Month: September 2024

Next’s chief executive, Lord Wolfson, has sold a £29m stake in the retail giant ahead of potential changes to the capital gains tax (CGT) system, expected in Chancellor Rachel Reeves’s maiden Budget next month.
New filings reveal that the Conservative peer offloaded 290,000 shares between Friday and Tuesday, valuing his total stake at £29.2m. Prior to this sale, Lord Wolfson owned approximately 1.4 million shares, equating to a 1.2% stake in Next, valued at around £141m.
The company has declined to comment on the sale. Following the announcement, Next shares dropped by 2%.
The timing of the sale has raised speculation, as Reeves is anticipated to target CGT in her upcoming Budget, potentially aligning it with income tax rates. Currently, higher earners pay up to 45% on income but are subject to CGT rates of 20% for assets like shares and 24% on property gains. Basic-rate taxpayers face 10% and 18%, respectively.
Many investors have been rushing to sell assets before any changes take effect. Duncan Mitchell-Innes of TWM Solicitors noted, “With many expecting CGT increases, we’ve seen a surge in asset sales in recent weeks.”
HMRC recorded its highest August CGT receipts since 2008, with £197m paid by landlords and investors looking to offload assets in anticipation of the tax hike.
This latest sale marks the third time Lord Wolfson has reduced his shareholding, now leaving him with a stake worth around £100m. The disposal follows a remarkable rally in Next’s share price, which has surged by 123% since October 2022.
Next’s performance has outpaced many of its competitors, bolstered by a series of profit upgrades. Earlier this month, the retailer raised its profit forecast by £15m, with pre-tax profits expected to reach just under £1bn, fuelled by growing international sales.
The company has credited the convergence of global fashion tastes, driven by trends popularised through streaming services like Netflix and TikTok, as a key driver of its success.
Read more:
Next CEO sells £29m stake as capital gains tax reforms loom under Reeves

At the recent 2024 Global Search Awards, rugby news platform, RugbyPass, was named the winner of two hotly contested and highly coveted awards – the ‘Best Use of Content Marketing’ and ‘Best Use of PR’.
RugbyPass, alongside its partnered digital agency, Another Concept, were recognised in these categories for their campaign work during the 2023 Rugby World Cup.
The content marketing award entry was primarily for RugbyPass’ custom-built, on-site interactive content tools that allowed users to select and share their predictions and greatest line-ups for the sport’s flagship tournament.
These ‘picker tools’ and their supporting, search-led content saw big engagement for existing and new audiences, increased keyword rankings and huge traffic numbers. Additionally, the PR award was for the promotion of these tools to international audiences. This was achieved by utilising the views and expertise of rugby legends to create interesting and engaging stories which cut through the noise, in what was a highly competitive news cycle during the tournament.
First launched in 2011, the Global Search Awards is one of the leading awards events in the digital and online arena. It welcomes entries from companies and agencies across the world who wish to showcase their exemplary search strategies and results. This year’s event, held in Kraków, Poland, was no exception, with the competition being nothing short of fierce, particularly within the two categories where RugbyPass emerged as eventual winners.
The judging panel – a large contingent of digital experts from around the world – also offered glowing feedback to RugbyPass and its supporting team, championing the creativity involved in their entries:
“[RugbyPass] excelled in creating original content by leveraging the expertise within their team and emphasising EEAT. Their strategy showcased a clear sense of individuality and they have achieved incredible results.
“The strategic use of digital PR, SEO and interactive content tools showcase a creative and engaging way to capture audience interest and drive sign-ups. Their engaging and well-thought-out approach to content not only delivered compelling PR opportunities, but also served dual purposes, all accomplished with a quick turnaround.”
Speaking about the two honours, RugbyPass’ Head of Product, Tom Rendell, who was also in attendance at the ceremony, offered these comments:
“We’re absolutely delighted to have won these two awards. It’s incredibly satisfying to see all the hard work the team put into these campaigns to be recognised like this on the global stage and lauded by the judging panel. This level of content quality is something we strive for here at RugbyPass across all our channels and I believe this is just the start of many more awards to come.”
Another ceremony attendee, and the person responsible for campaign oversight, was RugbyPass’ Head of SEO, Kim Ekin, who said: “From the pre-planning stage of our Rugby World Cup campaign, the teams at RugbyPass and Another Concept considered user experience from end to end, researching search intent, historic keyword rankings and user need. We then used this data to uncover what would deliver unique, interesting and performant content – it’s testament to this process which led to both excellent results for our site, and two international awards.
“We knew how competitive the landscape was during one of the world’s biggest sporting tournaments, so achieving these results – particularly with the PR coverage – demonstrates the incredible drive, expertise and dedication of all involved.”
Read more:
RugbyPass scores major double win at the 2024 Global Search Awards

