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HMRC criticised over ‘unfair’ interest gap as taxpayers charged 7.75% but paid just 2.75%

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HMRC has collected an additional £14.4 million in tax from insolvencies over two tax years up to 2023 since it regained its ‘preferential creditor’ status.

HM Revenue & Customs has come under fresh criticism over what tax experts describe as a “deeply unfair” imbalance between the interest it charges taxpayers and the rate it pays on refunds, raising wider concerns about trust, transparency and the efficiency of the UK’s tax system.

According to analysis from audit, tax and advisory firm Blick Rothenberg, taxpayers who fall behind on payments are currently charged daily late payment interest at a rate of 7.75 per cent. By contrast, those owed money by HMRC receive interest at just 2.75 per cent on repayments, even when delays stretch over many months.

Tom Goddard, assistant manager at the firm, said the disparity creates a system that appears heavily weighted in favour of the tax authority. He argued that while taxpayers face escalating financial penalties for delays, HMRC itself is not subject to equivalent consequences when repayments are slow.

The imbalance becomes more pronounced when penalties are factored in. Taxpayers who fail to settle liabilities within 12 months can face additional charges of up to 15 per cent of the outstanding amount, alongside further penalties if tax returns are submitted late. In contrast, there is no comparable compensation mechanism when HMRC delays repayments, even in cases where individuals or businesses suffer financial consequences as a result.

Goddard pointed to the real-world impact of these delays, citing cases where taxpayers have waited more than a year for repayments to be processed. In one instance, a client missed a significant investment opportunity after funds earmarked for deployment were tied up in a prolonged HMRC repayment process. Despite repeated attempts to resolve the issue, the delay persisted due to internal administrative complications and a lack of clear ownership within the organisation.

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The broader concern, he suggested, is not only the financial disparity but the operational friction involved in resolving disputes. Taxpayers seeking to reclaim funds often face a lengthy and complex process, involving multiple departments and repeated follow-ups. For many, the cost of professional advice required to navigate the system can offset any financial benefit from the repayment itself.

This dynamic risks creating a perception that the system is both inefficient and adversarial. While HMRC attributes delays largely to administrative pressures, critics argue that the burden of those inefficiencies falls disproportionately on taxpayers, particularly at a time when many individuals and businesses are already under financial strain.

The issue also raises questions about HMRC’s broader transformation agenda. One of the stated priorities in its “Transformational Roadmap” is to improve day-to-day performance for individuals and businesses, with a shift towards a more automated, digital-first system intended to handle up to 90 per cent of queries.

While digitalisation is expected to streamline processes and reduce the estimated £20 billion annual cost of tax administration, there is scepticism about whether it will address underlying service challenges. Critics argue that without sufficient investment in expertise and support, automation alone may not resolve delays or improve outcomes for taxpayers.

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Trust remains a central theme in the debate. HMRC has identified closing the UK’s £46.8 billion tax gap as a key objective, but advisers suggest that rebuilding confidence in the system is equally important. A more balanced approach to interest rates and compensation, they argue, could encourage greater cooperation and compliance from taxpayers.

There is also a behavioural dimension to consider. If taxpayers perceive the system as inequitable, they may be less inclined to engage proactively with HMRC or prioritise timely compliance. Conversely, a system that treats delays on both sides more evenly could foster a more collaborative relationship between the tax authority and those it serves.

For now, however, the disparity in interest rates remains a point of contention. As scrutiny of HMRC’s performance intensifies, pressure is likely to grow for reforms that address both the financial imbalance and the operational challenges that underpin it.

Without such changes, critics warn, the gap between policy intent and taxpayer experience will continue to widen, undermining confidence in a system that relies on voluntary compliance to function effectively.

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Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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Miami beats Los Angeles and New York for highest housing bubble risk

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Miami beats Los Angeles and New York for highest housing bubble risk

Miami has officially been crowned the most at-risk housing market in the world, surpassing notoriously expensive hubs like Los Angeles and New York.

While Florida’s tax-friendly climate continues to lure billionaires fleeing high-tax states like California, local homeowners are facing a perfect storm of record-low affordability, massive condo repair bills and surging insurance premiums, according to a new report.

