Should tax be such a taxing matter? Plus second-hand car insurance worries
Lesley Curwen asks whether tax should be such a taxing matter. Plus used-car insurance worries and two businesses debate passing credit card charges on to customers.
On Money Box with Lesley Curwen: When you're buying a second-hand car, if the vehicle has been modified and you've not told your insurer, it could invalidate your cover in the event of an accident. The experience of Money Box listener Matt shows there is confusion over what constitutes a 'non standard' part and an 'upgrade'. He bought his car second hand and had no idea the vehicle's lights, bumper and grills had been modified by a previous owner. After an accident, he was shocked to find out that his insurer wouldn't pay out. After Money Box intervened, the insurer changed its mind.
Should tax be such a taxing matter? Angela Knight, the new boss of the Office of Tax Simplification, gives her first broadcast interview. She explains her priorities in tackling what experts say is Britain's over-complicated system of taxes and reliefs. Accountants point out that the tax code has actually expanded in the last five years - it now stretches to 19,000 pages. That's despite the best efforts of the OTS, which was launched in 2010.
A change which retailers hoped would reduce transaction charges on credit card purchases made to them by customers, looks like doing nothing of the kind. In December an EU regulation capped something called the interchange fees at 0.3 per cent. The expectation was that this would force the fees down. But because there's not just one but a series of costs involved in processing any card transaction, retailers have told Money Box, they still have to consider how much of their costs they need to pass on to customers who pay by this method. The programme hears from two businesses who take a different view on the issue.
Last on
Chapters
-
Car Insurance
Could modifications invalidate your car insurance?
Duration: 07:36
Angela Knight
An interview with the new Chair of the Office of Tax Simplification
Duration: 09:31
Credit Card Charges
Two businesses, with two views, on passing on credit card charges
Duration: 05:18
Related Links
听
Insurance worries buying a used car
听
Credit Card Charges Debate
听
Should tax be such a taxing matter?
Broadcasts
- Sat 13 Feb 2016 12:04成人快手 Radio 4
- Sun 14 Feb 2016 21:00成人快手 Radio 4
Download this programme
Subscribe to this programme or download individual episodes.
Podcast
-
Money Box
The latest news from the world of personal finance