Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Giorgia Meloni’s government will seek to raise more taxes from companies currently earning windfall profits, as Rome struggles to plug a budget deficit that has raised alarm bells in Brussels.

Italian finance minister Giancarlo Giorgetti said Thursday that the upcoming budget “will require sacrifices from everyone”. He did not clarify whether that meant increased tax rates or how they planned to avoid a repeat of last year’s failed attempt to slap banks with a levy on windfall profits.

“There will be a general call for everyone to contribute, not just banks,” Giorgetti said. “We’re all part of a country that has been called to put its accounts in order . . . and everyone must contribute.” 

He mentioned defence companies as possible targets, noting that they had been doing extremely well owing to growing conflict in the world, like Russia’s war in Ukraine.

“Paradoxically, today, one could say that with all these wars, companies that produce weapons are doing particularly well.”

Share prices of Leonardo, the state-owned Italian defence company, fell 2.56 per cent just after the minister’s comments, while bank stocks also fell slightly.  

“There won’t be a repeat of the narrative or a discussion on banks’ extra profits because at that time, banks were making extra profits,” he said in reference to last year’s surprise move put forward in August and then significantly watered down after bank shares tanked.

Italy is under intense pressure to raise additional revenues to bring its deficit — projected to be 3.8 per cent this year — down to the EU target of 3 per cent. Meloni has so far resisted to cut back on electoral promises that require extra spending, including plans to grant a €100 Christmas bonus to low income families. Her government says it is still on track to reach 3 per of GDP by 2026.

In recent weeks, government officials have held talks with banks, insurance companies and other financial companies about raising more revenues, sparking speculation that companies were under pressure to make “voluntary contributions” to public coffers. 

Giorgetti on Thursday dismissed such suggestions, saying: “Companies don’t engage in charity, so voluntary contributions don’t exist.”  

The Italian Banking Association said last week that it was evaluating “further measures that may make greater liquidity available for the state budget”.

It added that such measures should be temporary and not be applied retroactively “so as not to penalise the competitiveness of banks operating in Italy” compared with their European rivals. 

The Italian parliament is also set to approve a tax amnesty for small businesses to encourage them to declare incomes they received between 2018 and 2022 which would be taxed at a discounted rate.

Participants in the so-called “repentance scheme” will also be obliged to commit to pay a fixed amount of taxes on their expected earnings for the next two years — regardless of how much they actually earn.

Meloni has long vowed to improve the tax system, which she said this year should not “oppress families with obtuse, incomprehensible rules, and an unjust level of taxation that often does not correspond to the level of services that the state provides”.

However, critics, including members of the opposition Democratic party, have described the amnesty schemes as a reward for tax evaders and say it will incentivise further cheating. 

Analysts also warn that the measures may be poorly received in Brussels, where Italy is expected to make long-term structural changes to its taxation and spending policies rather than look for piecemeal solutions to raise revenues year by year.

Additional reporting by Giuliana Ricozzi

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Socialite James Stunt allowed his offices in London’s Mayfair to become a “trusted hub” for criminality, prosecutors claimed on Thursday at one of the UK’s biggest money laundering trials.

The former son-in-law of Formula 1 head Bernie Ecclestone was accused of being part of a scheme that allowed criminals to funnel more than £200mn of “dirty money” into the banking system over two years.

Stunt, 42, is one of five individuals standing trial at Leeds Crown Court charged with money laundering alongside Gregory Frankel, 47, Daniel Rawson, 47, Haroon Rashid, 54, and Arjun Babber, 32.

A Bradford-based precious metals and jewellery dealer owned by Frankel and Rawson, Fowler Oldfield, was a financial “gateway” for criminals between 2014 and 2016, the court heard.

Prosecutors said that the scheme allowed the criminals, whose identity was unknown, to circumvent financial due-diligence checks. This allowed them to hide the illicit sources of their funds as it “appeared to be a legitimate source” and most of it was used to buy gold, jurors were told.

“A reputable bank or trader would have insisted on proper due diligence being carried out before accepting the cash or exchanging it for gold,” said Jonathan Sandiford KC, opening the prosecution case.

