Money blog: Tipping rule changes begin tomorrow - what you need to know (2024)

Top news
  • New tipping rules begin tomorrow - what you need to know
  • Oasis won't use dynamic pricing for US shows - and fans who bought UK tickets aren't happy
  • House prices grew fastest in two years in September
Essential reads
  • Cheap Eats:Top chef reveals cheap fried chicken recipe
  • Why are so many companies withdrawing vegan products?
  • Veganism in decline? No, but we're turning away from meat alternatives | Readers have their say
  • Best of Money - an archive
Tips and advice
  • Money Problem:'I've £15k invested with Royal Mint - how do I know if I'll owe capital gains tax?'
  • Your takeaway order is wrong - what can you do?
  • All benefits and entitlements available to pensioners

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15:45:37

Oasis won't use dynamic pricing for US shows - and fans who bought UK tickets aren't happy

Oasis have abandoned the use of dynamic pricing on tickets for their upcoming North America tour dates.

The band earlier announced five shows in Canada, the US and Mexico in August and September next year, saying America had "one last chance to prove that you loved us all along".

But in an official statement shortly after the new dates were announced, Oasis said Ticketmaster's dynamic pricing model where prices vary based on demand - which caused chaos for fans in the UK and Ireland recently - will not be used in the sale of tickets.

They said that while the model "remains a useful tool to combat ticket touting", an "unprecedented ticket demand" mixed with "technology that cannot cope with that demand" makes the system less effective and causes issues for fans.

"We have made this decision for the North America tour to hopefully avoid a repeat of the issues fans in the UK and Ireland experienced recently," Oasis said.

There's been no suggestion that fans who bought tickets at inflated prices during the 31 August sale will be offered refunds.

Many have reacted angrily on social media, demanding that the difference between the higher priced tickets and their original face value be refunded.

"Do the decent thing," said one user.

"If you were truly sorry about it, you would refund the difference between original face value and what your fans paid. Otherwise statements like this are empty platitudes," said another fan.

Others questioned the statement by the band that dynamic pricing was reducing ticket touting.

Fans suffered various problems with ticket websites after Oasis announced their reunion, from being kicked out of the queue because they were labelled bots, to some ending up paying as much as £355 for tickets originally advertised for £148.

In the UK, the Competition and Markets Authority (CMA) haslaunched an investigation into Ticketmaster, looking at how dynamic pricing may have been used, and whether the sale by Ticketmaster may have breached consumer protection law.

Ticketmaster says it doesn't set concert prices and they are down to the "event organiser" who "has priced these tickets according to their market value".

15:20:29

More London Cheap Eat recommendations - and some home-cooked katsu curry tips

Every week we ask one of the best chefs in the country to pick their Cheap Eats where they live and at home.

We've talked to chefs across the UK, from Northern Ireland to Norfolk - and every day this week our focus will be on London.

This afternoon, in our second chef interview of the day, we speak toGary Foulkes, executive chef at Cornusin Belgravia, and formerly of one Michelin-starred Angler.

Hi Gary,can you tell us your favourite places in London where you can get a meal for two for less than £40?

Living in central London, we're very lucky to have lots of great places to eat on our doorstep. I often go to Master Wei in Holborn. Really tasty hand-pulled Xian noodles and the beef pao mo soup is particularly good. My son always goes for the tomato and egg hand-pulled noodles served in soup. It's just really tasty food served in a friendly, bustling environment.

Diwana Bhel Poori House on Drummond Street, Euston, is another favourite - delicious Southern Indian vegetarian food. I normally go for the bhel poori, samosa chaat and masala dosa - also don't miss the gulab jamun for dessert. It's amazing value for the quality of the food you receive.

Roti King, also in Euston, does some of - if not the - best Malaysian food in London in my opinion. Roti canai is my pick when I go here, but the beef rendang is also very tasty. Be prepared to queue, but it's worth the wait!

What is your go-to cheap eat to cook at home when you have a night in?

When I cook at home, it's always something simple and the general go-to is chicken katsu curry and rice. I use chicken thighs instead of the breast as they have more flavour.

I also gently beat the thighs using a meat mallet or rolling pin to pound it to an even thickness before I breadcrumb and cook - this helps ensure even cooking and helps to slightly tenderise the meat.

I do cheat a bit though and use katsu curry cubes for the sauce!

How did you get into cheffing?

There was never any romance behind it - it started off as a work experience placement when I was at school.

At the end of the week the chef offered me a job, which I took, and it just progressed from there. I loved the atmosphere in the kitchen - people were having a laugh while doing their work and some great banter flying around and that's what I enjoyed about it in the beginning.

