TAX


There are 157 articles for the TAX category

The inheritance tax (IHT) system in the UK is likely to be an ‘area of focus’ as the country gears up towards a December General Election, according to AJ Bell
Posted: 30/10/2019
Almost half of UK homeowners over the age of 55, the equivalent to 3.6 million people, would consider moving homes if stamp duty was abolished for ‘last-time buyers’, according to a nationwide study from Key
Posted: 14/10/2019
The net cost of income tax relief on pension contributions will be £21.2bn this year, new figures released by HMRC show
Posted: 10/10/2019
New research has revealed that 59% of all UK properties on sale over the last year were exempt from paying any type of transactional tax for FTBs, according to Zoopla
Posted: 10/10/2019
The head of the Institute of Economic Affairs (IEA) has suggested that scrapping the current tax-free pensions lump sum could be a way for the government to fund the abolition of inheritance tax (IHT).
Posted: 08/10/2019
Chancellor Sajid Javid has said there is a “real issue” with inheritance tax, and inferred that a change to the rules could be on the cards
Posted: 02/10/2019
The property stamp duty bill for the UK has dropped by 7% to just under £12bn, compared to a 10% rise last year, as the effects of first-time buyer relief and an 8% fall in the sale of £1m+ properties begin to take their toll
Posted: 01/10/2019
Over £17bn of assets owned at death by UK citizens is held in cash, an average of £69,000 per estate, according to analysis of HMRC figures by Equiniti Benefactor. Unsurprisingly, residential property accounts for a majority of inherited wealth, accounting for £43bn, 54 per cent of the total wealth inherited in the UK each year.
Posted: 01/10/2019
UK citizens paid £5.4bn in inheritance tax (IHT) in 2018/19, up 3% increase on the previous tax year, new HMRC figures have revealed
Posted: 19/09/2019
Families could claim back thousands of pounds in inheritance tax (IHT) following the latest slump in house prices, a financial advice firm has highlighted
Posted: 19/09/2019
Shadow chancellor John McDonnell has indicated that the Labour party would propose a new financial transaction tax to raise money for the Treasury
Posted: 13/09/2019
Four in ten people do not know how much money can be passed on inheritance tax free in the UK, new research from Zurich has found
Posted: 11/09/2019
The Institute of Public Policy Research Commission on Economic Justice is calling for a change to the way wealth is taxed. It has suggested capital gains should be taxed at the same rate as income, and this would see tax rates on gains from share price rises hiked from 18% to 45% for higher rate taxpayers
Posted: 09/09/2019
HMRC raked in an extra £11bn in income tax in 2018/19, according to latest figures. According to the non-ministerial department, total net income tax receipts for 2018/19 was estimated at £191bn, 6% higher than the previous year. Furthermore, UK citizens are paying almost 30% more income tax today than they did 10 years ago
Posted: 30/08/2019
The Low Incomes Tax Reform Group (LITRG) is advising taxpayers to check the accuracy of the savings income figures shown in their HMRC PAYE Notices of Coding and tax calculations (P800 forms), as many are paying are too much tax
Posted: 29/08/2019
Saga Money CEO Jeff Bromage has called on the government to simplify inheritance tax (IHT) rules after describing them “as clear as mud”
Posted: 24/07/2019
Over 5,000 inheritance tax (IHT) investigations are opened by Her Majesty’s Revenue & Customs (HMRC) each year, accounting for nearly 25 per cent of all estates that were liable for the tax in 2018/19, a freedom of information (FOI) request found
Posted: 22/07/2019
The changes government has made to capital gains tax is likely to be detrimental to second homeowner and small landlords, experts have argued
Posted: 12/07/2019
Aon has assessed the benefits and shortcomings of transferring into defined benefit commercial consolidators, following the government consultation in December last year
Posted: 09/07/2019
The housing market could take a hit if inheritance tax (IHT) is reformed the way the Labour party intends, according to experts. Last month the Labour Party’s independent report on cutting inequalities in land ownership called for the abolition of IHT in a bid to stabilise house prices. Under the proposals, Labour would replace IHT with a lifetime allowance of £125,000 on the gifts each person could receive
Posted: 08/07/2019