The barrister claimed that Stunt & Co, owned by Stunt, took the “lion’s share” of profits — about 70 per cent — from the scheme. Tens of millions of pounds in cash was dropped by couriers at the offices in Mayfair and deposits were made into Fowler Oldfield’s NatWest bank account, he said.

Sandiford told jurors that Stunt, the former husband of Petra Ecclestone, allowed the location “to be used for the delivery of criminal cash and some of the gold that had been purchased with it” and it “became a trusted hub for money laundering”.

The court was told that Stunt denies knowing or suspecting that the cash was criminal property.

It heard that while Frankel accepts that at least part of the cash delivered to Fowler Oldfield was criminal, he denies knowing or suspecting it to be criminal property. Rawson, along with the two other defendants, dispute that the cash was criminal property.

Sandiford said the most likely source of the cash was drug dealing, although it could also be other illegal activities including fraud, human trafficking or illegal gambling.

The case continues.

THE Range is slashing the price of a bestselling gadget that is perfect for drying clothes this winter.

Shoppers at the discount store can now save £35 on the regular cost of this 3-Tier Tower Heated Airer, which is now £59.99.

2

2

Advertisement

Rather than switching on your central heating or using your tumble dryer for your washing when the weather’s bad, simply hang in on the airer. 

“Now we’re talking,” said one eager shopper, replying to a social media post from the company.

“Need to invest in one,” said another.

Heated airers are more popular than ever and in previous winters have flown off the shelves as shoppers try to find ways to deal with increases in the cost of living and energy bills.

They look like regular airers but have heated bars to dry clothes quicker.

This 3 Tier version has a generous 21m of drying space so is large enough for a family load and it will save you a fortune. 

For every hour of use the 300W heated airer will cost around 7p, compared with around 61p for your tumble dryer.

Handily, it also folds down when not in use, which is handy for storage and at 5kg, it’s not too heavy to put up and take down.

This is not the only heated airer deal we’ve seen this past few weeks. Aldi brought back its massively popular heated airer which quickly sold out, while Lidl stocked the Addis heater airer – though this is smaller, holding just 10kg laundry.

Currently, Wilko has a Black & Decker heated airer on offer for £92, down from £149, while Lakeland has cut the price of its Dry Soon heated airer and cover bundles by £50, so they now start from £174.99.

Before buying a heated airer always take into account the size of your room – you don’t want to be overwhelmed by an airer that is far too big for the space.

It’s also worth comparing prices from several retailers, taking into account how much wet washing the airer can hold as well as the amount of electricity it consumes per hour.

Shopping around will save you money so using online tools that compare prices is a great idea.

Take a look at Google Shopping and Price Spy to check prices across the web from a variety of retailers, such as Argos, Amazon and eBay.

When ordering online don’t forget to take delivery costs into account and avoid a shock at checkout.

Many retailers offer free delivery when you spend over a certain amount, but not all do.

Ways to save this winter

Heated airers are a great way to save money when you can’t dry your clothes outdoors, but they’re not the only gadget you should seriously consider investing in.

Heated throws are great for keeping warm without switching on the heating. Pop one over you while you’re on the sofa watching TV, drape one over your bed – there’s even one from Lakeland you can wear. They offer several temperature levels and often have timers to automatically switch off.

Dehumidifiers remove moisture from the air and when it’s drier in your home you tend to feel warmer. They can also be great for drying washing and some brands even have a laundry setting.

Air Fryers are the kitchen must-have of the last few years. They generally cook food quicker than your main oven does and in less time, using much less electricity.

Heavy or lined curtains can help keep out the cold, while draft excluders not only help keep cold air out but warm air in.

Before it gets really cold and you turn to your central heating for the winter, check to see if your radiators need bleeding. It’s a simple job whereby you use a radiator key to release any build-up of air bubbles that can stop the radiator from functioning effectively.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

Stay informed with free updates

Simply sign up to the UK tax myFT Digest — delivered directly to your inbox.

