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The Scottish Parliament has passed the Air Departure Tax (Scotland) Bill, which sets out the structure of the devolved air departure tax and how it will be administered by Revenue Scotland when the new tax replaces air passenger duty in Scotland from April 2018. Continue reading
Posted 5 hours ago at Tax
By Louise Taggart, Threat Intelligence Analyst at PwC It has recently been publicly revealed that the group known as APT 28 or Sofacy targeted the Montenegrin government in the run-up to the country’s accession to NATO, something that has been reported on previously in PwC’s subscription threat intelligence reporting. Lure... Continue reading
Posted 7 hours ago at Cyber security updates
By Cathy Brough, Enterprise & Supply Chain Risk Manager at PwC In a rapidly evolving world of threats, Operation Cloud Hopper has highlighted that information security is not only an IT priority, but also an increasing focus area within procurement and supply chain management, with hackers starting to exploit the... Continue reading
Posted 7 hours ago at Cyber security updates
By Graham Oswald Blog snapshot: General insurers should not underestimate the impact of IFRS 17 for insurance contracts There will be significant financial and operational impacts for general insurers General insurers need to invest time now to assess the size of their IFRS 17 project “IFRS17 is the biggest shake-up... Continue reading
Posted 8 hours ago at FSRR
By Tina Hallett It was inevitable that this year’s Queen’s Speech, covering the next two years of Parliamentary activity, would have a heavy focus on delivering the ‘best deal for leaving the EU’. Indeed, 8 of the 27 bills and draft bills appear linked to Brexit. But what was interesting... Continue reading
Posted yesterday at Public sector matters
By David Gimson and James Bowman The dust has yet to settle from the election, and political uncertainty is the new normal. However whatever direction the next six months and the emerging government takes, the fundamentals affecting charities – increased demand, pressure on individual donations, reduced funding from a squeezed... Continue reading
Posted 2 days ago at Public sector matters
By Sir John Grant With the Brexit negotiations starting this week Sir John Grant, former UK Ambassador to the EU and now special adviser to PwC, offers his thoughts on what to expect, and what not to, from the early conversations in Brussels. The British media have always relished painting... Continue reading
Posted 3 days ago at Public sector matters
By Charley Newnham & Gitesh Khodiyar IT outages are nothing new. Just think about your own organisation. You know they happen a lot, they just aren’t as public as some that we’ve seen in the news recently. What happens after an outage is generally dictated by the extent to which... Continue reading
Posted 3 days ago at Resilience and business continuity
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By Hannah Audino and George Mason By 2050, the number of people aged 55 and over in OECD countries will grow to over 500 million. It is great news that we are living longer, but this demographic shift is already beginning to put a significant strain on our public services,... Continue reading
Posted 3 days ago at Economics in business
Amanda Jakes Visitor attractions and theme parks are experiencing increasing pressures from a number of sources. First, customers are tightening the purse strings with uncertainty in the air. Our own consumer sentiment survey showed that 26% of people expect to be worse off this year. So with household budgets stretched,... Continue reading
Posted 4 days ago at Industry perspectives
Delegates to PwC’s Asset Management Tax conference in May understand all too well the challenges they face, from tougher regulation to more demanding tax authorities, and from the difficulties of dealing with data to mounting cost pressures in a market where margins are harder than ever to protect. The good... Continue reading
Posted 4 days ago at Tax
Young professionals quickly and easily compare thousands of options when booking a holiday, and we expect to be able to do the same for financial products. We want to understand our own financial wellbeing and the financial products on offer. As we make our way in the world and develop in our careers, our personal lives, our financial lives, we need, and want, all the help we can get. That’s where you come in, and technology holds the key to understanding and engaging us. Continue reading
Posted 4 days ago at FinTech
By Nick C Jones One week on from a remarkable election result, we are still digesting the impact of a DUP supported minority Conservative government, a return to two party politics and the seismic impact of possibly the first real online election. So what does this mean for the business... Continue reading
Posted 7 days ago at Public sector matters
