 1,100 points after the STT hike proposal was announced, partially recovered by mid-session to trade 600 points down on the day and then sold-off to close below the 81K mark for the first time in four months.On the NSE, Nifty too treaded a similar path to close 495 points (2%) lower at 24,825 points. Fund managers and market players feel the day’s sell-off was overdone, compounded by the absence of most institutional players since it was a Sunday. “The market’s reaction (to the hike in STT rates) was a bit overdone, although the decision itself was unexpected,” said Taher Badshah, President & Chief Investment Officer, Invesco Mutual Fund. “I think markets should settle down in 2-3 days.” Badshah said the Budget was in line with govt’s set path of the past few years, showing a conservative approach to setting targets.“The revenue and expenditure targets for FY27 are achievable. And since the rate of inflation is lower now, the nominal GDP growth rate of 10% may turn out to be on the higher side as inflation normalises during the year,” the top fund manager said. In Sunday’s market, of the 30 sensex stocks, 26 closed in the red. Among index constituents, Reliance Industries, SBI and ICICI Bank contributed the most to the day’s loss. Buying in software services majors Infosys and TCS cushioned the slide. In all, 2,444 stocks closed in the red compared to 1,699 that closed in the green, BSE data showed.STT hike aimed at curbing F&O speculation The decision to raise securities transaction tax (STT) for trading in equity derivatives means trading futures & options (F&O) will be more expensive from April 1. STT on futures trading rises from 0.02% to 0.05% now, and on options premium and exercise of options to 0.15% from 0.1% and 0.125% respectively. This could more than double statutory costs of trading F&O contracts.While the move is to curb excessive speculation by retail traders who mostly suffer losses, investors sold stocks of those companies that derive a large portion of their turnover from this segment. Stock price of Angel One crashed nearly 9%, BSE crashed 8.1%, Billionbrains Garage Ventures that runs the Groww trading platform, lost 5.1% and Nuvama Wealth Management lost 7.3%. STT hike follows a Sebi survey that showed that 91% of the retail investors lost money in the F&O market with average loss per investor surpassing Rs 1 lakh per year. Institutional and some high net worth players took home most of the profits from the segment.18% GST on brokerage for FPIs removedThe Budget proposed to do away with 18% GST charged on the brokerage that foreign portfolio investors pay in India. Among the host of changes to the GST laws that the finance minister proposed, one was abolishing clause (b) of sub-section (8) of section 13 of the Integrated Goods and Services Tax Act, 2017. This is being “omitted so as to provide that the place of supply for ‘intermediary services’ will be determined as per the default provision under section 13(2) of the IGST Act,” the Budget proposal said.



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Buying property from NRIs? Time to lose the TAN – The Times of India

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Buying property from NRIs? Time to lose the TAN – The Times of India


Buying property from an NRI? Worried about obtaining TAN? Not anymore. To relax the compliance burden, the Budget has proposed that resident individuals and HUFs need not have a Tax Deduction and Collection Account Number (TAN) if they are purchasing a property from a non-resident Indian (NRI). The amendment will take effect from Oct 1, 2026.Under the proposed framework, resident individuals or HUFs can report the tax deducted at source (TDS) by quoting PAN, as is done when the transactions are between two residents. Presently, if a person buys an immovable property from a resident seller, the person is not required to obtain TAN to deduct tax at source. However, where the seller of the immovable property is a non-resident, the buyer is required to obtain TAN to deduct tax at source.Ameet Patel, partner at Manohar Chowdhry & Associates, said this used to be a detailed process. “At present, if a resident were to purchase an immovable property from an NRI, there is no separate relaxation regarding compliance with TDS responsibilities. As a result, in such cases, the buyer needs to obtain a TAN, register on the portal, and then deduct TDS u/s. 195, and pay to the govt. Under section 195, as with all other regular TDS sections, a quarterly e-TDS statement is required. A buyer would need professional help for all this.”Hinesh Doshi, CA, welcomed the move. “There used to be an unnecessary compliance burden due to this. While the process to obtain TAN is simple, people used to obtain TAN for just one transaction. So, this is a good riddance.”



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Harry Styles and Anthony Joshua among UK’s top tax payers

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Harry Styles and Anthony Joshua among UK’s top tax payers



The former One Direction member-turned-solo artist appears on the Sunday Times list for the first time.



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