Inheritance tax receipts double in a decade

New data from HMRC show the Treasury’s inheritance tax (IHT) receipts have doubled since 2012/13. Source: HMRC. Of all the various taxes levied in the UK, IHT is one of the most peculiar: For a start, its name is misleading. … Continue reading

Kwasi Kwarteng’s first Budget

‘The Growth Plan’: 23 September 2022  Introduction Kwasi Kwarteng’s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before. The new Prime Minister Liz Truss … Continue reading

Tricky teens: inflation set to soar beyond 13%

The Bank of England has said that inflation could reach over 13% before the end of the year. But that’s the lower end of the speculation. The inflation figure in July 2022 reached an eye-watering 10.1%, as measured on the … Continue reading

Three financial lessons from the Covid-19 pandemic

The pandemic taught us many things, but some of them are already slipping away. The Covid-19 pandemic is now beginning to fade from the collective consciousness, despite the best efforts of the Omicron variants to snare those who had previously … Continue reading

Energy costs statement 8 September 2022

After a prolonged period of speculation, the new Prime Minister Liz Truss has announced preliminary details of how the government plans to deal with the energy price crisis. In late May this year, the then Chancellor, Rishi Sunak, announced a … Continue reading

No time to waste: minimum pension contributions must rise

A new report by the Association of British Insurers says a significant increase in the minimum contributions to workplace pensions is required. October will mark the tenth anniversary of the introduction of automatic enrolment (AE) into workplace pensions. The latest … Continue reading

Setting new taxpayer records

New data from HMRC reveals there are now over six million people paying higher or additional rate tax in the UK. Source: HMRC. In recent years, the end of June has been the time for HMRC to issue its annual … Continue reading

Five decades of tax rises ahead

The government’s budget watchdog says more tax rises are not only on the way but are expected for the next 50 years. The Office for Budget Responsibility (OBR) normally comes into the spotlight when the Chancellor is presenting the Autumn … Continue reading

Catching up on your state pension

The deadline to backfill your pre-2016/17 state pension contributions is nearing. When the new state pension was introduced in April 2016, the government offered a temporary opportunity for some of those who did not have a full record of national … Continue reading

Cash is not what it used to be

At the end of September the old paper £50 and £20 notes will no longer be legal tender. But has cash in general had its day? In 2010, 56% of all payments were made in cash, according to UK Finance. … Continue reading

A game of two halves? 2022’s rollercoaster for investors

The world’s share markets had a bad first half of 2022, but for once the UK performance was better than many. Index 2022 H1 Change FTSE 100 -2.9% FTSE 250 -20.5% Dow Jones Industrial -15.3% Standard & Poor’s 500 -20.6% … Continue reading

60% income tax reappears

The high marginal tax rates created by phasing out the personal allowance are back in the news. ‘A million to pay 60% income tax within years,’ ran a recent headline in The Sunday Telegraph. The next day The Times picked … Continue reading

The impact of raising the State pension age

New research shows how the most recent increase in state pension age has hit those affected. The last change in State pension age (SPA) was phased in between December 2018 and October 2020. Over that period, the SPA for both … Continue reading

Flaming June sees interest rates flare

June was a month for rising interest rates on both sides of the Atlantic. Source Bank of England, Federal Reserve June was a notable month for interest rates: Firstly, the US central bank, the Federal Reserve (the Fed) increased its … Continue reading