Fears of academic exodus over Darling’s ‘non-dom’ tax

first_imgGovernment proposals to introduce new taxes for non-domicile workers living in the UK has created concern among foreign academics at Oxford.Under the new system, currently being championed by the Chancellor, Alastair Darling, non-domiciled residents would have to pay tax to the UK government on their offshore income unless they agree to an annual levy of £30,000.The proposals have caused anxiety in the academic community as critics of the new tax system have argued that it could drive foreign academics back to their home countries, making it harder for university faculties to secure funding and donations from international sources. Oxford’s pool of foreign academics have responded to the news with mixed reactions. Arietta Papaconstantinou, from the Faculty of Oriental Studies, said,“There are number of academics here who come in after having completed their doctorates abroad, so this legislation would certainly affect us.“There have already been problems with this system [non-domicile taxation] in French universities, where  we saw people running from academic bases [after taxes were increased].“This legislation would be very bad for visiting Fellows in the colleges, most of whom are on paid sabbatical leave,” she added.Professor John Muellbauer said that there would be “serious implications for non-domiciles” were the government’s proposals to be introduced.“I imagine there would be some people who would be badly affected by [this tax]. I’d be most worried about the implications for teaching at Oxford, [it] being an international university.”Professor Peyton Young, James Meade Professor of Economics, is an American working at Oxford. He said, “I moved to Britain with the expectation of [tax] arrangements staying the same. It would be a nasty surprise to have the law changed so suddenly and without much thought.”A report in the Financial Times of the 21st February included comments from Julian Birkinshaw, Deputy Dean of the London Business School, who expressed concern that the tax proposals would damage the international composition of academics in the UK. But the report was quickly followed by the publication of a letter from Christopher Joubert, who disagreed with the opinion that the London Business School would be adversely affected by any non-dom taxation.“As an alumnus of the London Business School I am embarrassed by Julian Birkinshaw’s attempt to jump on the non-dom bandwagon by arguing that the school’s standing is threatened by the effect of the proposed taxation arrangements on overseas staff […] The school should be paying its staff post-tax salaries of a level sufficient to attract and retain them, irrespective of their tax status.”Knick Harley, Professor of Economic History at Oxford added, “I doubt it will have any major impact. It certainly didn’t factor in my decision when I took up my post here.“[The proposals] could have an affect if they change the position of donors who might become disenamoured with the UK.”The tax proposals have faced a spate of criticism from the national media. The latest round of debate has focused on the possibility that universities will be short-changed if wealthy non-dom donors decide to leave the country and take their financial support with them.Alastair Darling is expected to unveil the proposals in full as part of his budget next month.Non-Domiciles explainedDaniel M. FeingoldStrategic Tax Planning‘Domicile’ is a legal term which indicates where an individual’s permanent home is located and thereby which national law their personal affairs are subjected to.Someone can claim non-domcile status if their permanent home is not the country in which they are currently working or living.As such, under current legislation, non-domiciles are only liable to be taxed on sources of income and capital gain which they bring into the UK from outside.Assets which remain in their home countries, however, are untouched. The chancellor’s proposals would mean that non-domiciles who have lived in the UK for more than seven tax years would have to face paying a tax on their offshore assets or an annual levy of £30,000.The people who are really going to be affected by this are the very wealthy or the super-rich, who will be able to pay the £30,000 annually as a cheaper option than paying tax.For academics, the real concern is if such welathy people decide to re-locate away from institutions like Oxford and therefore feel less inclined to support or provide donations to the university.”Cherwell News Teamlast_img read more

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Marzipan knits

first_imgYou are surely dying to know the answer to the question ’how do you combine the twin retro obsessions of cupcakes and knitting in one fell swoop?’ Well bait your breath no longer, because the answer lies with marzipan, as witnessed at veganyumyum.com. These cupcakes were baked for – what our American cousins quaintly call – a “Knit Night”. They’re now more commonly known by trendy types over here as “Bitch and Stitch” evenings.last_img

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Free form-filing help

first_imgFeb. 18 from 2 to 4 p.m.Rupured and UGA Extension county agents will be among the volunteers working the program Feb. 18 from 2 to 4 p.m. It will be offered at the same time in at 12 places statewide from Dalton to Waycross. A list of sites is at www.collegegoalsundayga.com.This is the first year Georgia has taken part in the national program.Volunteers will help families complete the Free Application for Federal Student Aid. The FAFSA form is required for any student seeking federal and state financial aid, including grants and loans at all U.S. colleges. By Sharon OmahenUniversity of GeorgiaApplying for financial aid for college can be confusing, especially with the paperwork that’s required. Georgia parents and students can get free help with this task through the College Goal Sunday program.College Goal Sunday is a statewide volunteer program, said Michael Rupured, a University of Georgia Cooperative Extension financial expert. It provides free information and help to students and families applying for financial aid for higher education. Focus on minority, low-income students”The purpose of College Goal Sunday is to help minority, low-income and first-generation students get into college,” Rupured said. “Through a grant process funded by Lumina Foundation for Education, College Goal Sunday has assisted thousands of families with access to higher education.”Parents and students should bring their latest tax information or their last paycheck stub from 2006. Students under 24 should also bring a parent or guardian.To learn more about College Goal Sunday, see the program’s Web site at www.collegegoalsundayga.com.The College Goal Sunday program was created by the Indiana Student Financial Aid Association with funding from Lilly Endowment, Inc., and with supplemental support from Lumina Foundation for Education.last_img read more

