News Review

Is this the end of the Credit Crunchie?
As a keen follower of Cadbury's products it was with more than a little interest that I noted the blockbuster deal put on the table by Kraft to buy Cadbury. With the £10.2bn cash & equity offer representing a 31% premium over the share's trading price, you would be forgiven for expecting a deal to be done, yet analysts reacted by stating that the bid undervalued Cadbury - one wonders how it is that they keep this wisdom to themselves until a monolithic offer appears.

Whether this is the beginning of the end to the slump in M & A activity, or simply one of those giant deals that will inevitably crop up remains to be seen.

Overdraft Overcharge Over?
Welcome news comes from RBS/NatWest with the reduction in their fees associated with accounts in overdraft - for instance a bounced cheque will now cost £5 instead of a ludicrously high £38. It is to be hoped that the other main players will follow suit.

Offshore Income
After years of negotiations and clandestine deals with tax havens and former bank employees, it seems that HM Revenue & Customs (HMRC) are now ready for a final push on income earned on offshore bank accounts and not declared by UK taxpayers.

The issues of residence and what income should be declared where, by whom, and by when are not always easily understood. With that in mind, HMRC are offering a disclosure opportunity to the UK taxpayer, the idea being that a lenient view will be taken when calculating the penalties associated with the non declaration of an income source. The deadline for this "opportunity" is 30 November so if you are concerned as to your position in this respect, please contact WKH tax partner John Sheehan (jsheehan@wkhca.co.uk) who will be happy to provide a free initial consultation.