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Tag: Treasury

Treasury, IRS move to block blue state workarounds on tax caps

Treasury, IRS move to block blue state workarounds on tax caps

Finance
The Treasury and IRS have issued new rules that will block blue states' attempts to circumvent the new $ 10,000 cap on state and local tax deductions. The proposed regulation was released Thursday afternoon. The $ 10,000 limit on the so-called SALT deduction was part of the Tax Cuts and Jobs Act, an overhaul of the tax code, which was passed last year. New York, New Jersey and Connecticut — among the states with the highest property taxes — had put legislation in place to help taxpayers bypass the limit on the deduction. ...
Hammond: Treasury not the 'enemy of Brexit'

Hammond: Treasury not the 'enemy of Brexit'

Business
The Treasury is not "the enemy of Brexit", Chancellor of the Exchequer Philip Hammond has insisted.In a speech in the City of London, Mr Hammond said the UK needed to protect patterns of trade with the EU that had been "built over decades".The chancellor also used his Mansion House speech to confirm taxes will have to go up to boost spending on the NHS.But he said the increase would be partly funded by lower contributions to Brussels post-Brexit. In the past the chancellor has come under fire from supporters of Brexit.Earlier this month Foreign Secretary Boris Johnson called the Treasury "the heart of Remain", in comments to a private dinner. However, addressing a City audience on Thursday, Mr Hammond said the "immediate key" to the UK and London's econom...
Treasury in US talks to speed up huge RBS fine

Treasury in US talks to speed up huge RBS fine

Business
The Treasury has held secret talks with‎ US officials aimed at accelerating a multibillion fine for Royal Bank of Scotland (RBS) that would finally draw a line under its pre-bailout misconduct.Sky News has learnt that officials from the Treasury were due to discuss earlier this week the progress of settlement negotiations between RBS‎ and the Department of Justice (DoJ) over the mis-selling of residential mortgage-backed securities (RMBS).The talks were scheduled just days before the state-backed lender is expected to report its tenth consecutive annual loss - depending upon whether it takes another big charge for the impending DoJ fine.A senior City insider said this weekend that discussions between the Treasury and US officials were aimed at expediting a final penalty for the bank, which