A planned tax on digital businesses should be canned because it risks making Britain look unfavourable to innovative technology firms, the Confederation for British Industry (CBI) has warned
Posted: 05/07/2019
The Office of Tax Simplification (OTS) has proposed cutting the “seven-year rule”, a pivotal aspect of UK inheritance tax (IHT) planning that governs gifting, to five years to simplify its administration
Posted: 05/07/2019
Latest figures from HMRC have revealed an 18% increase in capital gains tax receipts in 2018/19 compared to the previous year
Posted: 25/06/2019
A report commissioned by the Labour party has suggested replacing inheritance tax (IHT) with a lifetime tax on all gifts from parents to their children in excess of £125,000
Posted: 17/06/2019
A third of self-assessment taxpayers do not pay as much tax as they are required to, resulting in the Treasury missing out on £8bn per year and contributing to the annual ‘tax gap’ of £30bn revenue that goes uncollected, new research has revealed
Posted: 11/06/2019
Boris Johnson’s vow to cut income tax for higher earners is “half-baked”, according to deVere Group CEO Nigel Green
Posted: 10/06/2019
Tory leader contender Boris Johnson pledged to cut income tax bills for those earning more than £50,000 a year, if he wins the race to succeed Theresa May as Prime Minister
Posted: 10/60/2019
In its latest Tax and NIC Receipts update, HM Revenue & Customs (HMRC) revealed a steep increase of 11.2 per cent in the amount of inheritance tax (IHT) taken from people’s estates in April, compared to April 2018
Posted: 23/05/2019
Average inheritance tax (IHT) bills reached almost £200,000 in the last tax year, according to analysis of HM Revenue & Customs (HMRC) receipts by financial advice firm NFU Mutual
Posted: 15/05/2019
The government has been accused of “sneaking out” changes in the way income tax on pensions is measured that could lead to pensioners paying an extra £4bn a year, according to Royal London
Posted: 02/05/2019
Incentivising pension saving through tax relief cost the Exchequer £38.4bn in 2017/18, an increase on the £37.3bn figure reported in 2016/17, government figures have revealed
Posted: 30/04/2019
HM Revenue & Customs (HMRC) has spent £90m on private debt collectors in the last three years, almost triple the amount it spent in the three years before that (£34m), new analysis has revealed
Posted: 29/04/2019
The Association of Consulting Actuaries (ACA) has welcomed the Department for Work and Pension’s (DWP) GMP conversion guidance, but said that it is “imperative” that HMRC addresses the tax implications of GMP equalisation
Posted: 29/04/2019
Inheritance tax (IHT) receipts have reached another record year, reaching £5.4bn in the 2018/19 tax year, according to data published by HM Revenue & Customs (HMRC)
Posted: 24/04/2019
The estimated 350,000 UK expats living in the Gulf are being urged to ensure they are not in breach of the existing lifetime allowance (LTA) limit for pensions tax relief
Posted: 15/04/2019
Thousands of pension savers have breached lifetime allowance ‘protections’ in the past 12 years, potentially landing themselves with tax bills running into hundreds of thousands of pounds
Posted: 11/04/2019
Roughly 1.75 million workers could be missing up to a £60m a year in tax relief, a Royal London freedom of information (FOI) request has found
Posted: 08/04/2019
Tax changes, coming into force on the same day (6 April) as the auto-enrolment (AE) minimum contribution increase, could soften the blow to savers’ take home pay packets, Now Pensions has revealed
Posted: 05/04/2019
More than half a million (520,000) people over the age of 65 and still employed failed to defer their state pension, taking their total earnings over the tax threshold, meaning that their entire state pension was taxed, in some cases at 40 per cent, Royal London has found
Posted: 03/04/2019
A tax change due to take effect from next month means that it will be compulsory for all non-UK residents must pay tax on all UK land disposals, both residential and commercial
Posted: 27/03/2019
TV presenter Lorraine Kelly has been victorious in her dispute with HM Revenue & Customs (HMRC) worth £1.2m
Posted: 21/03/2019
A fifth (10.5 million) of adults in the UK claimed that they are in the worst financial position that they have ever been in, with Brexit and its financial implications adding further concerns, a survey from FairMoney has revealed
Posted: 21/03/2019
