Money purchase annual allowance penalties – pick a number
A Freedom of Information (FoI) request has revealed a gap in HMRC’s knowledge about how many people have been hit with penalties around the annual allowance. The annual allowance, which effectively sets the tax-efficient ceiling on annual pension contributions, used … Continue reading
Light at the end of the tunnel for inheritance tax simplification?
The Office of Tax Simplification (OTS) published its long-awaited second report on inheritance tax (IHT) in July with a range of useful proposals. The report, focused on simplifying the structure of IHT, contained some surprises, not only in the recommendations … Continue reading
New prime minister, new tax policies
July ended with a new prime minister in Boris Johnson and a new chancellor in Sajid Javid, both with different ideas from their immediate predecessors. There is already speculation about what Mr Javid might produce in his first Budget and … Continue reading
Student fees may be coming down
A government-commissioned report has proposed significant changes to the funding of university students in England. Students resident in England (different rules apply in other parts of the UK) pay a maximum university tuition fee of £9,250 per year, financed by … Continue reading
Could we see the back of inheritance tax?
A paper presented to the Labour Party has suggested the abolition of inheritance tax (IHT). Labour Party proposals to kill off inheritance tax (IHT) and replace it with a gifts tax were reported across several newspapers last month. The coverage … Continue reading