Marlow Foods, the parent company of plant-based brand Quorn, has reported a £63m loss as demand for meat alternatives continues to wane.
Sales fell by 6.9% to £205m in the last financial year, prompting the company to shed nearly 100 jobs as part of a restructuring programme. Quorn’s sales across retailers dropped 8.6% in the 12 months leading to December 2023, reflecting a broader decline in the popularity of veganism in the UK.
The downturn comes as inflation and rising costs for energy and ingredients put additional strain on the company. Marlow Foods’ overall workforce decreased from 934 to 874 last year as it sought to control costs amid a challenging market environment.
Marlow Foods’ CEO, Marco Bertacca, acknowledged the difficulties, stating, “Twenty twenty-three was a challenging year where high inflation and interest rates continued to put pressure on consumers and on the cost of producing our great food.” He added that despite efforts to minimise price increases, the company’s attempts to maintain affordability led to losses.
The slump in the plant-based industry has affected other brands as well, with companies like Meatless Farm and VBites collapsing into administration. Market data shows sales of chilled meat alternatives fell by 9.7% in the 12 months to May, further reflecting the industry’s struggles.
Despite the challenges, Bertacca remains confident in Quorn’s mycoprotein technology, which uses a fermented fungus to create protein-rich alternatives: “We truly believe that there’s nothing quite like mycoprotein. Fungi and fermentation can be the protein solution the planet needs.”
Read more:
Quorn parent company suffers £63m loss as demand for plant-based products falls

HMRC should implement standardised tax regulations for gifts to ensure they apply equally to all taxpayers, including politicians, according to tax and advisory firm Blick Rothenberg.
Robert Salter, a Director at the firm, has called for greater clarity and consistency in gift taxation, noting that while media personalities and social influencers are taxed on gifts, politicians often receive gifts tax-free.
Salter pointed out that gifts given to politicians, sometimes job-related, are not treated as taxable income by HMRC, despite similar gifts being subject to tax in other sectors. He emphasised that while current laws are complex, neither donors nor recipients are breaking any laws if gifts are not declared as taxable income.
Salter argues that applying consistent rules across all industries would simplify the current system, which requires case-by-case analysis. He proposed that HMRC should introduce clear, standardised rules, while also considering a sensible de minimis threshold (e.g., gifts exceeding £1,000 in a tax year) to prevent minor gifts from triggering tax liabilities.
Read more:
HMRC urged to standardise gift tax rules across all industries, including politicians

HMRC has reported a significant 21% drop in research and development (R&D) tax credit claims for the 2022/23 tax year, with the number of claims falling to 65,690 from 83,240 in the previous year.
Nikhil Oza, Partner at UHY Hacker Young, attributes the decline to HMRC’s increasingly stringent claim processing, which is discouraging small businesses from applying for tax relief they are entitled to.
Oza criticised the complex barriers now in place, including a time-consuming additional information form and the need for first-time claimants to notify HMRC in advance, which have led to many businesses missing out on valuable tax relief. He warned that HMRC’s overly cautious approach to weeding out fraudulent claims is hampering legitimate growth businesses and stifling innovation.
Oza emphasised the importance of ensuring that tax relief schemes for R&D are processed efficiently to encourage UK businesses to continue innovating and driving economic growth. He cautioned against excessive red tape, which risks further hindering the UK’s already lagging R&D spend compared to international competitors.
Read more:
HMRC crackdown causes 21% drop in R&D tax credit claims, stifling innovation

Meta Platforms has paused the launch of its latest artificial intelligence technology in Britain and the European Union due to concerns over fragmented AI regulations.
While the new AI products, including smart glasses and a digital assistant, will be rolled out in the US, Canada, Australia, and New Zealand, Europe faces delays.
Meta cited uncertainty around the data that can be used to train AI models as the reason for the stalled launch. An open letter from 59 technology companies, including Meta, warned that Europe risks falling behind in the AI race due to inconsistent regulation. The signatories, which also included Ericsson and Spotify, argued that Europe has become less competitive compared to other regions.
Meta AI is expected to launch in the UK ahead of the EU as the company proceeds with plans to use public content shared by adults on Facebook and Instagram to train its AI models. However, the Information Commissioner’s Office has raised questions about the data usage, leading Meta to simplify the process for users to opt out of data processing. In the EU, regulators have said Meta’s plans do not meet privacy and transparency requirements.
Meta CEO Mark Zuckerberg revealed at the company’s Connect conference that Meta AI, the company’s rival to OpenAI’s ChatGPT, already has 400 million monthly users, despite not being available in Europe. He also introduced the first prototype of Meta’s augmented-reality glasses, Orion.
Read more:
Meta delays AI launch in UK and EU amid regulatory uncertainty

