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Airlines on alert
Wednesday, August 20, 2014

Airlines are on high alert after geologists warned that an Icelandic volcano may be close to erupting.
Officials issued a ‘code orange’ to travel firms after intense seismic activity at the Bardarbunga volcano in the island’s centre.
It is the second highest level of risk, signalling ‘heightened or escalating unrest with increased potential of eruption’, according to the International Civil Aviation Organisation.

The alert will raise fears of a repeat of the chaos seen when Iceland’s Eyjafjallajokull volcano erupted in 2010.
A dust cloud shut down much of Europe’s airspace for six days, affecting more than ten million people and costing £1.1billion. Passengers were stranded as 100,000 flights were cancelled during the Easter holidays.

With many British families currently abroad for the school summer break, an eruption now could cause similar disruption.
Since 2010 many insurers have added clauses to their travel policies excluding cover for volcanic ash clouds.
While airlines are legally required to cover cancelled flights inside the EU, extra costs such as extended hotel stays may not be included. British forecasters are particularly concerned by the risk because winds are currently blowing in from Iceland, meaning any eruption is likely to affect airports in the UK. Laura Young, of the Met Office, said last night: ‘There is a north-westerly airflow at the moment and it looks like it will stay that way until Sunday or Monday.

Read more:  Daily Mail

Like 0        Published at 8:27 AM   Comments (0)

Robin Williams, much loved actor, found dead
Tuesday, August 12, 2014

I woke up this morning to the very sad news that Robin Williams has been found dead after suffering for many years from depression.

RIP Robin, you gave laughter to many & will be so missed.

Source: Daily Mail 

Like 0        Published at 9:50 AM   Comments (0)

Over 65′s are NOT losing exemption from Capital Gains when selling
Sunday, August 10, 2014

..................but there are some changes.

Despite the headlines in a free regional newspaper yesterday, the government has no intention of removing the exemption from capital gains for over 65′s when they sell their home. Under the existing law, anyone over 65 who sells their home (defined as their main residence for the last 3 years), is exempt from capital gains tax.  

The draft tax legislation that was published last month did not contain any amendments to this aspect. This misunderstanding is quite widespread, and I answered an email on our website last month from a member who was told by her spanish lawyer that this was the case.

However, there some changes proposed. The government is removing the inflation allowance that is used to revalue the original purchase price when working out capital gains. For example, the purchase price of a property bought 5 years ago would be increased by 5.1% if sold today, and this figure deducted from the selling price to work out the capital gain.

From the 1st January 2015, this increase will no longer apply, and the original purchase price of the asset will be used.

To compensate for this change the tax rates for capital gains are reduced. This change applies to all capital gains not just property.

Source: Citizens Advice 

Like 0        Published at 1:22 PM   Comments (1)

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