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UBS’ Global Real Estate Bubble Index for 2025 puts Miami in the No. 1 spot for the real estate market with the highest bubble risk, with a score of 1.73, well above the 1.5 threshold for “high risk.” That figure exceeds the peak of the 2006 housing bubble.

“Over the past 15 years, Miami has posted the strongest inflation-adjusted housing appreciation among all cities in the study,” the report says.

MARK ZUCKERBERG AND SERGEY BRIN CLOSE ON MASSIVE MIAMI ESTATES WORTH OVER $220M COMBINED

“Cities with elevated or high bubble risk continued to decouple from fundamentals: over the last five years, inflation-adjusted home prices increased nearly 25% on average, while rents rose about 10% and incomes about 5%,” it continues.

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Miami skyline view with residential homes

An aerial view of high-rise residential towers and single-family homes in Miami Beach, Florida. (Getty Images)

“By contrast, prices in cities with moderate or low risk fell roughly 5%, while rents and incomes were broadly flat. Historically, worsening affordability and widening gaps between prices and rents have served as forerunners of housing crises.”

Although Florida remains attractive for its zero-income tax and a potential zero-property tax, the report notes a regulatory squeeze is hitting the state’s middle class as owners of older condominium units are getting hit with rising maintenance and reserve costs.

“While price growth is expected to turn negative in the coming quarters, a sharp correction appears unlikely at this stage,” says the report.

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The Magic City has been a fiscal sanctuary for names like Amazon founder Jeff Bezos, venture capitalist Peter Thiel, Google co-founders Larry Page and Sergey Brin and Meta CEO Mark Zuckerberg – some of whom recently moved out of California ahead of a proposed wealth tax.

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“Miami’s coastal appeal and favorable tax environment continue to attract newcomers from the U.S. West and Northeast, with real estate prices still well below those in New York and Los Angeles,” UBS notes.

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Miami and Los Angeles are leading the U.S. in bubble risk, as “law and order” or “quality of life” issues in cities like San Francisco are impacting their housing trajectories, the report adds.

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US Stocks: Qualcomm unveils $20 billion stock buyback program; shares jump 3%

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US Stocks: Qualcomm unveils $20 billion stock buyback program; shares jump 3%
Smartphone chip designer Qualcomm on Tuesday unveiled a $20 billion stock buyback program as it looks to take advantage of a steep drop in its share price, ‌which ⁠has been ⁠hit by a global memory supply crunch that is expected to slow handset manufacturing.

Shares of the company ​rose more than 3% on Tuesday, after a year-to-date drop of over 24% as ​the widespread shortage of memory ⁠chips hit ‌Qualcomm’s customers, mainly smartphone makers.

The ​new ​buyback is in addition to ⁠its existing $2.1 billion share buyback plan, the company ​said, adding that Qualcomm is also ​increasing its quarterly cash dividend by more than 3% to 92 cents per share from 89 cents.

“We remain focused on stockholder returns and executing on our ongoing ‌diversification opportunities,” CEO Cristiano Amon said.

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Qualcomm is among the largest smartphone chip providers ​in the ​world, counting ⁠major Android players and iPhone-maker Apple among its customers.


But it has been increasingly diversifying its business, attempting to ​reduce its dependence on the smartphone industry by working to enter the booming data center chip and autonomous vehicle markets.

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The Kraft Heinz Co. debuts functional macaroni and cheese

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The Kraft Heinz Co. debuts functional macaroni and cheese

The macaroni is available in two flavor varieties. 

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Authorities Emphasize that Time Remains Critical

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Savannah Guthrie & Nancy Guthrie

The search for Nancy Guthrie, the 84-year-old mother of NBC “Today” show co-host Savannah Guthrie, has stretched into its seventh week with no resolution, as federal investigators recovered fresh images from security cameras at her Catalina Foothills home, authorities confirmed in recent updates.

