News

Is Downing Street really planning to abolish inheritance tax? Source: HMRC Shortly before the so-called ‘silly season’ (Parliament’s summer recess) got underway, several newspapers carried stories that Downing Street was considering the abolition of inheritance tax (IHT) in an attempt … Continue reading →

You do not have to take your state pension at state pension age. The current state pension age (SPA) – the earliest age at which you can draw your state pension – is 66. It will be gradually increased to … Continue reading →

New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem. Taxpayer’s marginal rate Basic Rate Higher Rate Additional Rate 2020/21 Average tax rate 9.5% 21.8% 38.3% 2023/24 Average tax rate 9.9% … Continue reading →

New research reveals that one in three people could face hardship in retirement. Source: Frontier Economics based on Scottish Widows survey data The “cost of living crisis” is a phrase that is hard to avoid in any media. High inflation, … Continue reading →

The Chancellor has announced a new initiative to stimulate higher risk pension investment, shifting focus to UK private companies. “British pensioners should benefit from British business success. By unlocking investment, we will boost retirement income by over £1,000 a year … Continue reading →

With a general election less than 18 months away, thoughts are turning towards the potential policies of a new occupant of 11 Downing Street. With most opinion polls showing a lead for the Labour Party of around 20%, what the … Continue reading →

Rising mortgage rates are posing some difficult questions for one of the major providers of housing finance. You would think that a group estimated to have provided £8.8 billion of residential property finance to 170,000 first-time buyers in 2022 would … Continue reading →

A parliamentary committee has been examining efforts to simplify tax, but progress is still a long way off. Among other things, last year’s ill-fated ‘mini-Budget’ was notable for the swiftness with which Jeremy Hunt reversed most of the proposals it … Continue reading →

The Bank of England has been looking at the impact of its regular interest rate increases since December 2021, with analysis revealing savers are being short-changed. Source: Bank of England, NS&I. Every three months the Bank of England issues a … Continue reading →

If you were planning to fill the gaps in your national insurance contributions (NICs) record by 31 July, you no longer need to rush or worry – you now have until 2025.   As is often the case with financial deadlines, … Continue reading →

Recent data has revealed that inheritance tax (IHT) receipts reached a record level in the 2022/23 tax year. Source: HMRC. Every month the government publishes data that sets out HMRC’s cash tax receipts in detail. The data issued in late … Continue reading →

If you are self-employed, the new tax year may be longer than you think. If you are self-employed, until 2023/24, you have normally been taxed on the profits made in the accounting year that ends in the tax year. For … Continue reading →

The government has announced a new initiative to counter fraudulent activity, particularly in the financial sector. You might not be surprised to learn that fraud is now the most common crime in England and Wales, although you may not be … Continue reading →

An announcement in late May will herald a fall in gas and electricity bills from July. Source: Ofgem, Cornwall Insights. Remember the Ofgem price cap? A little over a year ago it was the headline grabber, with the news that … Continue reading →