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HMRC has sent out a warning to taxpayers about the risk of incurring a "large tax bill" if they don't do an important check. The alert was issued following an enquiry from a taxpayer over X on how to handle a tax obligation on their US pension. The person said they understood they could pay their self assessment tax return via PAYE. They went on to ask: "I meet all the conditions, My self assessment payment is for a USA Pension. Can I still pay by PAYE? If so who do I contact at HMRC?" HMRC first sought clarification on whether the person's bill pertained to the 2023/2024 or 2024/2025 tax year. The taxpayer confirmed it was for 2024/2025. The tax officials then advised: "The balancing payment for the 23/24 tax year would be collected through the PAYE income source commencing 6th April 2025." The taxpayer had a further question about how they could sign up for PAYE given they currently pay the tax on their USA pension via self assessment. The concerned taxpayer expressed: "I was originally told that tax for foreign pensions had to be via self assessment. However I believe there is a reciprocal arrangement US/UK which may mean tax on my US pension can be paid via PAYE?" Responding to this, HMRC firmly explained the rules, warning they "cannot operate PAYE" on a foreign pension, and further emphasising that the individual "must declare this to us". The department further elaborated on the rules, explaining: "The reciprocal arrangement is the double taxation agreement that stipulates who is entitled to the tax on this income and where any claim to foreign tax relief is to be given. "If you wish for this pension to be included in your PAYE code to avoid having a large tax bill at the end of the year please contact us." The tax authority also clarified that opting for this does not eliminate the need to report the tax through self-assessment. HMRC recently had another query from a customer wondering how the rules work, as regards ISAs. The saver questioned: "Can I open a cash ISA, LISA and stocks and shares ISA in the same financial year?" The tax body responded: "Yes, as long as you don't exceed your £20,000 ISA allowance in any given tax year." The Lifetime ISA is a way for first-time homebuyers to save up for their property, offering a 25 percent deposit bonus. You can deposit up to £4,000 meaning a maximum bonus of £1,000. However, individuals are warned that these funds are strictly meant for first property purchases or you can access them once you reach the age of 60. Any other withdrawals incur a 25 percent charge.
JK Rowling slams Nicola Sturgeon's 'ego' over Scotland's gender self-ID rowStocks closed higher on Wall Street at the start of a holiday-shortened week. The S&P 500 rose 0.7% Monday. Several big technology companies helped support the gains, including chip companies Nvidia and Broadcom. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite rose 1%. Honda’s U.S.-listed shares rose sharply after the company said it was in talks about a combination with Nissan in a deal that could also include Mitsubishi Motors. Eli Lilly rose after announcing that regulators approved Zepbound as the first prescription medicine for adults with sleep apnea. Treasury yields rose in the bond market. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Major stock indexes rose on Wall Street in afternoon trading Monday, after a choppy start to a holiday-shortened week. The S&P 500 rose 0.6%. The Dow Jones Industrial Average recovered from an early slide to gain 29 points, or 0.1% as of 3:40 p.m. Eastern time. The tech-heavy Nasdaq composite rose 0.8%. Gains in technology and communications stocks helped outweigh losses in consumer goods companies and elsewhere in the market. Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, rose 3.3%. Broadcom climbed 5.5% to also help support the broader market. Walmart fell 2% and PepsiCo slid 1.2%. Japanese automakers Honda Motor and Nissan said they are talking about combining in a deal that might also include Mitsubishi Motors. U.S.