The Sunday Times: RBS to offload Hoare Govett as new cuts bite
Thousands of jobs could be put at risk as taxpayer-backed Royal Bank of Scotland examines plans to sell or close its stockbroking arm Hoare Govett. The proposal was discussed by the Bank's board last Wednesday, because of the dismal market conditions, new capital requirements and the reforms proposed by the Independent Commission on Banking.
The Independent on Sunday: Exxon woos GKP to boost Kurdish base
US oil supermajor Exxon Mobile has sounded out London-listed Gulf Keystone Petroleum over a possible deal that could value the Kurdistan-focused group at around £7bn. GKP is sitting on what is considered to be one of the world's great recent oil finds, Shaikan, about 50 miles north-west of the capital, Erbil. The regional government is seeking a supermajor on board to properly fund and develop the field.
The Mail on Sunday: Tax raid on small firm retirement nest eggs
Family-owned small firms are to be stripped of a longstanding concession which has allowed them to pay capital gains tax rather than income tax on the proceeds of the sale of a business. Capital gains tax is charged at 18-28 per cent while income tax ranges from 40-50 per cent. More than 300,000 small businesses could be affected by the change, which is due to come into force next March.
The Sunday Telegraph: Inquiry launched into HMRC tax deals with Goldman and Vodafone
The National Audit Office is poised to investigate corporate tax deals agreed by HM Revenue & Customs that are alleged to have cut companies' bills by billions of pounds. Its investigation will follow this week's highly critical report from the Public Accounts Committee into agreements struck between HMRC and companies.