Pension age steps closer to 57
The government has published draft legislation to raise the minimum age for drawing pension benefits from 55 to 57. At present, the normal minimum pension age (NMPA) at which you can draw benefits from a pension scheme is 55. That … Continue reading
Capital gains tax receipts underline tempting target for Chancellor
New HMRC data shows that in 2019/20, £9.9 billion of capital gains tax (CGT) liabilities were created. In July last year, the Chancellor unexpectedly asked the Office of Tax Simplification (OTS) to review “capital gains tax (CGT) and aspects of … Continue reading
No room for giveaways in OBR risk report
The Office for Budget Responsibility (OBR) has given Rishi Sunak its new worry list. It gives the Chancellor little wriggle room for potential Budget generosity. Every alternate year the OBR must issue a Fiscal Risks Report (FRR). Unlike the six-monthly … Continue reading
National Savings goes green
National Savings & Investments has announced details of a new green savings product. One of the small surprises in March’s Budget was the announcement that National Savings & Investments (NS&I) would be launching “a new, retail savings product to give … Continue reading
HMRC loses on child benefit tax
A recent Upper Tribunal case has raised questions about HMRC’s approach to collecting tax on child benefit. Child benefit tax, or the High-Income Child Benefit Charge (HICBC) to use its legal name, has a chequered history. The HICBC was introduced … Continue reading