We've spoken to lots of top chefs - check out their cheap eats from around the country here...

14:10:43

Do you own a HSBC credit card? You could be getting up to £150 cashback on everyday spending

If you have an HSBC credit card, you may be able to earn up to £150 in cashback on groceries, fuel and transport over the next three months - but you have just a few hours to opt in.

It could be a great way of getting free money on purchases you are already making (but just make sure to pay your card off in full each month or risk wiping out any potential cashback gains).

HSBC says just under a million people are eligible for the deal, with no minimum period on how long you must have had your credit card.

How it works

You need to opt in before midnight tonight (Monday 30 September) - failing to do so means you won't get any cashback.

Once opted in you'll earn up to 10% cashback (max £50 a month) on most grocery, fuel and transport spending for three months. When you apply, you will be told how many purchases you must make each month to qualify for any cashback - you'll be given your own personal threshold.

A few exclusions

Groceries include online food shopping, bakeries and corner shops but excludes Amazon fresh, department stores and takeaways.

Fuel includes any purchased at UK service stations and electric vehicle charging.

Transport includes most public transport in the UK but none abroad.

12:32:38

House prices grew fastest in two years in September - but estate agent says sellers should 'be aware' due to budget

September saw the fastest annual house price growth in two years, according to the Nationwide Building Society housing index.

UK house prices increased by 0.7% in September, it said.
This resulted in the annual price growth rate accelerating from 2.4% in August to 3.2% in September, the fastest pace since November 2022 when there was a 4.4% rise.

The average UK house price in September was £266,094.

Property values in Northern Ireland performed the most strongly for annual growth in the third quarter of this year, with prices up by 8.6% year-on-year, Nationwide said.

East Anglia was the weakest-performing region, with prices down by 0.8% over the year.

Robert Gardner, Nationwide's chief economist, said prices now remain around 2% below the all-time highs seen in summer 2022.

Tom Bill, head of UK residential research at Knight Frank, sounded a note of caution.

"Falling mortgage rates led to an increase in house price growth in September, with demand also boosted by buyers putting off decisions until after the election," he said.

"However, the mood has since turned more cautious ahead of the budget following suggestions by the government it will be painful. We think prices will end the year a few percent higher but sellers should be aware that buyer exuberance will be in short supply in the final months of the year."

11:17:26

Restaurants to be banned from withholding tips from staff from tomorrow

Restaurants will be banned from withholding tips from staff under new rules coming into force tomorrow.

The rules will apply across the hospitality industry and to any business that allows tipping.

It means more than two million workers will be able to keep hold of an estimated £200m a year that is paid by customers in tips, gratuities and service charges.

It has been around eight years in the making, but there are fears some restaurants - who can now no longer rely on tips to supplement staff wages - will increase their prices.

Saxon Moseley, head of leisure and hospitality at consultancy RSM, was quoted by The Guardian as saying: "Those that have been using the service charge to pay staff or to partly offset their wage bill are still going to have to pay their staff, but now won't be able to draw on this cash fund.

"And in that scenario, margins will be hit, in some cases fairly drastically."

Cash tips were already protected, but the new legislation extends this to cover card payments. The law was initially set to come into effect from July, but was delayed.

What does the new law say?

Employers must pass on tips to workers without any deductions and a draft statutory code of practice sets out how tips should be distributed to demonstrate fairness and transparency.

Employers should have a written policy on tips and record how they manage them. Workers will have rights to request information about an employer's tipping record – this will allow them to bring credible claims to an Employment Tribunal.

Employers also can't alter someone's salary or hourly rate - and tips don't count towards the minimum wage.

Tips must also now be paid within one month.

09:40:22

Markets latest: Not so bright across Europe today

By James Sillars, business reporter

Oil costs are on the rise again this morning given events in the Middle East.

Israeli operations against Hezbollah over the weekend have left a barrel of Brent crude 1% higher on Monday, at $72.

The price remains relatively depressed despite the fears of an escalating conflict.

That is being explained by plans among major oil-producing nations for increased production and continued evidence of weak demand.

Activity data out of China underlined that, though the report was compiled before the authorities in Beijing implemented stimulus measures last week designed to wake the sleeping giant.

The aid, including cuts to mortgage curbs and costs - coupled with promises of more to come - has helped Chinese stock markets to their best monthly performance since December 2014.

Not so bright across Europe today. The FTSE 100 is 0.4% down at 8,286, erasing Friday's gains.

While miners are faring well, Rightmove shares are down 3% after its board rejected a third takeover offer by Rupert Murdoch-linked REA Group.

The bid valued the UK property site at $6.1bn.