There is a large divide between advised clients and the wider over 55 population on the awareness of the advantages of leaving pensions as an inheritance, identifying a market opportunity for advisers, new research has found
Posted: 19/03/2019
The number of over-45s seeking professional estate planning advice has risen sharply in the last year, with four in five claiming that the rules surrounding inheritance tax (IHT) are too complicated, according to Canada Life’s 2019 IHT Monitor
Posted: 13/03/2019
More than 90% (91%) of employers believe that employees do not understand the tax rules when withdrawing money from their pension, revealed a poll conducted by WEALTH at work
Posted: 04/03/2019
Over a third (35%) of British adults, which amounts to around 17 million people, think their finances will worsen post-Brexit, rising from 32% in the last quarter, research from Royal London found
Posted: 04/03/2019
Statistics published by HM Revenue & Customs (HMRC) yesterday revealed a 15 per cent increase in the January 2019 self-assessment receipts when compared to those taken in January 2018
Posted: 22/02/2019
Inheritance tax (IHT) receipts reached £4.5bn in the first ten months of the tax year, and are on course to hit record levels in the 2018/19 period, according to analysis of the latest HM Revenue & Customs (HMRC) tax receipts by NFU Mutual
Posted: 21/02/2019
In April last year, the dividend allowance shrunk from £5,000 to £2,000 and, before the cut, investors could hold around £135,000 of UK shares outside an ISA before paying tax on dividends, but now that amount is just over £46,500
Posted: 19/02/2019
Guaranteed minimum pension (GMP) equalisation could leave over 100,000 workers who secured 'fixed protection' schemes with unexpected six-figure tax bills, a freedom of information request supplied to Royal London has revealed
Posted: 18/02/2019
The Consumer Price Index (CPI) fell for the third consecutive month to 1.8 per cent in January 2019, its lowest level since January 2017, the Office of National Statistics (ONS) has revealed
Posted: 13/02/2019
A new surcharge levied on non-UK resident homebuyers is being considered as part of the government’s attempt to help control rising house prices
Posted: 12/02/2019
MPs have dismissed Chancellor Philip Hammond’s forecast of a Brexit “deal dividend” that would see lower taxes and higher spending
Posted: 12/02/2019
UK economic growth slowed to just 0.2% in the final quarter of 2018, while quarterly gross domestic product (GDP) growth slowed after a strong third quarter where it grew 0.6%, new data has revealed
Posted: 11/02/2019
Chancellor Philip Hammond is yet to confirm how much money will be made available to be allocated among departments at his forthcoming spending review, though think tank the Institute for Fiscal Studies (IFS) said he will need to find “extra billions” to end austerity
Posted: 11/02/2019
Last night ministers were accused of sneaking through a stealthy ‘death tax’, which could result in grieving families having to pay a £6,000 bill to access a lost loved one’s estate, the Daily Mail has reported
Posted: 08/02/2019
HM Revenue & Customs (HMRC) collected an extra £3.75bn from small and medium-sized enterprises (SMEs) last year as a result of investigations into the underpayment of VAT, a 12 per cent increase on the previous year
Posted: 04/02/2019
Pension investors will receive approximately £25.6bn in tax relief this year, according to the latest official figures
Posted: 01/02/2019
The net cost of pension tax relief is forecast to reach £43.7bn in 2018/19, the latest data from HMRC has revealed
Posted: 31/01/2019
HM Revenue & Customs (HMRC) has over-taxed pension savers by more than £400m since the start of pensions freedoms in 2015, new figures issued yesterday revealed
Posted: 31/01/2019
The Association of Taxation Technicians (ATT) has expressed concerns that changes designed to limit the amount of losses which the largest companies can set against capital gains will create additional obligations for all companies
Posted: 30/01/2019
In the 2018 calendar year, inheritance tax (IHT) receipts reached £5.221bn, illustrating a steady increase when compared to the £4.8bn figure recorded a year earlier, according to the statistics published in HM Revenue & Customs (HMRC) most recent HMRC Tax and NIC Receipts report. However, financial advice firm NFU Mutual has revealed that the new prospect of new probate fees could trigger a spike in receipts this year (2019) as executors rush to beat the April deadline
Posted: 23/01/2019
