![]() Red Kite said in the court filing that staff from the two Barclays' divisions also shared information when they socialised together. Anyone found in breach of LME rules could be subject to disciplinary proceedings." "The LME has strict rules regarding market manipulation and abuse. The LME, owned by Hong Kong Exchanges and Clearing Ltd, declined to comment specifically on the legal case, but referred to its regulations. The bank sought to "manipulate the LME by 'ramping' prices in a manner favourable to Barclays" during closing trading, the hedge fund said in the court filing. "Futures Clearing was on a different floor to the Commodities Division, in a segregated area of the floor with specific entry restrictions," Barclays said in its defence document. were able to and did anticipate the Red Kite Funds' future market behaviour," the court filing said.īarclays denied that its traders were able to access Red Kite's confidential information. "Being able to see the Red Kite funds' orders and open positions, traders with the Commodities Division (of Barclays). ![]() Red Kite said in the court filing that Barclays' proprietary traders were able to see the hedge fund's confidential trading positions on the London Metal Exchange (LME) that were being executed by another division of Barclays.Īs a result, Barclays traders executed trades based on that inside knowledge which resulted in profits for Barclays but damaged Red Kite's stance, the hedge fund said. The Red Kite Group, which has hedge funds, physical trading and mining finance, has about $2 billion of assets under management, according to its website. Red Kite did not respond to Reuters' requests for comment.ĭuring the period covered by the case, copper prices surged to a peak of just over $10,000 a tonne in 2011, one of the boom years for commodities, driven by China's appetite for raw materials to build infrastructure.Įxcess supply later pushed prices to a low of about $4,300 by early last year. Red Kite agreed when signing the bank's terms of business that "Barclays would remain free to have interests and duties adverse to the interests of the proprietary (Red Kite) funds," the bank's defence document said. ![]() "Barclays had detailed policies and procedures in place for protecting confidential information, in particular that of its clients," it said in the document.īarclays said its executives only used Red Kite's confidential information on its market positions for legitimate business purposes, such as assessing the fund's credit exposure to the bank. The initial legal documents were filed in Britain's High Court in October last year but only recently made public.īarclays has denied the claims in a court filing. In court papers, Red Kite alleges that Barclays committed market abuse by manipulating market prices and using information from Red Kite about the hedge fund's copper positions from 2010 to 2013 to take lucrative opposing trades on metals markets. ![]() The case pits one of the world's biggest metals hedge funds, whose co-founder Michael Farmer was a former treasurer of Britain's Conservative Party, against one of Europe's biggest investment banks. LONDON, Oct 23 (Reuters) - Hedge fund Red Kite has filed a lawsuit against Barclays Plc, alleging the bank manipulated the copper market to its advantage, causing the hedge fund to lose $850 million. * Barclays accused of "ramping" up closing LME prices
0 Comments
![]() Long-term capital gains are taxed using different brackets and rates than ordinary income. Capital Gains Tax Rates (Long-Term Capital Gains) It is fully available and refundable to households with no income, unlike the Child Tax Credit’s former design. Half the credit will be advanced to families monthly, at $250/month for older children and $300/month for younger children, while the other half will be received on tax returns. The Child Tax Credit (CTC) is $3,000 for children 6 and older and $3,600 for children under 6. The American Rescue Plan Act (ARPA) enacted in March 2021 significantly expanded the Child Tax Credit in several ways. 2021 Earned Income Tax Credit Parameters Filing Status The credit for filers without qualifying children was significantly expanded for tax year 2021 in the American Rescue Plan Act (ARPA) enacted in March 2021. The maximum credit is $3,618 for one child, $5,980 for two children, and $6,728 for three or more children. The maximum Earned Income Tax Credit (EITC) in 2021 for single and joint filers is $1502, if the filer has no qualifying children (Table 5). 2021 Alternative Minimum Tax (AMT) Exemption Phaseout Thresholds Filing Status ![]() In 2021, the exemption will start phasing out at $523,600 in AMTI for single filers and $1,047,200 for married taxpayers filing jointly (Table 4). In 2021, the 28 percent AMT rate applies to excess AMTI of $199,900 for all taxpayers ($99,950 for married couples filing separate returns).ĪMT exemptions phase out at 25 cents per dollar earned once taxpayer AMTI hits a certain threshold. 2021 Alternative Minimum Tax Exemptions Filing Status ![]() The AMT exemption amount for 2021 is $73,600 for singles and $114,600 for married couples filing jointly (Table 3). The AMT is levied at two rates: 26 percent and 28 percent. However, this exemption phases out for high-income taxpayers. To prevent low- and middle-income taxpayers from being subject to the AMT, taxpayers are allowed to exempt a significant amount of their income from AMTI. The AMT uses an alternative definition of taxable income called Alternative Minimum Taxable Income (AMTI). The taxpayer then needs to pay the higher of the two. This parallel tax income system requires high-income taxpayers to calculate their tax bill twice: once under the ordinary income tax system and again under the AMT. The Alternative Minimum Tax (AMT) was created in the 1960s to prevent high-income taxpayers from avoiding the individual income tax. The personal exemption for 2021 remains eliminated. The standard deduction for single filers will increase by $150 and by $300 for married couples filing jointly (Table 2). Take Survey Standard Deduction and Personal Exemption Please take our quick, anonymous survey, conducted in partnership with the University of North Carolina Tax Center. Help Us Learn More About How Americans Understand Their Taxes 2021 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households Tax Rateįor Married Individuals Filing Joint Returns, Taxable Income The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of $523,600 and higher for single filers and $628,300 and higher for married couples filing jointly. In 2021, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Tables 1). 2021 Federal Income Tax Brackets and Rates Note that the Tax Foundation is a 501(c)(3) educational nonprofit and cannot answer specific questions about your tax situation or assist in the tax filing process. These inflation adjustments are for tax year 2021, for which taxpayers will file tax returns in early 2022. However, with the Tax Cuts and Jobs Act of 2017, the IRS now uses the Chained Consumer Price Index (C-CPI) to adjust income thresholds, deduction amounts, and credit values accordingly. ![]() The IRS used to use the Consumer Price Index (CPI) as a measure of inflation prior to 2018. This is done to prevent what is called “ bracket creep,” when people are pushed into higher income tax brackets or have reduced value from credits and deductions due to inflation, instead of any increase in real income. On a yearly basis the IRS adjusts more than 40 tax provisions for inflation. |