Monday newspaper round-up: Service charge, BP, Heathrow, Elon Musk
By Michele Maatouk
Date: Monday 10 Feb 2025
(Sharecast News) - An increasingly complex tax system is burdening the government and businesses with hundreds of millions of pounds more in administration costs, Whitehall's spending watchdog has warned. The report by the National Audit Office (NAO) also said "poor levels of service" meant some taxpayers and their representatives were "finding it more difficult to deal with their tax matters and are losing trust in HM Revenue & Customs [HMRC]". - Guardian
The average annual service charge for a leasehold flat in England and Wales has jumped by an inflation-busting 11% to £2,300, according to data. The increase - the biggest for at least eight years - means that for many their service charge is their largest household bill after their mortgage, and may fuel fresh calls for the government to accelerate an overhaul of the scandal-hit leasehold sector. - Guardian
BP has been targeted by activist investor Elliott as the oil giant struggles to work out its approach to net zero and better-performing US rivals prepare for an industry boom under Donald Trump. Elliott Investment Management has built up a stake in the British oil major, according to reports. The fearsome hedge fund has a reputation for agitating for strategic change at companies it invests in, or lobbying for either a break-up or disposals. - Telegraph
Airlines that fly from Heathrow have called on the aviation regulator to conduct an "urgent and fundamental review" of the airport amid fears that they face a jump in costs to finance a multibillion-pound third runway. In a sign of the obstacles in the way of expanding Britain's biggest airport, the bosses of the owner of British Airways, International Airlines Group, and Virgin Atlantic have urged the Civil Aviation Authority to start a sweeping reappraisal of Heathrow to address "spiralling costs" at the hub. - The Times
Elon Musk has quashed rumours that he might buy TikTok, the Chinese-owned video-sharing app that US is trying to ban on national security grounds. There had been speculation that the world's richest man could combine the American operations of TikTok with X, which was previously called Twitter and was bought by Musk for $44 billion in 2022. Yet in his first public comments on the rumours, Musk denied any interest in a deal. - The Times
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