Tax officials were forced to apologise yesterday for two mistakes over late-payment fines, despite HM Revenue & Customs (HMRC) last weekend denying that taxpayers were being charged for failing to submit their self-assessment returns online, even though there is still almost two weeks before the deadline
Posted: 22/01/2019
The government yesterday announced that Bill Dodwell will succeed Paul Morton as tax director for the Office of Tax Simplification (OTS)
Posted: 11/01/2019
Self-Assessment taxpayers could potentially be subject to late payment interest due to incorrect payment reminders they have received from HM Revenue & Customs (HMRC), according to leading accounting, tax and advisory firm Blick Rothenberg
Posted: 07/01/2019
Tightening up five of Britain’s existing wealth taxes and subsidies could raise almost £7bn a year by 2022-23, while also providing a down payment on covering the £36bn a year increase in the cost of public services by 2030, the Resolution Foundation has said
Posted: 04/01/2019
The government has rejected a call to alter legislation on interest rates for late payment of Pension Protection Fund (PPF) levies for small and medium enterprises (SMEs), made by Work and Pensions Committee (WPC) chair Frank Field
Posted: 04/01/2019
A quarter (24%) of people fear a reduction in the ISA allowance, while others worry about cuts to pension tax relief and death benefits, according to a survey conducted by AJ Bell. The survey revealed that 15.5% of respondents are concerned about the removal of pension death benefits, while 15% are worried about the removal of higher rate tax relief on pensions and 14.7% fear a reduction in the pension annual allowance
Posted: 03/01/2018
More than 5.5 million taxpayers need to complete their Self Assessment tax returns for the tax year 2017 to 2018 before the deadline of 31 January 2019, HM Revenue & Customs (HMRC) has warned
Posted: 03/01/2019
HM Revenue & Customs (HMRC) have recently today published its latest HMRC & NIC Receipts, which revealed that inheritance tax (IHT) receipts hit £3.7bn in the first eight months of the tax year and are on course to hit record levels in 2018/19
Posted: 21/12/2018
The Chartered Institute of Taxation (CIOT) has warned the government that “constant tinkering” with left field changes to tax rates and allowances undermines the consistency that taxpayers and businesses crave, and risks reducing international competitiveness
Posted: 07/12/2018
Pension scheme members that take advantage of the pension freedom reforms without taking advice first, risk paying too much tax, LEBC director of public policy, Kay Ingram, has warned
Posted: 06/12/2018
Both the Chartered Institute of Taxation (CIOT) and the Low Incomes Tax Reform Group (LITRG) have welcomed the publication of a major new report published by the House of Lords Economic Affairs Committee on HMRC powers and taxpayer safeguards
Posted: 05/12/2018
Powers granted to HM Revenue & Customs (HMRC) to combat tax avoidance have been have been deemed to risk undermining the rule of law and access to justice, a House of Lords report has concluded
Posted: 04/12/2018
The TaxPayers’ Alliance (TPA) campaign group has called for lower taxes as the poorest families struggle to cope with the current levels
Posted: 03/12/2018
One of the UK’s leading tax specialists, DSR Tax Claims, has called for changes to the taxation system to make it fairer for taxpayers, while also creating financial efficiencies
Posted: 29/11/2018
Her Majesty’s Revenue & Customs (HMRC) has admitted that some scheme members are getting tax relief twice, while others are not receiving the tax relief they are due
Posted: 26/11/2018
The government should implement a fully integrated digital system for Inheritance Tax, ideally including the ability to complete and submit a probate application, The Office of Tax Simplification has recommended
Posted: 23/11/2018
First-time buyers have saved a tremendous £426m in stamp duty, taking advantage of the government’s stamp duty relief introduced in November 2017, according to HM Revenue & Customs (HMRC) Quarterly Stamp Duty Land Tax Statistics
Posted: 21/11/2018
HM Revenue & Customs (HMRC) has found itself caught in several tax battles, as the average age of unsettled tax disputes with the UK’s largest organisations climbs
Posted: 06/11/2018
More than one in four (27 per cent) people aged over 55 do not realise that they have to pay tax on pensions savings if they take the money as cash, according to new research from Legal & General (L&G)
Posted: 05/11/2018