People who may not know they need to file a tax return for the first time are being warned to check their position and register for self-assessment by the deadline of October 5, or risk potential fines and penalties.

Those who may need to file a tax return for the first time include newly self-employed people, new landlords, new partners in business partnerships, those who earned more than £150,000 during the year, people affected by the high-income child benefit charge and those using online platforms to generate income.

Advisers are particularly worried about the latter group who include gig economy workers and people with so-called “side hustles” because they will also be affected by new platform reporting rules, that sparked panic earlier this year.

Tax experts say anyone using online platforms to sell goods, arranging short-term property lets or securing private hire or food delivery work should ensure they accurately report their earnings and register for a tax return, if required.

12.1mnThe number of self-assessment tax returns filed in the 2022-23 tax year

From next year, for the first time, HM Revenue & Customs will be able to cross check individuals’ declarations against data received from online platforms.

“It’s very important that if you are required to file for the first time that you meet the October 5 deadline to register with HMRC,” said Dawn Register, head of private client services at BDO, an accountancy firm. “Ignorance of the rules will not always be an acceptable excuse in HMRC’s eyes.”

Under regulations that came into effect on January 1, platforms such as Amazon, Airbnb, Deliveroo, eBay, Uber and Vinted are required to collect and report seller information and income to the UK tax authority. The first reports will be sent to HMRC by the platforms in January 2025.

Platforms will not be required to report the details of those using their sites or apps who make 30 or fewer sales a year and sell items for less than a total of €2,000 (approximately £1,700).

The rules which are part of an international reform agreed in 2020, came into force in a number of countries this year, and will mean data is shared internationally between tax authorities.

Experts at the Low Income Tax Reform Group, a charity, accused HMRC of not doing enough to make online sellers aware of the fact they may need to file a tax return and pay tax on their online trading income.

They called on HMRC to avoid a repeat of what happened earlier this year when reports of the new reporting rules caused widespread confusion and the misconception that a new “side-hustle” tax had been introduced.

Claire Thackaberry, LITRG technical officer, said time was “running out for HMRC to defuse this ticking time bomb”.

“The information that HMRC will receive from platforms will be presented by calendar year, therefore covering more than one tax year,” she said.

“This could make it more difficult to work out when tax is due. Many people will turn to HMRC for help. However, January is an extremely busy time for HMRC ahead of the self-assessment tax return deadline and this will make it harder to speak with someone.”

She urged HMRC to work with platforms and online sellers to help people understand and meet their tax obligations in time.

HMRC described LITRG’s points as “scaremongering”.

The tax authority added: “For people selling personal possessions online absolutely nothing has changed, so it’s deeply disappointing to see this scaremongering from LITRG.

“We’ve recently published and promoted guidance for online sellers and we run an extensive self assessment campaign every year, which reminds people to check if they need to file a tax return.”

The deadline for telling HMRC you need to file a tax return for the 2023-24 is October 5. Paper returns must be filed by October 31 and the deadline for submitting an online return is midnight on January 31 2025.

A MAN who’s racked up over 31,000 hours in the air has revealed a lesser-known holiday destination in Europe is one of his favourite places to visit.

Fred Finn, 84 is the Guinness World Record holder for being the most travelled man – his time in the air equates to one hour for every day he’s been alive – and among the lesser-known places in the world he recommends visiting is Georgia.

3

3

Advertisement

Having crossed hundreds of borders and flown in some of the most iconic aircraft of all time, including 718 flights on Concorde, the travel fanatic has a fair few recommendations when it comes to places to visit.

Fred’s travelled to all corners of the globe, but Georgia is one of the places in Europe he enjoys most.

He told Sun Travel: “People don’t really know about Georgia.

“Kutaisi has tremendous history and Batumi on the coast is like the Monaco of the Black Sea.

“The food is good, the dancing they do is fantastic. It’s got the highest mountain in Europe, it’s got villages and lakes. It’s also very hospitable there.

“And it’s the oldest wine producing country in the world, they’ve been doing it 5,000 years.”

The Saperavi grape is a native Georgian grape variety that is used to make many of the country’s most well-known wines.

