News Roundup - May 1st to May 11th

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June 25th 2022
Tax Week 12
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News Roundup - May 1st to May 11th

Northern Rock Sold, Public spending data updated for 2016, Bank of Ireland tax avoidance defeat and Financial services innovation plan.

Northern Rock mortgages sold for £13 billion

The sale of the former Northern Rock mortgages was finally completed this month with the final payment of £520 million made to the government by US private equity group Cerberus Capital.

The sale was actually initiated last November following the UK government acquisition of the stricken lender back in the 2007 financial crisis.

The sale sees the portfolio of mortgages held sold at a value of £280 over book value.

HM Treasure releases updated public spending data for 2010-2015

Key figures show that departmental expenditure limits were revised to an increase of £3.2 billion, department for work and pensions accounts for a quarter of all spending.

Bank of Ireland loses a £27 million tax avoidance case with the Taxman

The bank's subsidiary, Bristol and West building society, attempted to exploit a loophole created when finance legislation was in a transition point. The Corporation Tax avoided was equivalent to £27 million but with the outcome of the case another £5.9 million is possibly at stake. Prior to legal action five other users attempting the same exploit settled with the Treasury, paying £215 million to avoid the courts.

Government consulting on innovation for financial services

Consultation began on how technology can be used to shape financial services, create new products/business models and create efficiency savings. The UK is a leader in the fintech sector (Financial Technology), 25 percent of all fintechs are in retail payment worldwide with the UK market worth £20 billion and employing over 60,000 people.

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