Published alongside the Budget on Monday, the Overview of Tax Legislation and Rates revealed that reforms to HM Revenue & Customs (HMRC) penalty regimes are to be further delayed until April 2021 at the earliest
Posted: 02/11/2018
NFU Mutual chartered financial planner Sean McCann has urged families to take the Chancellor’s advice and “plan for all eventualities”
Posted: 30/10/2018
Published alongside the Budget yesterday, the Office for Budget Responsibility (OBR) revealed its fiscal outlook, which said the Treasury will net an extra £400m in tax as a result of people paying tax on their pension withdrawals
Posted: 30/10/2018
Stamp duty is to be abolished for all first time buyers of shared ownership properties valued up to £500,000 applied retrospectively, Chancellor Philip Hammond has said today
Posted: 29/10/2018
Universal credit could leave some disabled people more than £300 a month worse off when compared to the previous system, revealed research from Citizens Advice
Posted: 26/10/2018
Guildford has been labelled as the inheritance tax capital of the UK, with as many as 658 families subject to the tax in 2015/16, paying an average of £231,000 each
Posted: 25/10/2018
Chancellor Philip Hammond is facing pressure from senior Conservative MPs to avoid tax hikes in next week’s budget, advising him to stay focused on economic responsibility and attracting investment to the UK
Posted: 24/10/2018
Ahead of the UK Budget this month, the Chartered Institute of Taxation (CIOT) has urged caution from the Chancellor on his suggestion to go it alone with a temporary new sales tax on digital multinational companies
Posted: 23/10/2018
HM Revenue & Customs (HMRC) has expanded its probe into football, with almost 200 footballers now under investigation for alleged tax abuse linked to image rights payments
Posted: 22/10/2018
Michael Barnier and the rest of the Brexit negotiating team want Britain to continue following EU tax policies after Brexit, a leaked document has suggested
Posted: 22/10/2018
The Treasury is facing a £1bn drop in stamp duty from property sales this year, which has sparked fears that the property market is becoming clogged at the top end, with buyers avoiding heavy tax bills that come with expensive homes
Posted: 27/10/2018
Inheritance tax (IHT) receipts hit £2.8bn in the first six months of the tax year, and the Office for Budget Responsibility (OBR) has estimated that they will increase further to reach a record £5.4bn by the end of this tax year
Posted: 19/10/2018
The Institute for Fiscal Studies has today published its ‘Green Budget’ urging Chancellor Philip Hammond to introduce a pensions death tax
Posted: 16/10/2018
Chancellor Philip Hammond will have to squeeze an extra £19bn out of taxpayers by 2022/23 to meet Prime Minister Theresa May’s promise to end austerity, while also keep his pledge to eliminate the deficit, according to a detailed analysis from one of the UK’s trusted economic bodies
Posted: 16/10/2018
Chancellor Philip Hammond is likely to revert to the ‘salami-slicing’ of pension tax relief as a way of funding increased spending on the NHS, according to Royal London director of policy Steve Webb
Posted: 14/10/2018
Insurance Premium Tax (IPT) costs each household more than £200 per year, and raises more than beer and cider duty, while also rising faster than taxes on cigarettes, despite half the population having never heard of it
Posted: 12/10/2018
The Treasury is finalising plans to overhaul tax rules which allow those that are self-employed to avoid paying national insurance contributions, with the move targeted at those who set themselves up as private companies to take on work
Posted: 11/10/2018
The tax collected from individuals breaching the Lifetime Allowance (LTA) has rocketed by £97m since it was introduced in 2006, with the latest figures from HMRC showing that £102m in tax was collected from individuals exceeding the allowance during 2016/17, compared with less than £5m in 2006/7 when the LTA was introduced
Posted: 10/10/2018
Inheritance tax (IHT) gifting rules could be dramatically simplified in the Budget, according to financial advice firm, NFU Mutual
Posted: 08/10/2018
A freedom of information (FOI) request submitted by Canada Life revealed that 30 overseas transfer charges were paid to HM Revenue & Customers (HMRC) worth £1.4m in the 2017/18 tax year
Posted: 08/10/2018
Prime Minister Theresa May has announced a consultation on allowing opposite-sex couples to enter into civil partnerships, sparking a number of financial implications