Fred explained its a red grape that’s red or black the whole way through.

Not like grapes you get in the UK that are white in the centre.

He said: “This is what makes the wine superlative.”

Georgia also has a local drink called Chacha, a distilled white wine drink.

Fred explained: “It’s probably about 80 percent proof, but it’s actually quite pleasant.”

Georgia is considered a budget-friendly destination with cheap food and low-cost activities, especially compared to Monaco.

Ukraine was another one of Fred’s favourite lesser-known places to visit before the war started.

He said: “I love it because of its tremendous history and my family are also from there.

“It’s lots older than its neighbour that’s causing it a war – it’s 700 years older than Russia – so the history there is fantastic.

“Kyiv turned 1500 years old a month or so ago, I think it’s probably the most beautiful city in Europe. I love it.

“When Ukraine wins this war, it will be another nice place to go.”

Fred has now written a book called Sonic Boom where he shares the incredible journeys he’s undertaken over the years, as well as the evolution of commercial aviation and its impact on global culture.

The book is available for pre-order now here.

3

Former Chief Pilot and Director of British Airways, Al Bridger has shared how food on flights has changed through the years in his book Flavour of Flight: The Food and Drink of British Airways.

A WETHERSPOONS-obsessed couple has visited 500 Wetherspoons and they always buy the same dish.

Phil, 77, and Julie Fox, 74, challenged themselves over 15 years ago to sample all 809 of the pubs in the UK.

4

4

Advertisement

They reached a huge milestone with their 500th boozer – The William Adams in Gorleston-on-Sea, Norfolk.

But Phil admitted it may be “impossible” for them to complete the challenge because they would have to visit the six boozers that are located in airport departure lounges.

They always get the halloumi wraps as they are their favourite.

Phil, a former newspaper production worker, said: “We nearly called it quits when we reached 500 but that wouldn’t have lasted long.

“It’s impossible to do it though because we would have to book holidays abroad, because there’s two at Birmingham Airport.

“So it’s a bit of a trek to go to Birmingham, just to fly to Spain for Wetherspoons.

“But we wrote ‘500’ on a piece of cardboard to prove to our family that we’ve actually done it.”

Grandfather-of-seven Phil originally came up with the idea in 2007, while drinking in his local ale house and said it has been a great way to see other parts of England.

But the pair originally set out to visit just 100 of the pubs, which are nicknamed “spoons.”

Phil, of Halifax, West Yorks., said: “We ran out of conversation and we were staring at each other, so I asked her how many spoons we had been to.

“I worked out we had been in maybe 70, so we decided to do 100.

“We then went for 200 and it’s carried on – it’s become a part-time hobby.”

Julie and Phil will plan trips to different parts of the UK so they can visit the pubs and will sometimes stay in a Wetherspoons Hotel.

Phil said: “We’ve stayed in the hotels, the ones we’ve stayed in are all quite nice.

“But we will often stay in a Travelodge or a Premiere Inn because of the costs, they are always cheap.

“We did London last year, so we went to eight pubs that all have the word moon in the title, so that was a nice holiday.”

The pair, who have five children between them, say their favourite pub is The Stamford Post in Stamford, Lincs.

He said: “We used to love the one in Keswick but we’ve got a new favourite.

“It’s called the The Stamford Post – we’ve been there a few times and even visited a few days ago.

“It’s an old newspaper office but it’s really, really nice inside – they modernised it and everything.”

Julie, a retired retail worker, and Phil both try and have something different every time they visit the boozers.

Phil prefers a IPA beer while Julie often goes for a lager such as San Miguel or Cruzcampo – but both of them love the halloumi wrap.

He said: “There is a good selection of beers, I’ve drifted towards the IPAs and they always have them.

“You go into a lot of modern pubs and they just have lagers, but Wetherspoons come at a good price as well.

“The food is good and my wife likes a beer, but she likes San Miguel and Cruzcampo.

“They are always introducing new things onto the menu, they are introducing a load of Korean things now, like crunchy chicken with coconut rice.

“We try all the food – we love the halloumi wraps and they are a good price.”

4

Advertisement

4