Savannah Guthrie & Nancy Guthrie

Nancy Ellen Long Guthrie vanished from her residence in the upscale Tucson suburb sometime after being dropped off around 9:45 p.m. on Jan. 31, 2026, following dinner at her daughter Annie Guthrie’s home. She was reported missing Feb. 1 when she failed to appear for church services, prompting Pima County Sheriff’s Office deputies to treat the case as a suspected abduction from the outset.

Pima County Sheriff Chris Nanos described the home as a crime scene early in the investigation, citing “concerning circumstances” including blood droplet patterns inside and outside the residence that appeared similar. Investigators believe Guthrie was taken against her will, with no signs of forced entry initially noted but evidence suggesting targeted action.

The FBI joined the probe immediately, establishing a dedicated tip line and mobilizing resources. As of March 17, 2026 — Day 46 since her disappearance — more than 18,000 tips have poured in, though no public suspect identification or arrest has occurred. Family members, including Savannah Guthrie and other relatives, were cleared as persons of interest early on.

In the latest development, the FBI recovered additional surveillance footage from cameras at Guthrie’s home, according to ABC News reports cited in Yahoo News live updates. The new images supplement previously released stills showing an individual at her doorstep, whom authorities have described as a person of interest in the alleged abduction. Details about the content of the fresh footage remain limited, with officials withholding specifics to protect the investigation.

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Sheriff Nanos has expressed continued hope that Guthrie remains alive, though the prolonged absence has tempered optimism. In mid-March statements, he indicated the home was “targeted” and did not rule out the possibility that the perpetrator could strike again, urging heightened community vigilance.

The investigation has shifted phases, according to attorney commentary in Newsweek. Peter Christiansen told the outlet the effort is moving “from broad public outreach to more clinical evidence consolidation,” including exhaustive review of video footage. FBI officials have emphasized that enhancing and analyzing surveillance requires viewing each segment in real time, contributing to the methodical pace.

Community response has been strong. Neighbors in Catalina Foothills reported frantic searches in the initial hours after Guthrie’s absence was noted. One resident, Aldine Meister, recounted on Brian Entin Investigates seeing a suspicious man near the home weeks before the disappearance, describing him taking a “long look” at properties. Such accounts have fueled speculation, though no direct links have been confirmed.

A $1 million family reward announced in late February remains active for information leading to Guthrie’s safe return or apprehension of those responsible. Savannah Guthrie issued emotional pleas for tips, including video messages urging the public to come forward with any details, no matter how small.

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Physical evidence has yielded mixed results. Black gloves found near the home were tested and traced to a local restaurant worker with no connection to the case, officials said. Cadaver dog searches in surrounding areas were paused recently, per FOX LA updates on Day 44, as teams focused elsewhere.

Media coverage has been intense, with outlets like FOX 10 Phoenix providing daily recaps — Day 36 updates highlighted new photos in the search, while Day 35 noted ongoing efforts. Wikipedia’s entry, last edited March 15, states Guthrie’s condition and whereabouts remain unknown, underscoring the case’s unresolved status.

The disappearance has spotlighted vulnerabilities for seniors in suburban settings, even with modern surveillance. Experts have questioned how an 84-year-old could vanish in an era of widespread cameras and digital tracking, with one YouTube analysis from February pondering the “impossibility” of such cases today.

Savannah Guthrie has balanced her on-air duties with personal advocacy, occasionally addressing the case on “Today” and expressing frustration over the lack of breakthroughs. Legal analysts on programs like NewsNation have dissected blood evidence patterns and questioned inconsistencies in early statements, though authorities maintain operational secrecy.

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As the search persists, the FBI and Pima County Sheriff’s Office continue urging tips via their dedicated lines. No ransom demands or further communications from potential abductors have surfaced publicly.

Guthrie, born Jan. 27, 1942, in Fort Wright, Kentucky, was widowed since 1988 after her husband Charles’s death. She lived independently in Tucson, enjoying family proximity and community involvement.

With no major arrests or confirmed sightings reported as of mid-March 2026, the case remains one of the most high-profile missing persons investigations in recent U.S. memory, drawing international attention due to Savannah Guthrie’s prominence.

Authorities emphasize that time remains critical. Anyone with information is asked to contact the FBI tip line or Pima County Sheriff’s Office immediately.