Posted: 02/10/2018
Last year businesses received tax relief worth £3.5bn to support investment, as more companies took advantage of a scheme designed to tackle Britain’s weak productivity
Posted: 01/10/2018
The total tax take from the lifetime allowance (LTA) tax charge has increased by more than 2,000 per cent in 10 years to £102m, according to the latest data from HM Revenue and Customs (HMRC)
Posted: 28/09/2018
IHT receipts hit £2.357bn for April to August, HMRC has revealed
Posted: 24/09/2018
Taxes should rise to pay for the government’s £20bn a year boost for the NHS, said the International Monetary Fund (IMF) as it urged Britain to not take chances with public finances
Posted: 18/09/2018
The equalisation of pensions tax relief for higher and lower rate income taxpayers has been listed as part of a major tax shake-up proposed by the Liberal Democrats
Posted: 18/09/2018
A planned tax cut for 2.7 million self-employed workers has been scrapped by the British government
Posted: 07/09/2018
The government’s National Fraud Initiative (NFI) has saved over £300m in taxpayers’ money over the last two years, by detecting and preventing fraud and error in the public sector
Posted: 31/08/2018
The Centre for Policy Studies (CPS) has called for pension tax relief to be scrapped in an attempt to aid low income savers and save the Treasury an estimated £10bn per year
Posted: 29/08/2018
Accountancy body, ACCA, has said it is “simply unfair” that people owing tax have seen a rise in the interest they pay, while those owned a refund will see no change
Posted: 24/08/2018
Inheritance Tax (IHT) receipts have reached £5.2bn up from £3.4bn five years ago, new analysis of government statistics has revealed
Posted: 23/08/2018
The government is considering a new ‘Care ISA’ to tackle the crisis in social care provision.  
Posted: 20/08/2018
The amount of tax collected from individuals breaching the LTA has rocketed by £100m since it was introduced in 2006, with the latest figures showing that £100m in tax was collected from individuals exceeding the allowance during 2016/17, compared with less than £10m in 2006/7 when the LTA was introduced
Posted: 20/08/2018
Taxpayers only have a few weeks to disclose undeclared offshore tax liabilities to HMRC or risk a stiff penalty, the Chartered Institute of Taxation (CIOT) has warned
Posted: 14/08/2018
Following the publication of HMRC’s annual inheritance tax statistics today, MHA MacIntyre Hudson tax partner Nigel May argues that inheritance tax (IHT) is unfit for purpose and requires urgent reform
Posted: 31/07/2018
Workers that are employed by organisations such as Uber and Deliveroo could have the tax that they owe taken at source, despite many of them being considered as self-employed, according to leading accounting, tax and advisory firm Blick Rothenberg
Posted: 31/07/2018
During the 2016/17 tax year, inheritance tax (IHT) drew £4.7bn from UK consumers, and this figure is expected to rise by a third more over the next five years, according to WAY Investments
Posted: 25/07/2018
Following the publication of HM Revenue and Customs (HMRC) receipts up to June 2018, the amount taken by the taxman in the first quarter of the financial year was £142bn, an increase of approximately £5.2bn year-on-year
Posted: 20/07/2018
A Gloucester security services company director, who was jailed for stealing almost £500,000 in tax, has been ordered to pay back £67,424 or face an additional two years in jail and still owe the money
Posted: 19/07/2018
The number of taxpayers over the age of 65 has nearly doubled from 3.32 million in 1995-96 to 6.49 million in 2015-16, Royal London has found
Posted: 10/07/2018
HMRC has recently announced that it is refusing to rethink its current position on the taxation of pension freedoms withdrawals, which AJ Bell has said will deliver a “bitter blow” to millions of savers
Posted: 05/07/2018
The quarterly national accounts reveal that the UK economy has grown by 0.2% in Q1 2018, revised up from the second estimate of 0.1%
Posted: 29/06/2018
In its response to a government review of inheritance tax, Royal London has called for cohabiting couples to receive the same tax treatment as those who are married or in civil partnerships
Posted: 22/06/2018
The government borrowed the smallest amount of money from markets in May since 2005, falling by £2bn, compared with last year when borrowing reached £5bn in May, according to the latest figures from the Office for National Statistics
Posted: 22/06/2018