On 7 June 2017, 68 territories including the UK signed the multilateral instrument (MLI) to effect tax treaty-related recommendations from the base erosion and profit shifting (BEPS) project in existing agreements. Once ratified, businesses and individuals may no longer qualify for double tax relief on a range of cross border... Continue reading
Posted 7 days ago at Tax
By Jonathan Watters Businesses have never had more access to data – and that brings enormous problems as well as benefits. The more data you have, the more difficult it can be to organise. Fortunately, there’s technology available to help. Managing big, data-heavy projects can be daunting. To give just two examples, we’ve worked recently with a company that needed to review its data for thousands of counterparties for compliance with anti-money laundering legislation. The company was given six months to complete the review, which would mean processing, checking and (if necessary) remediating 5,000 case files, each one of which had many supporting documents. In another, we worked with a national government that needed to review more than 1,000 capital projects and decide on a case-by-case basis Continue reading
Posted 7 days ago at The data blog
The shortlist for the seventh annual Private Business Awards, sponsored by PwC, demonstrates the private business sector’s strength across UK regions and industries. Finalists include fashion, food, financial services and healthcare companies amongst many others, selected from hundreds of nominees. The awards were set up in 2011 to celebrate the... Continue reading
Posted 7 days ago at Private business
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By Quentin Cole You may feel that you have just made a tough choice at the ballot box. The reality is, for those working in the NHS, tough choices are part and parcel of a day job which is tiring but inspiring. Healthcare isn’t standing still - new breakthroughs, new... Continue reading
Posted Jun 15, 2017 at Health Matters
By Omar Butt Our Family Office Group specialises in building deals focused relationships with a number of different investors, including family offices, private investment vehicles, family businesses and ultra high net worth individuals (UHNWIs), focusing on deal opportunities in the middle market or larger $250m+ cross border transactions. Given our... Continue reading
Posted Jun 13, 2017 at Deal Talk
Eoin O'Murchu The world is becoming ever more digitally enabled. Since leaving university in 2010 the changes I have experienced have been nothing short of dramatic. I still remember a time when Transport for London (TfL) had a 24 hour manned phone number for directions in London (which was as... Continue reading
Posted Jun 13, 2017 at Industry perspectives
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By Rob Lewis and James Archer In response to an ever changing restructuring market, we wanted to find out what Turnaround Directors had seen and what they thought the future would look like. We surveyed 197 Turnaround Directors to ask them what they think the main causes of distress are,... Continue reading
Posted Jun 13, 2017 at Deal Talk
By Richard Thompson European banks continue to hold more than €1trn of Non Performing Loans (NPLs) Over €50bn of portfolio transactions have either completed, or are in progress as at the end of Q1 2017 Our research shows that, despite huge transaction volumes, European financial institutions continue to hold around... Continue reading
Posted Jun 12, 2017 at Deal Talk
By Elizabeth Stone and Lachlan Roos PwC’s Asset Management Tax conference, held in London on 9 May saw delegates discuss the increasing pressures on asset managers in response to tax and regulatory requirements and the consequent evolution of the tax function in a modern asset management firm. Their conclusion? The... Continue reading
Posted Jun 9, 2017 at Tax
By Laura Cox and Megan Charles With banks still processing the Competition and Markets Authority’s (CMA) Retail Banking Market Investigation last year, the Financial Conduct Authority (FCA) announced its own strategic review of the sector in its Business Plan for 2017/2018, published on 18 April 2017. The FCA gave further... Continue reading
Posted Jun 9, 2017 at FSRR
All within the insurance space realise that blockchain is real and it requires consideration.The only way to truly unlock this transformative technology is by going through the adoption process and collectively changing how insurance works. What can you do to get started? Continue reading
Posted Jun 7, 2017 at FinTech
By Albertha Charles We recently released the second issue of our financial services valuations market snapshot. Our report will give you our view of the current valuation trends, deal climate and sub-sector analysis covering banking, insurance and asset management. The full report includes market data and valuation metrics such as... Continue reading
Posted Jun 6, 2017 at Deal Talk