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Four North East entrepreneurs launch new tech venture with six-figure backing

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The firm will initial focus on the North East but it has also set its sights on opportunities overseas

The Future Vision Group team: Robert Webster, David Forrester, James Hart and Anthony Ford.

The Future Vision Group team: Robert Webster, David Forrester, James Hart and Anthony Ford.(Image: Future Vision Group)

Four entrepreneurs have joined forces to launch a new North East telecoms and outdoor display group. Robert Webster, Anthony Ford, David Forrester and James Hart have created Newcastle based Future Vision Group, backing up the firm with a six-figure investment committed by each of the directors.

The Newcastle-registered company specialises in outdoor digital displays including weatherproof televisions and LED screens that can be found in pubs, football stadiums and concert venues. It also provides telecommunications services such as business broadband, cloud and hosted telecommunications, business mobile phones and structured cabling.

Initially focussing on the UK market, Future Vision Group plans to create new jobs in the coming months after setting its sights on opportunities overseas, including in Dubai and the US.

Managing director Robert Webster, who brings with him over 30 years experience within the tech sector, said: “After several years in the industry working at director-level, I knew the time was right to start our own venture and bring Future Vision Group to the marketplace.

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“The team we’ve put in place is vastly experienced, and with the connections we each have, we’re confident that we will be able to quickly establish the business as the go-to supplier of outdoor TV’s, large digital displays and first-class telecommunications solutions.

“Although very early on, I believe our biggest challenge will not be if or how we grow, but how we manage that growth. That has to start with getting our position within the UK market established, then looking at opportunities overseas.”

Future Vision Group has now moved into a unit, with offices and a warehouse, in Peterlee. Alongside the four directors, the business has a team of sales, support and project management staff.

David Forrester, who until recently was part owner and director at Team Valley sign manufacturer Astley, said: “I knew Robert and Anthony well from my days at Astley so when the opportunity to join Future Vision Group came up, it was too good to miss.

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“In Astley I was at the helm of a hugely successful company, that worked with many national and international brands. My aim is to bring some of that success to Future Vision Group and help the business establish a reputation for excellence, one that is synonymous with top quality products and first class services.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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US Stocks: Delta Air Lines lifts revenue outlook despite jet fuel hit, shares jump 4%

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US Stocks: Delta Air Lines lifts revenue outlook despite jet fuel hit, shares jump 4%
Delta Air Lines raised its first-quarter revenue forecast in light of robust travel demand, offsetting a hit from spiking jet fuel costs due to the Middle East war.

The big US carrier confirmed its profit projection for the period, even as jet fuel prices almost doubled, according to Chief Executive Officer Ed Bastian.

Bastian told an investor conference the carrier had experienced “a $400 million fuel spike just in the month of March” due to a roughly 40 percent surge in crude prices from the period just ahead of the February 28 start of the US-Israeli campaign against Iran.

But Bastian said consumers have still been booking trips in significant numbers, resulting in eight of the company’s 10 highest sales days in history during the quarter. Five of them came in March, with the war under way.

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“Sales for us have been very, very strong all quarter long, most particularly starting off in the March spring season, which is typically the season when travel bookings really start to accumulate,” he said.


Bastian reported broad-based growth in Delta’s domestic market. By contrast the company has seen “a very modest decline in Europe since the war started,” he said.
Shares of Delta jumped 4.8 percent in early trading.

But Bastian said less than 20 percent of the company’s transatlantic revenues is from point-of-sale Europe.

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Earnings call transcript: W&T Offshore’s Q4 2025 misses forecasts, stock rises

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Earnings call transcript: W&T Offshore’s Q4 2025 misses forecasts, stock rises

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Chad to gradually replace Kenyan force in Haiti through October, Dominican Republic says

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Chad to gradually replace Kenyan force in Haiti through October, Dominican Republic says


Chad to gradually replace Kenyan force in Haiti through October, Dominican Republic says

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7 Brew enters retailers

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7 Brew enters retailers

The company’s canned coffees are available at Arkansas Walmart locations. 

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MadeGood launches new snacks

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MadeGood launches new snacks

The products offer 4 grams of fiber per serving. 

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