Millions of people are to receive rebates from HM Revenue & Customs (HMRC) for paying too much tax but many others are to be hit with bills having underpaid.It is estimated that six million people will be paid back an average of £400 because they have paid back more tax than they owe. But a million more people will be hit with an unwelcome tax bill, with letters expected to be sent out in the next couple of months. It is thought that people that have underpaid will be asked to pay back between £500 and £600. The problems have been caused by a new computer system at HMRC, which also saw millions of people either owing or being owed money last year. In fact, the repayments or shortfalls relate back to the 2007-08 financial year, with the effort to correct the errors set to cost the Government around £2 billion. It is hoped that the number of inaccurate cases will diminish as problems with the new computer system are ironed out. People that receive a letter telling them they are entitled to a rebate can expect to receive a cheque in the following two weeks. But those facing repaying more tax will not be expected to do so in one hit. Most will have instalments taken from their tax codes in 12 monthly instalments, beginning in April 2012, although shortfalls can be paid back over two or three years in some circumstances. Tho Read more…
I read this story last night in William Bennett’s The Book of Man: Readings on the Path to Manhood* and thought it was worth sharing. I googled this story to determine its authenticity. Turns out it appears it might be a fabrication—or at least the form that it is written about here (consider the source though, RadicalReference is a “collective of volunteer library workers who believe in social justice and equality.” Regardless, the point of the story remains in that it is not the government’s job to be charitable.
Originally published in “The Life of Colonel David Crockett,” by Edward Sylvester Ellis.
One day in the House of Representatives a bill was taken up appropriating money for the benefit of a widow of a distinguished naval officer. Several beautiful speeches had been made in its support. The Speaker was just about to put the question when Crockett arose:
“Mr. Speaker–I have as much respect for the memory of the deceased, and as much sympathy for the sufferings of the living, if suffering there be, as any man in this House, but we must not permit our respect for the dead or our sympathy for a part of the living to lead us into an act of injustice to the balance of the living. I will not go int
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On Tuesday, Chicago-based architect Jeanne Gang—owner of the architecture firm Studio Gang—made the list of 22 fellows to receive a grant from the John D. and Catherine T. MacArthur Foundation. The MacArthur grant, commonly referred to as a “genius” grant, will provide Gang with $500,000 over the course of the next five years. The Harvard-educated architect has garnered widespread attention since founding her firm in 1997, wowing urban residents with her dynamic buildings that combine daring design with environmentally friendly aspects.
For Gang, already a highly successful and renowned architect (perhaps best known in Chicago for the innovative Aqua Tower), the grant will allow her to pursue projects that, until now, have suffered from a lack of funding. According to her, the prize money will provide welcome sustenance to her firm, affording them with the opportunity to “continue research and experimental work that is not directly tied to a particular project—and therefore not funded.”
Gang’s Chicago masterpiece, the $475 million Aqua Tower, stands proudly along the Chicago River as a symbol of her unique architectural style and environmental consciousness. Based on the hi
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US health insurance giant Cigna Corp. has announced plans to buy UK-based travel insurance provider, FirstAssist Insurance Services.
The firm is currently owned by Barclays Private Equity and is being targeted by Cigna in a move to expand its business offerings outside the US.
FirstAssist employs some 480 people and has three million customers in the UK. Cigna claims that a takeover of the UK firm will help it to move into the UK market, as well as helping it to expand elsewhere. As well as travel insurance, FirstAssist also offers health and employment cover, as well as legal insurance.
Cigna offers insurance to people living as expats outside their native countries, alongside its regular US health insurance and products offered through several international divisions.
Cigna’s International divisions president, William Atwell, said, This acquisition closely aligns with our growth strategy and mission to help the customers we serve improve their health, well-being and sense of security.
We have made great strides in the travel insurance sector and will benefit further from Cignas long-term commitment to growth,’ he added. The
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I put the following graphic together to show you the impact that August 2011 is having on the history of the S&P 500 Index. It’s pretty interesting.
The second column shows the average, median, standard deviation, and geometric average for ALL August months through 2010. The third column shows the same stats for ALL August months through August 19, 2011. The fourth column shows the difference between the other two columns. Pretty significant difference.
Of course, there is still a week left in August and these numbers could change dramatically. W
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