-listed shares in Honda jumped 13.4%, while Nissan slipped 0.2%. Eli Lilly rose 3.5% after announcing that regulators approved Zepbound as the first and only prescription medicine for adults with sleep apnea. Department store Nordstrom fell 1.6% after it agreed to be taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal. The Conference Board said that consumer confidence slipped in December. Its consumer confidence index fell back to 104.7 from 112.8 in November. Wall Street was expecting a reading of 113.8. The unexpectedly weak consumer confidence update follows several generally strong economic reports last week. One report showed the overall economy grew at a 3.1% annualized rate during the summer, faster than earlier thought. The latest report on unemployment benefit applications showed that the job market remains solid. A report on Friday said a measure of inflation the Federal Reserve likes to use was slightly lower last month than economists expected. Worries about inflation edging higher again had been weighing on Wall Street and the Fed. The central bank just delivered its third cut to interest rates this year, but inflation has been hovering stubbornly above its target of 2%. It has signaled that it could deliver fewer cuts to interest rates next year than it earlier anticipated because of concerns over inflation. Expectations for more interest rate cuts have helped drive a roughly 25% gain for the S&P 500 in 2024. That drive included 57 all-time highs this year. Inflation concerns have added to uncertainties heading into 2025, which include the labor market's path ahead and shifting economic policies under an incoming President Donald Trump. "Put simply, much of the strong market performance prior to last week was driven by expectations that a best-case scenario was the base case for 2025," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.59% from 4.53% late Friday. European markets were mostly lower, while markets in Asia gained ground. Wall Street has several other economic reports to look forward to this week. On Tuesday, the U.S. will release its November report for sales of newly constructed homes. A weekly update on unemployment benefits is expected on Thursday. Markets in the U.S. will close at 1 p.m. Eastern on Tuesday for Christmas Eve and will remain closed on Wednesday for Christmas. Damian J. Troise And Alex Veiga, The Associated Press
Packers' improving run defense ready for challenge against NFC North-leading LionsHMRC has sent out a warning to taxpayers about the risk of incurring a "large tax bill" if they don't do an important check. The alert was issued following an enquiry from a taxpayer over X on how to handle a tax obligation on their US pension. The person said they understood they could pay their self assessment tax return via PAYE. They went on to ask: "I meet all the conditions, My self assessment payment is for a USA Pension. Can I still pay by PAYE? If so who do I contact at HMRC?" HMRC first sought clarification on whether the person's bill pertained to the 2023/2024 or 2024/2025 tax year. The taxpayer confirmed it was for 2024/2025. The tax officials then advised: "The balancing payment for the 23/24 tax year would be collected through the PAYE income source commencing 6th April 2025." The taxpayer had a further question about how they could sign up for PAYE given they currently pay the tax on their USA pension via self assessment. The concerned taxpayer expressed: "I was originally told that tax for foreign pensions had to be via self assessment. However I believe there is a reciprocal arrangement US/UK which may mean tax on my US pension can be paid via PAYE?" Responding to this, HMRC firmly explained the rules, warning they "cannot operate PAYE" on a foreign pension, and further emphasising that the individual "must declare this to us". The department further elaborated on the rules, explaining: "The reciprocal arrangement is the double taxation agreement that stipulates who is entitled to the tax on this income and where any claim to foreign tax relief is to be given. "If you wish for this pension to be included in your PAYE code to avoid having a large tax bill at the end of the year please contact us." The tax authority also clarified that opting for this does not eliminate the need to report the tax through self-assessment. HMRC recently had another query from a customer wondering how the rules work, as regards ISAs. The saver questioned: "Can I open a cash ISA, LISA and stocks and shares ISA in the same financial year?" The tax body responded: "Yes, as long as you don't exceed your £20,000 ISA allowance in any given tax year." The Lifetime ISA is a way for first-time homebuyers to save up for their property, offering a 25 percent deposit bonus. You can deposit up to £4,000 meaning a maximum bonus of £1,000. However, individuals are warned that these funds are strictly meant for first property purchases or you can access them once you reach the age of 60. Any other withdrawals incur a 25 percent charge.
