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Sikh separatist leader vows to keep fighting India from Toronto

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Inderjeet Singh Gosal says he is not afraid to die for an independent Sikh homeland in India’s Punjab region.

The 35-year-old’s declaration sounds incongruous as he sits in his comfortable home in Toronto’s suburbs. But after the assassination of his predecessor as head of the Khalistan movement, Hardeep Singh Nijjar, the risk is real.

“I know what I signed up for, death doesn’t scare me,” Gosal said. “India’s threats or any assassination attempts would not stop my effort for . . . Khalistan.”

This week Justin Trudeau, Canada’s prime minister, expelled six Indian diplomats, including the high commissioner, because of their alleged involvement in the killing of Nijjar, who was gunned down in Vancouver in June 2023.

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Trudeau on Monday said: “We will never tolerate the involvement of a foreign government in threatening and killing Canadian citizens on Canadian soil, a deeply unacceptable violation of Canada’s sovereignty and of international law.”

India, which sees the Khalistan activists as terrorists, has denied any involvement and expelled six Canadian diplomats in response. It accuses Ottawa of tolerating violent extremism that has cost the lives of its citizens.

India has levelled the same accusation at the US. Last week, federal prosecutors charged an Indian government official with orchestrating a plot to murder a Sikh activist in New York City. India has designated that activist, Gurpatwant Singh Pannun, a terrorist under its Unlawful Activities (Prevention) Act.

The tit-for-tat expulsions between India and Canada are the latest episode in the increasingly fraught relations between Ottawa and New Delhi over the activities of Canada’s large Sikh community.

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The movement for a sovereign Sikh state called Khalistan dates back to India’s independence from Britain in 1947 and gained momentum after anti-Sikh killings in the wake of Prime Minister Indira Gandhi’s assassination in 1984.

Sikhs such as Gosal describe the violence as a “genocide” that forced thousands to flee India, many to Canada. Some 771,790 Canadians identified as belonging to the Sikh faith in the 2021 census, making it the largest Sikh community outside India.

Canada’s relations with India have soured in recent years as Prime Minister Narendra Modi has become increasingly critical of what he says is Ottawa’s failure to clamp down on Sikh extremism.

The worst mass murder in Canadian history, the bombing of an Air India flight travelling from Montreal to London in June 1985, has been blamed on Sikh extremists. All 329 people on board were killed. Two pro-Khalistan diaspora Sikhs were charged in the incident but later acquitted.

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While the majority of Canadian Sikhs are peaceful or not engaged in the Khalistan movement, Ottawa has listed other Sikh groups such as Babbar Khalsa International and the International Sikh Youth Federation as terrorist organisations.

The rift also highlights the complex nature of diaspora politics in Canada.

“We are a migrant nation, and diaspora politics is a real facet of Canadian politics,” said Colin Robertson, a former diplomat who is vice-president of the Canadian Global Affairs Institute in Ottawa. “This complicates our foreign policy because you always have to make allowance to minority groups. Sometimes you have to turn a blind eye to extreme views, as it has an impact on various ridings [constituencies].”

India has long pleaded with Canada to curb behaviour it considers a terrorist threat and which Ottawa sees as permissible political activism.

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Pannun admitted to Indian media last year that he posted flyers outside the Sikh temple near Vancouver where Nijjar was killed that read “Kill India” and featured names and photos of Indian diplomats.

In turn, Canada has alleged growing Indian interference in its Sikh communities. That came to a head last year when Trudeau accused the Modi government of being involved in the fatal shooting of Nijjar.

The Royal Canadian Mounted Police on Monday warned Canadians about suspected Indian involvement in “serious criminal activity”, including drive-by shootings, home invasions, violent extortion and even murder. The Indian government denies any involvement.

A public inquiry that has been running since last year has also heard evidence that India directly interfered in Canada’s 2019 and 2021 general elections.

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Former Canadian intelligence agent Phil Gurski said the inquiry highlighted how Trudeau’s government had either ignored, played down or repeatedly missed warnings of foreign meddling in Canadian life, whether political or in diaspora communities.

“Canada’s intelligence community is not happy,” he said. “They’ve been saying this for a while.”

Gurski said Canada was caught between global pressures from superpowers China and India, and local politics and security concerns. It is also aware India is strategically important for the Five Eyes alliance of the US, Canada, the UK, New Zealand and Australia.

“The political power of Sikh diaspora is real,” he said. “Trudeau could kiss the Sikh vote goodbye if they did favours for India, like sending a wanted separatist back. Canada does not want to upset the diaspora vote, they rely on it.”

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For Gosal, the claims made last week about Indian government involvement in Nijjar’s death came as no surprise.

“We knew it was India from the minute they killed Nijjar. We knew there was a threat or it was dangerous, but we didn’t think it would go this far, that they’d kill a Canadian citizen on Canadian soil.”