Its statement said: "The board has concluded that the latest proposal remains unattractive and continues to materially undervalue Rightmove and its future prospects and that the board cannot recommend the latest proposal to Rightmove shareholders."

08:46:25

Cath Kidston to return to the high street

Cath Kidston is set to return to the high street after falling into administration in 2020.

The British retailer was bought by Next in an £8.5m deal in 2023 and now appears to be re-opening its doors on 18 October in Westfield White City in London.

Posting on Instagram, the brand said: "Why yes. Yes, you guessed right."

"We have a new home opening soon," it added. "Can anyone tell where in London we'll be opening our doors?"

Designer Cath Kidston opened her first shop in London's Holland Park in 1994, selling hand-embroidered tea towels. But, by the early 2000s, it had become a high street fixture with scores of standalone shops.

But, like many retailers, its fortunes were hit by the pandemic, forcing it into insolvency three years ago with the loss of 1,000 jobs.

06:35:41

World-renowned chef reveals fried chicken recipe from his menu - and you can make it for cost of KFC

Every week we ask one of the best chefs in the country to pick their Cheap Eats where they live and at home.

We've talked to chefs across the UK, from Northern Ireland to Norfolk - and this week our focus is on London.

The capital is home to 80 Michelin-starred restaurants, almost half the UK total, so instead of the usual Wednesday feature, we're stretching it across the week, with nine of the city's most celebrated chefs giving their recommendations before we round up all our London chefs from the year on Saturday.

Today we speak to two Michelin-starred Alex Dilling, of Alex Dilling at Hotel Cafe Royal on Regent Street.

Hi Alex,can you tell us your favourite places around London where you can get a meal for two for less than £40?

I love Bancone or Notto for great value and well-cooked pasta. Main courses are all under £20. Michelin-star chef Phil Howard is behind Notto and his cooking technique comes through even in these casual dishes.

There's a falafel truck near Soho House on Portobello Road, it doesn't have a website. They do one with great tahini and fresh salad for £5. Very filling and a quick meal on the go for busy chefs.

Baoin Soho, I love the specials, the fried chicken bao is my go-to. Such a well-defined concept. A great spot for a quick but satisfying lunch.

What is your go-to cheap eat to cook at home when you have a night in?

Speaking of fried chicken... that's my go-to cheap eat at home. Being half American I love the occasional indulgence in fast food. Some good seasoning makes all the difference. A tasty snack for under £5.

Ingredients:

  • Two boneless skinless chicken breasts
  • 350g gluten-free flour
  • 300g buttermilk
  • 16g salt
  • 12g garlic powder
  • 12g onion powder
  • 10g smoked paprika
  • Black pepper
  • Oil for frying

Method:

  1. Cut the chicken breast lengthways to achieve three flat pieces per breast of even thickness.
  2. Add the flour in one bowl and buttermilk in another. Divide the seasonings evenly between the two bowls and mix well.
  3. Add the chicken to the buttermilk and leave to marinate for three hours.
  4. Take a few spoons of the buttermilk and add to the flour and whisk. This will help create the little crunchy bits.
  5. One by one, add a piece of chicken to the flour coating evenly and all over.
  6. Once all has been coated fry in batches at 175C until deep golden and cooked through. Around three min. Drain on absorbent paper.

How did you get into cheffing?

I got into cheffing because of my huge passion for food, growing up in a family who loves food. I love eating too, which for me is an important part of chef life. Even on my days off, food being part of that is something I look forward to - whether cooking for my family or going out for a meal I've been looking forward to. The toughest part of being a chef is of course the hours, followed by the fact you're never truly done. There's always a thought to tomorrow's service, events, ordering or service. Luckily for the new generation of chefs the hours are now more forgiving and employers care about work-life balance.

That said, I'm in a slightly different position now as I own and run (with my partner) the restaurant too, so there's no escape. It's an incredibly rewarding career which takes me and my team all over the world as well as creating dishes we are so proud of here in London.

We've spoken to lots of top chefs - check out their cheap eats from around the country here...

06:29:41

'I've £15k invested with Royal Mint - how do I know if I'll owe capital gains tax?'

Every Monday we get an expert to answer your money problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...

I have £15,000 invested with Royal Mint in gold, silver and platinum bullion. I have accumulated this over years, adding £200 or so to my holding from time to time, but no records of my payments retained. How do I calculate if any increase in value attracts capital gains tax?

Maid Marion

Sarah Paton, private client solicitor at Irwin Mitchell, says the first step is to identify the bullion type.