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Rothesay Life to raise £500m in preparation for DB insurance deals

first_imgRothesay has only publicised one of its deals completed since the start of July: a £520m buy-in with the Cadbury Mondelēz Pension Fund.Rothesay Life CEO Addy Loudiadis said: “Rothesay Life has a strong history of being disciplined but agile in both investment markets and in new business origination. Balance sheet strength and considerable shareholder support allow us to execute on our conviction that there is an exceptional opportunity to write business in the defined benefit de-risking market this year.“While the political and economic backdrop clearly presents challenges, we believe there will also be opportunities for strong institutions which are risk managed well. We expect this to be a record year for new business for Rothesay Life and to finish 2019 as the third largest annuity provider in the UK.”As of 30 June 2019, the group had £37.7bn of assets under management through insuring DB schemes, making it the fifth largest pension provider in the UK by assets, according to IPE’s Top 1000 Pension Funds survey. L&G insures law firm’s DB fund US law firm Edwards Wildman Palmer was a fiduciary management client of L&GLegal & General (L&G) has agreed a £35m buyout for the UK DB scheme of US law firm Edwards Wildman Palmer.The scheme was a client of L&G’s fiduciary management business, part of Legal & General Investment Management (LGIM), which allowed the scheme to invest in “buyout aware” funds offered by LGIM.Philip Bush, chairman of the scheme’s trustee board, said: “We have worked closely with the fiduciary management and buyout teams at Legal & General to develop our asset strategy to target buyout and their support allowed us to achieve our objective in a timely, efficient manner. We look forward to continuing to work with Legal & General as they take on responsibility for paying our members’ benefits.”Julian Hobday, director of pension risk transfer at L&G added: “This transaction is an example of our teams working seamlessly together to ensure that our customers can easily benefit from the full range of services we offer.“Combining our buyout and fiduciary management propositions enabled us to leverage the breadth of Legal & General’s capabilities to achieve the trustees’ objectives and smoothly transition to buyout.” Specialist defined benefit (DB) pension insurer Rothesay Life plans to raise £500m (€561m) from its shareholders to fund a bumper period for new transactions, it announced yesterday.The insurance group said it expected to write more than £10bn of new business during 2019, having “several significant bulk annuity transactions” in the pipeline. It completed £3.7bn of bulk annuity business since the start of July, bringing its total new business volume for 2019 so far to £4.4bn.If it hits this target, it would mark a record year for new business for Rothesay Life. “Balance sheet strength combined with substantial new equity capital being contributed by our shareholders will help Rothesay Life to take advantage of unprecedented opportunity in the defined benefit buy-in and buyout market,” the company said. “Rothesay Life’s shareholders will contribute at least £500m in new equity to support this.”last_img read more

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Dolphins make it official, name Brian Flores as new coach

first_img Related News Super Bowl 53: Why the Patriots will win The Dolphins made it official Monday, naming Patriots linebackers coach Brian Flores their new head coach.“Two things that stand out immediately when you meet Brian are his football intelligence and leadership skills,” Dolphins GM Chris Grier said in a statement. “Brian is widely respected throughout the NFL. … If you talk with anyone who has played for him or worked with him, you will hear about his ability to lead and get the most out of people.” Welcome to Miami, Brian Flores! Flores is the 13th head coach in franchise history.Read More: https://t.co/W2cya0hU9d— Miami Dolphins (@MiamiDolphins) February 4, 2019It had been reported in early January that the Dolphins were expected to pick him as their new coach. Miami couldn’t make his hiring official until the Patriots’ postseason was over.”To be a head coach in this league is a dream come true, to be head coach of the Miami Dolphins is a dream come true. This is a great organization with a great history, with a great fan base and I’m excited to be here,” Flores said. Flores, 37, spent 15 seasons with Patriots, helping them to four Super Bowl titles, including Sunday’s 13-3 victory over the Rams in which his defense became only the second in Super Bowl history to hold its opponent without a touchdown. He has been serving as the Patriots’ de facto defensive coordinator this season.He reportedly has already assembled much of his coaching staff, likely hiring Packers assistant Patrick Graham as defensive coordinator and former Lions and Colts head coach Jim Caldwell as assistant head coach and quarterbacks coach. Multiple reports say longtime Patriots wide receivers coach Chad O’Shea will be Miami’s new offensive coordinator.Flores replaces Adam Gase, who compiled a 23-25 record in three seasons in Miami before being fired Dec. 31.last_img read more

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