He claimed that in February, months after he took over leadership of the Khalistan movement, a bullet was fired into a window at a site run by his construction business. An Indian account on X had posted about the shooting before police arrived.

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In August, local police called him to warn he was the target of a murder plot, he said. “All this is absolutely tied to the government of India,” said Gosal. “They are posting tweets about it, openly making threats. They’re not trying to hide it.”

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Thai Airways will fly to 64 destinations this winter

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Thai Airways will fly to 64 destinations this winter

The airline will offer double daily service to Frankfurt, London, Sydney and Melbourne through next April

Continue reading Thai Airways will fly to 64 destinations this winter at Business Traveller.

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What taxes might be raised in the Budget?

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Is Reform UK's plan to get Farage into No 10 mission impossible?
Getty Images Chancellor Rachel Reeves wearing a dark green suit jacket, sitting alongside Prime Minister Sir Keir Starmer wearing a white shirt during the general election campaignGetty Images

Chancellor Rachel Reeves has warned that her first Budget will involve “difficult decisions” on tax, spending and benefits.

Shortly after Labour took power, Reeves said the government would have to increase taxes to plug what it claimed was a £22bn “hole” in the public finances.

Earlier this month, government sources said the chancellor was looking to make tax rises and spending cuts to the value of £40bn in the Budget, which will take place on 30 October.

Labour has ruled out raising taxes on “working people”, including VAT (value added tax), income tax and National Insurance.

So which taxes might go up?

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1. A ‘stealth tax’

One option is though what has been dubbed a stealth tax – a means of raising revenue which is not explicitly labelled or intended as a tax.

Paul Johnson, director of the Institute for Fiscal Studies (IFS), believes the most obvious solution would be to focus on tax thresholds – the amount of money you can earn before any tax starts to be paid.

Currently the thresholds on income tax and National Insurance are frozen until 2028, a policy brought in by the previous government. The chancellor is now said to be weighing a plan to continue the freeze beyond that.

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The policy amounts to a tax rise because of a process called “fiscal drag”, which sees more people “dragged” into paying higher rates of tax as their wages rise.

The Resolution Foundation, a think tank that aims to improve living standards for low-to-middle income families, calculates the current freeze will generate about £40bn of revenue by 2028.

Reports suggest extending the freeze could raise an extra £7bn a year.

2. Employer National Insurance contributions

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While the Labour Party’s election manifesto ruled out raising National Insurance (NI) it appears increasingly likely that NI payments made by businesses will rise.

The chancellor has given signals that employers will face higher NI contributions, and Prime Minister Sir Keir Starmer has not ruled out the rises either.

Employers pay NI at a rate of 13.8% on all employees’ earnings above £175 per week, but pension contributions made by employers are currently exempt from the levy.

Treasury officials are reportedly exploring NI on employer pension contributions to raise revenue.

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Businesses have hit out over a potential change, arguing it will make hiring staff and creating jobs harder.

3. Inheritance tax

The government is considering changes to inheritance tax in order to raise more money, the BBC understands.

It is not known how many people are likely to end up paying more, nor how much more they would pay.

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It is understood the prime minister and the chancellor are considering multiple changes to the tax, which currently includes several exemptions and reliefs.

Inheritance tax, currently paid at a rate of 40%, is charged on the part of a deceased person’s estate above a threshold of £325,000.

But it only applies to fewer than one in 20 estates.

No tax is paid if the estate is valued at less than £325,000, or if anything above this threshold is left to a husband or wife, civil partner, charity, or a community amateur sports club.

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And if a home is part of the estate and a person’s children and grandchildren stand to inherit it, the threshold can go up to £500,000.

Reeves could raise the rate of inheritance tax, or curb the relief available on certain inherited assets.

Current exemptions and reliefs include rules around gifts that are given while you are alive. Gifts given less than seven years before you die may be taxed.

Other exemptions include agricultural land and pension savings, which can both be inherited tax-free.

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There are also allowances for unquoted shares, which are shares in a business not listed on the stock exchange.

4. Capital gains tax

Another route Reeves could take is to put up capital gains tax (CGT).

This is charged on the profit made from the sale of an asset that has increased in value, with some examples including stocks that are not held in ISAs or second homes.

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CGT is payable by individuals, but also self-employed sole traders, partners in business partnerships and company owners, among others.

It starts at a rate of 10% (or 18% on residential property) on profits above £3,000. It then rises to 20% on any amount above the basic tax rate, or 24% on residential property.

Critics point out that CGT rates are substantially lower than income tax. They say this can benefit wealthier people and Reeves could opt to level the playing field or cut some CGT tax breaks for businesses.

There has been speculation that rate could be increased in the Budget, although the prime minister appeared to dismiss suggestions that it could rise as high as 39%.