"Royal Mint coins (whether gold, silver or platinum) are exempt from capital gains tax (CGT) because they are considered to be legal tender within the UK. Other bullion such as gold bars are subject to CGT," she says.

"If your investment is in other bullion which is subject to CGT, and you want to calculate whether there is a gain on the investment currently, then you need to start by determining the gross sale price of your bullion now. You then need to estimate the base cost. Where you have an asset that you have added to over time, as in this case, this can be slightly more difficult to work out.

"I would start by asking the Royal Mint whether they have a statement of account or an investment schedule which shows the history of your account. If they do, you should be able to track back and work out when further investments were made and for how much."

If no such records exist, a copy of bank statements covering the last seven years can be requested, Sarah says. This is about as long as banks keep records, but if the investments have been held for longer, the statements can be used to inform a "best guess estimate" on earlier investments, she adds.

Sarah says: "The price of bullion fluctuates much like shares on the stock market, so you will have different base costs for each addition to the account. You will need to look back at the historic price of bullion on each day you made a purchase and that will be your base cost for that addition.

"To calculate your gain, you deduct the purchase price from the sale price and deduct any available allowances such as your annual CGT allowance (£3,000 for the tax year 2024-25). If your gain exceeds the available allowance then you will need to pay CGT on the excess. Depending on your individual tax rate and other income you receive, you will pay CGT at either 10% or 18%."

We explain more about CGT and when you'll need to pay it in our Basicallyseries...

Gains are typically reported via self-assessment tax return.

You will need to set out your calculation to HM Revenue and Customers and potentially provide corroborating evidence, Sarah says, proving why "careful record keeping is absolutely essential".

"Moving forward, I recommend that you track all your future investments into this account to make it easier in the future," she adds.

"CGT is only payable if you dispose of the asset, though, whether through a sale or by a gift. If you do not dispose of your bullion, whether or not there is a gain, there will not be any CGT to pay until such time as you choose to do so. As the law currently stands, if you hold onto the bullion until your death, any gains will be washed out and the assets will be rebased as at the date of your death meaning that your beneficiaries are able to inherit them free of gains. This could, of course, all change following the budget."

This featureis not intended as financial advice - the aim is to give an overview of the things you should think about.Submit your dilemma or consumer dispute via:

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  • The form above - you need to leave a phone number or email address so we can contact you for further details
  • Email news@skynews.com with the subject line "Money blog"

06:29:15

What's coming up this week in Money - including London Cheap Eats special

By Jimmy Rice, Money blog editor

Welcome back to Money, your place for personal finance and consumer news, tips and analysis.

Here are five reasons to pop back today and over the coming days...

Cheap Eats

Every week we ask one of the best chefs in the country to pick their Cheap Eats where they live and at home. We've talked to chefs across the UK, from Northern Ireland to Norfolk - and this week our focus is on London.

The capital is home to 80 Michelin-starred restaurants, almost half of the UK total, so instead of the usual Wednesday feature, we're stretching it across the week, with nine of the city's most celebrated chefs giving their recommendations before we round up all our London chefs from the year in one place on Saturday.

The rise of 'forever games'

A "reckoning" is coming for the gaming industry, says Deejay Knight, a US Air Force veteran who swapped the rifle on his back for a virtual one.

The Texan Twitch streamer, who makes his living gaming, is among several experts paying close attention to the rise of "forever games" - an increasingly popular business model leading developers and publishers to abandon the traditional £60 price tag. But what's the true cost?

We'll be hearing from Deejay and others in our Saturday deep dive.

Maternity pay

Every Tuesday in our Basically... feature we explain everything you need to know about a different financial topic. This week we're looking at something that's popped up in the news these last few days: maternity pay.

Money Problem

Our Money Problem feature is published every Monday morning. This week, an expert answers a reader's capital gains tax query.

Savings and mortgages advice

Every Thursday, Savings Champion founder Anna Bowes offers advice for making the most of your spare cash and reveals the best rates on the market right now. On Fridays we do similarly with mortgages, hearing from industry experts on what anyone seeking to borrow needs to know at the minute before rounding up the best rates with the help of the guys from Moneyfacts.

We've got lots of others tips and features planned for this week, so bookmarknews.sky.com/moneyand check back from 7am each weekday - or 8am on Saturday for our weekend feature.

The award-winning Money blog is produced by the Sky News live team, with contributions fromBhvishya Patel, Jess Sharp, Katie Williams, Brad Young, Ollie Cooper and Mark Wyatt, with additional reporting from cost of living specialist Megan Baynes and sub-editing by Isobel Souster. It is edited by Jimmy Rice.

Money blog: Tipping rule changes begin tomorrow - what you need to know (2024)
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