Source: Sharecast
Wealthy individuals in Britain could be avoiding more tax than thought, the government’s spending watchdog has said, after a dramatic fall in the number of penalties being issued to the super-rich. In a report urging ministers to redouble their efforts to secure more of the money owed by wealthy people to the exchequer, the National Audit Office (NAO) said billions of pounds was going unpaid each year. – Guardian
The King’s property company is in talks to buy a slice of the struggling £5.5bn development over London’s Euston station, in a vote of confidence in the project. The Crown Estate is drawing up a deal with Australian development giant Lendlease for a 50pc stake in six major British projects – the joint venture’s sites are expected to be worth a combined £22bn once fully developed. The partnership would aim to attract more investment to the projects. - Telegraph
One of the founders of a telecoms company has sold a stake to a US private equity firm, valuing the business at £3.5 billion, or 100 times what he paid the Dragons’ Den investor Peter Jones for it in 2011. Oliver Tucker, co-founder and chief executive of Maidenhead-based Wireless Logic, said General Atlantic had acquired a minority stake for an undisclosed sum in the global business, which employs about 1,000 people. As part of the deal Vittorio Colao, the former chief executive of Vodafone, who is a vice-chairman at General Atlantic, joins the Wireless Logic board, which is chaired by Sir Michael Rake, a former chairman of BT. – The Times
One of America’s biggest healthcare organisations is under criminal investigation by the US Department of Justice over potential fraud just days after the departure of its British chief executive, it has been reported. The healthcare unit of the justice department’s criminal division is overseeing the investigation into United Health Group and it has been an active inquiry since at least last summer, The Wall Street Journal reported. – The Times