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Industry groups have warned that increasing CGT could hit those at the centre of Labour’s plans to grow the economy.

“No government at all serious about growth would hike CGT on entrepreneurs selling a small business,” Tina McKenzie from the Federation of Small Businesses (FSB) told the BBC.

5. Fuel duty

Fuel duty is a tax that is levied on purchases of petrol, diesel and other fuels – the level it is set at should have an impact on what drivers pay at the pumps.

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The levy is a “significant source” of revenue for government, according to Office for Budget Responsibility, with £24.7bn expected to have been raised in 2023-24.

But fuel duty has not been raised in more than a decade. Between 2012 and 2022 it was frozen at the same level.

In March 2022, the then Conservative chancellor Rishi Sunak cut it by 5p a litre after Russia’s invasion of Ukraine led to record pump prices.

However, some motoring groups have argued this cut – which is due to end in March next year – has not been passed on to drivers.

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This has prompted the RAC to suggest the cut should be scrapped by Reeves in the Budget, and the prime minister has not ruled out a rise in fuel duty in the Budget.

Simon Williams, head of policy at the RAC, said the motoring group had reached the conclusion the chancellor “has no option but to put fuel duty back up”.

Reeves “knows the 5p discount is losing the Treasury £2bn a year,” he said.

6. Reduce pension tax relief

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When people or their employers pay into private pension pots, they receive tax relief on these contributions, up to set limits.

The relief allows some of a person’s earnings that may have been taken by government in tax to go into their savings for retirement instead.

Under the current system, savers receive tax relief at the same rate as their income tax – meaning basic rate taxpayers receive relief at 20% and higher rate taxpayers at 40% or 45%.

In the run-up to big political events like the Budget, Tom Selby, director of public policy at AJ Bell, says that there is often speculation that a flat rate of pension tax relief could be introduced, although reports have suggested this is now an unlikely move.

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A change would mean the system is less generous for higher earners, but the IFS has suggested this could raise “billions” for the government.

Some opponents have said, however, this could dissuade people from saving for the future and might be difficult to implement.

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Global real estate investment turnover set to reach $747bn this year, Savills claims

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Global real estate investment turnover set to reach $747bn this year, Savills claims

The research reveals that global investment will increase 7% up on 2023, as UK turnover is predicted to reach around $56bn in 2024, up 20% on 2023 levels.

The post Global real estate investment turnover set to reach $747bn this year, Savills claims appeared first on Property Week.

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What the world thinks of Harris versus Trump

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What the world thinks of Harris versus Trump

Strongman leaders around the globe would welcome a victory for the Republican former president

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How to Prepare Your UK Business for Corporation Tax Deadlines

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Managing your business in the UK comes with a wide array of responsibilities, and one of the most important tasks is staying on top of your corporation tax obligations. The process can seem daunting, but with proper preparation and an understanding of the deadlines, you can ensure that your business remains compliant and avoids any unnecessary penalties. This guide will provide a step-by-step approach to help you prepare for corporation tax deadlines and streamline your business processes.

Understanding Corporation Tax

Corporation tax is a mandatory tax that UK-based companies and organisations must pay on their profits. All limited companies, as well as some clubs, societies, and associations, are required to pay this tax. The current corporation tax rate is set by the UK government and can vary from year to year, so it’s essential to stay updated on any changes.

Corporation tax differs from personal taxes in that it applies only to profits generated by the business and is calculated based on the company’s annual financial performance. To remain compliant, you must report your company’s profits, file a tax return, and pay any taxes owed by the set deadline.

Know Your Deadlines

The first step to preparing for corporation tax is understanding when your deadlines fall. In the UK, your company’s corporation tax return (also known as a CT600 form) is due 12 months after the end of your accounting period. For example, if your company’s financial year ends on 31st March, your tax return will be due by 31st March of the following year.

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However, it’s important to note that the payment for corporation tax is due earlier—9 months and 1 day after the end of your accounting period. This means that if your financial year ends on 31st March, the tax payment is due by 1st January the following year.

Missing these deadlines can result in fines, interest charges, or even more severe penalties from HMRC (His Majesty’s Revenue and Customs). Therefore, timely preparation is critical.

Use Corporation Tax Software

Corporation tax software is a valuable tool for businesses to streamline the process of calculating, reporting, and paying corporation tax. Designed to simplify complex tax tasks, it helps companies accurately prepare their tax returns by automating calculations, organising financial data, and ensuring compliance with HMRC regulations. 

Using corporation tax software will help you calculate your tax liability. You will need to keep track of your income, expenditure, and purchases of any assets such as computer equipment, furniture, or vehicles. By using this software, businesses can reduce the risk of errors, save time, and ensure timely submission of their tax returns, ultimately enhancing efficiency in tax management.

