Busted By London Traffic Cop, Hillary Clinton Gets No Special Treatment
The measure includes manor houses, defined by Knight Frank as a large property standing in extensive grounds; farmhouses, which typically have six bedrooms and several acres of land including garden, paddock and barns; and cottages, which normally have four bedrooms and about an acre of land. While demand for properties within commuting distance of London was strongest, prime country homes in every region of England climbed for the first time in two-and-a-half years during the quarter, according to a reported published by Savills Plc last week. Last Chance This is your last chance to buy before stock goes down and prices really start to rise, Yolande Barnes , director of residential research at the London-based broker, said by phone. Current offerings of theirs include Park Place , an eight-bedroom period house on the edge of Windsor Great Park with cottages and stables on about 15 acres (6 hectares). The property, about an hours walk from Queen Elizabeth II s Windsor Castle and close to English private school Eton College, is priced at 20 million pounds. Savills, along with Hamptons International, is also selling Bayfields Farm, a country house in Hampshire, about 30 miles from Highclere Castle, where TV show Downton Abbey is filmed, for 2 million pounds. The value of U.K. luxury homes had plunged in the wake of the 2008 collapse of Lehman Brothers Holdings Inc. and the ensuing credit freeze and recession. Average prices of homes in Londons most expensive neighborhoods fell 25 percent in 2008, while those in the countryside declined 20 percent, Knight Franks Bailey said. Mortgages of more than 500,000 pounds to home buyers dropped by almost 50 percent between 2007 and 2008, according to the Council of Mortgage Lenders . Affluent Foreigners Londons property market began to recover in 2009, in part because of affluent foreigners seeking a haven from turmoil in the Middle East and the wider European debt crisis.
American companies including Perrigo Co. and Actavis Plc are planning to re-incorporate in Ireland after completing mergers with Irish companies. Irelands corporate tax rate of 12.5 percent is among the worlds lowest. Netherlands Neutrality The Netherlands will be the home of the new company created by the proposed merger of advertising giants Omnicom Group Inc., based in New York, and French rival Publicis Groupe SA. The Dutch corporate tax rate is about 25 percent. Publicis Chief Executive Officer Maurice Levy has said the move to the Netherlands was motivated by the countrys neutrality, not its taxes. The renewed interest in London from companies in a broad range of industries comes as the financial sector retrenches. The number of people employed in Londons financial services firms is likely to decline to 236,000 next year, the lowest level since 1993, according to the Centre for Economics and Business Research. The financial sector, which is overwhelmingly concentrated in the capital, accounted for 11.6 percent of total tax receipts last year, down from 13.9 percent in 2007, according to the City of London. Standard Chartered Some hedge funds and asset managers have quit London for Switzerland, blaming tighter financial regulations. And banking giants HSBC Holdings Plc and Standard Chartered Plc, which have the bulk of their operations abroad, havent ruled out an eventual move to Asia. Still, London growth is outpacing the rest of the country.
under way and I think there will be more, said Angus Winther , a senior adviser at investment bank Evercore Partners Inc. in London. There are huge advantages: you have a vast talent pool, infrastructure, language, and lowered tax rates. Last year 45 foreign companies moved their global or regional headquarters to London, up from just 25 in 2009, data from research group FDI Markets show. Among the moves this year: General Electric Co.s oil and gas unit, which is departing Florence, Italy. Tax Rates While Londons many cultural opportunities, theater and good restaurants are a draw, a series of cuts in corporate income tax rates by the Conservative Party -led government has been a key motivating factor. The U.K.s base corporate rate is now 23 percent, down from 28 percent in 2010. By 2015, the rate will drop to about 20 percent, compared with about 29 percent in Germany and about 33 percent in France. The U.S. rate is 40 percent, though deductions mean few companies pay that amount. Five or ten years ago, a lot of companies were thinking about moving to places like Ireland or the Channel Islands, said Dan Schuster-Woldan , a partner at law firm Linklaters . Things have changed. There are now fewer companies going that route because the tax differential is lower. Tax Neutral Noble is one example. Chief Executive Officer David Williams said in July the move would be tax-neutral for the company — showing how U.K. tax changes have made the country comparable with Switzerland.
London Luring Foreign Companies With Low Taxes as Banks Retrench
Secretary of State Hillary Clinton gets ready to answer questions from a Chatham House audience, on Oct. 11, 2013, in London. (Peter Macdiarmid/Getty Images) Reported by ABC News Gemma Perlin: LONDON Hillary Clinton, in London last Friday to pick up a prize in recognition of her significant and impressive contribution to international diplomacy, was busted by a London traffic cop for an illegally parked Mercedes. Despite the raised voices of Clintons bodyguards, the parking police remained unfazed and would not retract the ticket, reported the Daily Telegraph. Daniel Astaire, a councillor for the borough that Clinton parked in, told ABC News that Clinton would receive no special treatment. The former U.S. secretary of state was parked for nearly 45 minutes without paying. Im sure she will understand that we have to be fair to everyone, regardless of their status on the world stage. Clinton was fined $128, but if she pays the ticket within 14 days, it will be knocked down to $64. The American Embassy in London, which owes $12.5 million in its own parking fines, according to figures from Foreign Secretary William Hague,would not comment on Clintons parking ticket, explaining that she was now a private citizen. Hillary will know as a former diplomat, one must get all their facts together, look for evidence, make an appeal quickly and perceive, Barrie Segal, a U.K. parking ticket expert, told ABC News.If that fails, I am happy to give her mobile number and chat about it.