No. 22 Xavier aims to keep its perfect record intact Monday night in Fort Myers, Fla., when it takes on South Carolina in the Fort Myers Tip-Off. The Musketeers (5-0) are coming off an 80-55 victory on Wednesday over Siena, while the Gamecocks (3-2) beat Mercer on Thursday 84-72. Against Mercer, South Carolina sank a season-best 12 3-pointers -- tied for the fourth-most in a single game under third-year coach Lamont Paris. Jamarii Thomas, a senior transfer from Norfolk State, had 19 points and swished 4 of 5 shots from behind the arc. "Thomas got some good, clean looks," Paris said. "It was good to see those guys make their shots. Hopefully it gets those guys going in the right direction." On the season, the Gamecocks are making 7.8 3-pointers per game and shooting 32.5 percent from deep. Senior guard Jacobi Wright makes a team-best 1.8 3-pointers per game and shoots 37.5 percent from behind the arc. At 13.0 ppg, he is second on the team behind Collin Murray-Boyles (15.8). Xavier is allowing eight makes from deep per game and is letting opponents shoot 38.5 percent from behind the arc, which ranks 337th in the country. And despite an undefeated record so far for the Musketeers, third-year coach Sean Miller is worried about his players developing bad habits. "We have a virus that everybody is looking at the stat sheet, trying to get as many points as they possibly can," Miller said after the win over Siena. "They want to win, but they really want to win and score. We need a couple of guys that are willing to rebound, defend, make the extra pass, play at a high level defensively and understand what makes a team great." Marcus Foster did a decent job of doing a little bit of everything for Xavier against Siena, piling up 12 points, five rebounds, five assists and a steal. It was the first double-digit scoring outing for Foster -- a grad transfer from Furman -- in a Xavier uniform. Since 2008, Xavier is 25-11 against teams from the Southeastern Conference, but it hasn't played South Carolina in that stretch. --Field Level MediaKendrick Lamar surprises with new album 'GNX' LOS ANGELES (AP) — Kendrick Lamar gave music listeners an early holiday present with a new album. The Grammy winner released his sixth studio album “GNX” on Friday. The 12-track project is the rapper’s first release since 2022’s “Mr. Morale & The Big Steppers.” Lamar’s new album comes just months after his rap battle with Drake. The rap megastar will headline February's Apple Music Super Bowl Halftime Show in New Orleans. The 37-year-old has experienced massive success since his debut album “good kid, m.A.A.d city” in 2012. Since then, he’s accumulated 17 Grammy wins and became the first non-classical, non-jazz musician to win a Pulitzer Prize. Ancient meets modern as a new subway in Greece showcases archaeological treasures THESSALONIKI, Greece (AP) — Thessaloniki, Greece’s second-largest city, is opening a new subway system, blending ancient archaeological treasures with modern transit technology like driverless trains and platform screen doors. The project, which began in 2003, uncovered over 300,000 artifacts, including a Roman-era thoroughfare and Byzantine relics, many of which are now displayed in its 13 stations. Despite delays caused by preserving these findings, the inaugural line has been completed, with a second line set to open next year. Conor McGregor must pay woman $250K in sexual assault case, civil jury rules LONDON (AP) — A civil jury in Ireland has found that mixed martial arts fighter Conor McGregor sexually assaulted a woman in a hotel penthouse after a night of heavy partying. The Dublin jury awarded the woman more than $250,000 for her lawsuit that claimed McGregor “brutally raped and battered” her on Dec. 9, 2018. The lawsuit says the assault left her heavily bruised and suffering from post-traumatic stress disorder. McGregor testified he never forced her to do anything and that the woman had fabricated her allegations after the two had consensual sex. The jury found for the woman on Friday. At least 15 people are sick in Minnesota from ground beef tied to E. coli recall U.S. health officials say at least 15 people in Minnesota have been sickened by E. coli poisoning tied to a national recall of more than 160,000 pounds of potentially tainted ground beef. Detroit-based Wolverine Packing Co. recalled the meat this week after Minnesota state agriculture officials reported multiple illnesses and found that a sample of the product tested positive for E. coli O157:H7, which can cause life-threatening infections. Symptoms of E. coli poisoning include fever, vomiting, diarrhea and signs of dehydration. Actor Jonathan Majors’ ex-girlfriend drops assault and defamation lawsuit against once-rising star NEW YORK (AP) — Jonathan Majors’ ex-girlfriend has dropped her assault and defamation lawsuit against the once-rising Hollywood star after reaching a settlement. Lawyers for Majors and Grace Jabbari agreed to dismiss the case with prejudice Thursday. Jabbari is a British dancer who had accused Majors of subjecting her to escalating incidents of physical and verbal abuse during their relationship. Representatives for Majors didn’t respond to emails seeking comment Friday. Jabbari’s lawyer said the suit was “favorably settled” and her client is moving on with “her head held high.” Majors was convicted of misdemeanor assault and harassment last December and sentenced to a yearlong counseling program. Hyundai, Kia recall over 208,000 electric vehicles to fix problem that can cause loss of power DETROIT (AP) — Hyundai and Kia are recalling over 208,000 electric vehicles to fix a pesky problem that can cause loss of drive power, increasing the risk of a crash. The recalls cover more than 145,000 Hyundai and Genesis vehicles including the 2022 through 2024 Ioniq 5, the 2023 through 2025 Ioniq 6, GV60 and GV70, and the 2023 and 2024 G80. Also included are nearly 63,000 Kia EV 6 vehicles from 2022 through 2024. The affiliated Korean automakers say in government documents that a transistor in a charging control unit can be damaged and stop charging the 12-volt battery. Dealers will inspect and replace the control unit and a fuse if needed. They also will update software. Christmas TV movies are in their Taylor Swift era, with two Swift-inspired films airing this year Two of the new holiday movies coming to TV this season have a Taylor Swift connection that her fans would have no problem decoding. “Christmas in the Spotlight” debuts Saturday on Lifetime. It stars Jessica Lord as the world’s biggest pop star and Laith Wallschleger, playing a pro football player, who meet and fall in love, not unlike Swift and her boyfriend, Kansas City Chiefs tight end Travis Kelce. On Nov. 30, Hallmark will air “Holiday Touchdown: A Chiefs Love Story.” Instead of a nod to Swift, it’s an ode to family traditions and bonding, like rooting for a sports team. Hallmark’s headquarters is also in Kansas City. Top football recruit Bryce Underwood changes commitment to Michigan instead of LSU, AP source says ANN ARBOR, Mich. (AP) — Top football recruit Bryce Underwood has flipped to Michigan after pledging to play at LSU. That's according to a person familiar with the situation who spoke to The Associated Press on condition of anonymity because they were not authorized to share the recruit’s plans to join the Wolverines. Underwood pinned a post on his Instagram account, showing a post in which On3.com reported that he has committed to Michigan. The 6-foot-3 quarterback played at Belleville High School about 15 miles east of Michigan's campus, and told LSU nearly a year ago he intended to enroll there. Emperor penguin released at sea 20 days after waddling onto Australian beach MELBOURNE, Australia (AP) — The only emperor penguin known to have swum from Antarctica to Australia has been released at sea 20 days after he waddled ashore on a popular tourist beach. The adult male was found on Nov. 1 on sand dunes in temperate southwest Australia about 2,200 miles north of the Antarctic coast. He was released Wednesday from a boat that traveled several hours from Western Australia state's most southerly city of Albany. His caregiver Carol Biddulph wasn't sure at first if the penguin would live. She said a mirror was important to his rehabilitation because they provide a sense of company. Biddulph said: “They’re social birds and he stands next to the mirror most of the time.” Shohei Ohtani wins third MVP award, first in NL. Aaron Judge earns second AL honor in 3 seasons NEW YORK (AP) — Shohei Ohtani won his third Most Valuable Player Award and first in the National League, and Aaron Judge earned his second American League honor on Thursday. Ohtani was a unanimous MVP for the third time, receiving all 30 first-place votes and 420 points in voting by the Baseball Writers’ Association of America. New York Mets shortstop Francisco Lindor was second with 263 points and Arizona second baseman Ketel Marte third with 229. Judge was a unanimous pick for the first time. Kansas City shortstop Bobby Witt Jr. got all 30 second-place votes for 270 points, and Yankees outfielder Juan Soto was third with 21 third-place votes and 229 points.Cylindrical Lithium-Ion Battery Market to Grow by USD 11.61 Billion (2024-2028), Driven by Automotive Shift to EVs, with AI Impacting Market Trends - Technavio