Private schools in Wales could lose their charitable status from April 2024 under new proposals set out by the Welsh Labour government.
The move would require fee-paying schools to pay domestic rates, a change expected to bring in an additional £1.3 million per year. This comes on top of UK-wide plans to impose VAT on private school fees, which will also affect Welsh schools.
Welsh finance secretary, Mark Drakeford, argued that the proposed changes would bring Wales in line with Scotland, where private schools lost charitable status in 2022, and would align with similar moves planned in England. Currently, 17 of the 83 private schools in Wales receive charitable non-domestic rates relief, which Drakeford believes creates an unfair advantage.
“We believe that independent schools with charitable status in Wales should be treated in the same way as those which are not charities,” Drakeford said, justifying the proposal as a way to redirect funds into local services.
However, concerns have been raised that these tax changes, including Sir Keir Starmer’s planned VAT on private school fees, could lead to a significant drop in private school enrolment. A recent Saltus Wealth Index report found that nearly 23% of parents might withdraw their children from private education, potentially shifting 140,000 children into state schools across England and Wales. Critics argue this would overwhelm the public education system and result in higher costs for taxpayers.
Tom Giffard, Welsh Conservative shadow education minister, criticised the proposals as short-sighted. He warned that pushing children into an already strained state school system would increase class sizes and place additional pressure on teaching staff.
The Welsh government’s consultation on removing charitable status for private schools will run for 12 weeks until December 16.
Read more:
Drakeford plans new tax hit on private schools in Wales

Andy Burnham, Mayor of Greater Manchester, has warned that the North risks facing “Armageddon” unless the HS2 high-speed rail link from Birmingham to Manchester is completed.
He urged Labour leader Sir Keir Starmer to reverse the previous government’s decision to scrap the northern leg of the project, calling for a revised, more affordable version of the original plan.
Speaking at the Labour Party Conference, Burnham explained that terminating HS2 in Birmingham would worsen rail services in the North, forcing slower trains and fewer seats. He argued that if HS2 trains run on the West Coast Main Line (WCML), which lacks the capacity for double-length carriages and high-speed curves, it would result in a “worse train service than we’ve currently got.”
Originally intended to connect London and Manchester, HS2 was scaled back in 2023 under Prime Minister Rishi Sunak to save £36 billion, sparking outrage across the North. Burnham is now pushing for a lower-cost alternative, the Midlands-Northwest Rail Link, which would connect Lichfield to High Legh, near Warrington, and be backed by private investment.
Burnham said this project would resolve regional transport issues at a fraction of HS2’s original cost. He emphasised that Britain risks “sleepwalking toward a transport nightmare” unless investment is made to modernise rail infrastructure, particularly as the WCML and M6 motorway reach capacity.
He also expressed support for extending HS2 from Old Oak Common into London’s Euston Station, stating that “people in the North of England should be able to get into the heart of our capital city.”
Burnham’s comments come as the National Audit Office raised concerns over capacity issues following the cancellation of the northern leg of HS2. He warned that upgrading the WCML alone would be highly disruptive and insufficient to meet future demands.
Read more:
North faces ‘Armageddon’ without HS2 links, warns Andy Burnham

Kiki McDonough, the jeweller favoured by Princess Diana, Kate Middleton, and Queen Camilla, has slashed prices by 20% in a bid to offset the effects of the so-called “tourist tax”.
This summer, McDonough offered the discount to American and Australian shoppers, aiming to alleviate the impact of the 2020 removal of VAT-free shopping for tourists, a move introduced by then-Chancellor Rishi Sunak.
The luxury industry has been vocal about the negative impact of the policy, with McDonough noting a significant drop in American tourists, who form her second-largest market. The 20% discount helped attract foreign customers back to her boutique in London’s Sloane Square. “It’s amazing how many people were then brought back [with the discount],” she said.
The removal of VAT-free shopping has caused tourist spending to shift towards other European countries such as France and Spain, while the UK has seen a decline. McDonough argues that luxury shopping is an essential draw for tourists, with wider economic benefits. “Luxury is not seen as important in this country,” she said, highlighting the ripple effect it has on other sectors, including hospitality and tourism.
While the Office for Budget Responsibility estimates that scrapping tax-free shopping will save £540 million over the next two years, McDonough believes Labour should reconsider reinstating the perk to boost economic growth. She emphasised that it is not just about luxury goods but the broader experience and spending associated with tourism.
McDonough, who founded her business in the 1980s, also expressed concerns about the government’s focus on large businesses at the expense of smaller enterprises like hers. She called for reduced red tape and more support for young entrepreneurs, urging politicians to foster an environment that encourages risk-taking and business growth.
A Treasury spokesperson reiterated that the government faces tough decisions in the upcoming budget, as it aims to address a £22 billion hole in the public finances left by the previous administration.
Read more:
Royal jeweller cuts prices by 20% to counter impact of tourist tax