Revaluation delay 'made BHS miss out on £15m saving'
BHS could have saved more than £15 million last year if there had not been a delay in the revaluation of business rates, according to research by Colliers International, a commercial real estate agency and consultancy. Rates were revalued in England and Wales in 2010, but the government postponed the next review until 2017. Business rates at 90 per cent of BHS stores would have been cut had the last revaluation gone ahead as planned, analysts said.
Bank of Ireland loses £27m tax avoidance case in UK
The Bank of Ireland has lost an appeal in a long-running tax avoidance dispute with British tax authorities over a £27 million tax bill relating to its subsidiary, Bristol & West. Jim Harra, HM Revenue and Customs director, said the Bank of Ireland’s “cynical attempt” to exploit a “non-existent loophole” to avoid paying tax has failed. In response, Bank of Ireland said the ruling by the UK Court of Appeal was “conclusive and definitive” and it would not pursue any further appeals on the matter.
Emirates profits jump 56%
Emirates Airlines reported a profit of 7.125 billion emirati dirham ($1.9 billion; £1.3 billion) for the year to 31 March 2016. That's up 56 per cent on the previous year. Lower oil prices have helped airlines by reducing their fuel bill and in the case of Emirates, that saved $5.4 billion over the last year, or 26 per cent of the company's operating costs.
Pandora sparkles with 30% rise in UK sales
Pandora, the Danish jeweler known for its trademark charm bracelets, on Tuesday raised its estimates for full-year revenue and profitability after posting forecast-beating first-quarter net profit on sharply improved sales. The brand said UK sales rose 30 per cent in the first three months of the year with rings now accounting for 20 per cent of UK turnover. Overall revenue rose 34 per cent and sales guidance for 2016 was raised by 5 per cent to more than 20 billion Danish kroner (£2 billion).