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Step-by-Step Preparation for Corporation Tax Deadlines

1. Keep Accurate Financial Records

To file an accurate corporation tax return, you need to maintain up-to-date and accurate financial records throughout the year. This includes tracking income, expenses, payroll, dividends, and any other financial transactions related to your business.

Consider using accounting software to automate much of the bookkeeping process. Such software can help you organise receipts, invoices, and other documents, making it easier when it’s time to file your corporation tax return.

2. Calculate Your Profits

Corporation tax is charged on the company’s profits, so accurately calculating these is essential. The taxable profit is derived from the revenue your business earns, minus any allowable business expenses and deductions. Common allowable expenses include rent, employee wages, equipment costs, and marketing expenses.

Some businesses may also qualify for reliefs or allowances, such as the Annual Investment Allowance or Research and Development (R&D) tax relief. Make sure you are aware of all deductions available to your business to minimise your corporation tax liability.

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3. Review Your Payment Due Date

As mentioned earlier, corporation tax payment is due 9 months and 1 day after the end of your accounting period. This date can differ from your tax return submission deadline, so it’s important to mark this on your calendar.

Ensure that your business has enough cash flow to cover the tax liability on or before the due date. You can arrange payments online, through direct debit, or by Bacs or CHAPS transfer. It’s always a good idea to set reminders or schedule payments in advance to avoid last-minute issues.

4. Submit Your Corporation Tax Return Online

The UK government requires businesses to submit their corporation tax returns online through the HMRC website and activate their corporation tax service. You will need to register for HMRC’s online services if you haven’t done so already. When submitting, ensure that your CT600 form is fully completed, including details of your company’s profits, expenses, and any applicable tax reliefs.

Once submitted, HMRC will review your return, and any discrepancies or mistakes could lead to penalties or delays, so double-check your figures before submission.

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What Happens if You Miss a Deadline?

Missing a corporation tax deadline can result in penalties. If you file your tax return late, you could face an automatic fine of £100. Further delays may lead to additional penalties, and HMRC will charge interest on any late payments. In extreme cases, continuous non-compliance could trigger an investigation by HMRC, which may lead to larger fines or legal action.

To avoid such consequences, it’s crucial to plan ahead and ensure that all corporation tax obligations are met on time.

Conclusion

Preparing for corporation tax deadlines doesn’t have to be a stressful process. By staying organised, keeping accurate financial records, and understanding your business’s obligations, you can manage your tax responsibilities with confidence. Making timely preparations will ensure that you remain compliant with HMRC and avoid any costly penalties.

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Volkswagen Finance fined £5.4mn for failing to treat customers fairly

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Financial regulators have issued Volkswagen Finance, the motor lending arm of the car manufacturer, with a £5.4mn fine for failing to treat customers in financial difficulty fairly.

The Financial Conduct Authority on Monday said that between 2017 and 2023, the company had failed to understand borrowers’ circumstances and support them accordingly. It added that Volkswagen Finance had agreed to pay more than £21.5mn in redress to about 110,000 customers who may have suffered harm because of those failings.

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The lender had taken cars away from some vulnerable customers without appropriately considering other options, the FCA said, risking “people being put in a worse position, particularly if they relied on their car to travel to work”.

The watchdog said the lender had made “limited, if any, attempts to call customers before taking their car away” and did not entertain forbearance including when customers had made reasonable offers to pay arrears.

“For many, a car is not a nice to have but a necessity for work or for family life,” said Therese Chambers, joint executive director of enforcement and market oversight. “Volkswagen Finance made tough personal situations worse by failing to consider what those in difficulty might need.”

Volkswagen Finance’s failings were “compounded by poor templated and automated communications”, said the FCA. The findings resulted in the lender setting up a redress scheme to compensate customers and introducing a new debt collection model.

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In one instance, the lender sent “correspondence that [a borrower] considered to be threatening” just two weeks after he told the company that he had recently tried to take his own life, according to a case study set out by the FCA. An agent he spoke with displayed “a lack of empathy” through sarcastic remarks, while it took 11 months to formally flag him internally as a vulnerable customer, the watchdog said.

Volkswagen Finance said it had made “significant adjustments” in recent years to improve its service.

“We are in the process of concluding our remediation efforts as we continue to provide goodwill payments to affected customers and apologise for any detriment caused.”

The fine, which follows a wider review of lender’s treatment of borrowers in difficulty, comes as the financial watchdog is also investigating the potential mis-selling of historic car finance loans. The FCA is probing a practice banned in 2021 that allowed car dealers to set their own interest rate on repayment plans.

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Volkswagen Finance is one of the UK’s largest motor finance providers, lending to buyers of a range of motor brands including Volkswagen, Škoda and Porsche. 

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