AJ Bell is urging the government to exempt pensions and ISAs from inheritance tax (IHT) as part of a drive to simplify the UK savings landscape
Posted: 21/06/2018
UK taxpayers who fail to disclose offshore income or gains, either by failing to notify HMRC of their chargeability to UK tax, failing to deliver a tax return or by submission of an incorrect tax return will face imprisonment and swinging penalties, Blick Rothenberg has said
Posted: 20/06/2018
The inheritance tax gap has grown to £600m in 2016/17, rising 50% from £400m five years ago in 2012/13, according to new statistics published by HMRC
Posted: 14/06/2018
HMRC has appointed director for customs and indirect tax Ruth Stanier as its new director general of customer strategy and tax design
Posted: 12/06/2018
Association of Account Technicians (AAT) has recently responded to the Office for Tax Simplifications (OTS) inheritance tax (IHT) review, stating that the tax is “widely misunderstood, unnecessarily complicated and that several exemptions should be scrapped”
Posted: 11/06/2018
The Treasury is set to net £185bn from income tax receipts in 2018/19, compared to £178bn in 2015/16, according the latest HMRC data
Posted: 04/06/2018
An advisory body to the Treasury has called for a review of the rules under which thousands of saves are taxed at emergency rates when drawing down their pensions early
Posted: 25/05/2018
The fall from 2.5% in March was partly blamed on the timing of Easter, which resulted in a seasonal air fares not being included in April this year
Posted: 23/05/2018
After the first tier tax tribunal in favour of Hargreaves Lansdown, HMRC has taken the decision to appeal the ‘discount tax’ ruling
Posted: 16/05/2018
The workplace pension provider Now Pensions has committed to topping up the pensions of non-taxpaying members for the 2017/18 and 2018/19 tax years
Posted: 15/05/2018
Wages rose at an annual rate of 2.9% in the three months to March, faster than in inflation for the first time in over a year, official figures revealed
Posted: 15/05/2018
A £10,000 payment should be given to all young adults when they reach the age of 25, while pensioners should be taxed more, a new report into intergenerational fairness in the UK has suggested
Posted: 08/05/2018
The government must reform the “absurd” tax over-pay and reclaim system for pensions, as new HMRC figures show over £280m has been repaid since pension freedoms was introduced, Royal London director of policy Steve Webb has said
Posted: 04/05/2018
HM Revenue and Customs could assist the self-employed with pension savings through the tax return system, Royal London director of policy Steve Webb has said
Posted: 20/04/2018
Tax chiefs have been criticised for refusing to raid the offices of a firm suspected of laundering huge sums of money seemingly because they donated money to the Conservatives
Posted: 19/04/2018
Increasing numbers of people are missing out on inheritance tax relief as a result of executing wills without legal advice
Posted: 16/04/2018
A 'trap' in the tax system means HMRC is wrongly overcharging people thousands of pounds for drawing cash from their pensions, experts have warned
Posted: 16/04/2018
Last year, HMRC collected a record-breaking £4.9bn from IHT, and research from TIME Investments revealed that 36% of consumers aged 55 and over that seek financial advice from an IFA have not considered IHT planning, despite IHT taking 40% of a total qualifying estate
Posted: 11/04/2018
New Universal Credit claimants already in receipt of Housing Benefit will receive an additional two weeks’ support with their rent when their claim, ends to support them during the transition onto Universal Credit
Posted: 11/04/2018
Millions of workers are set to have their income tax slashed under government changes that come into effect today
Posted: 06/04/2018
HSBC is being investigated over a £134m 'tax evasion' scheme created by the bank, The Times has revealed
Posted: 03/04/2018
The proportion of Britons paying the highest rates of tax is now at a record level and double that of 20 years ago
Posted: 03/03/2018
MPs are set to scrutinise the VAT system to examine why the tax man is failing to collect billions as part of a trio of investigations launched by the Treasury Select Committee
Posted: 27/03/2018
HMRC collected a “record high” £5.3bn through inheritance tax (IHT) last year, according to leading private client firm Wilsons
Posted: 22/03/2018
The UK has a tax burden of 38% of GDP, 76% higher than the average rate for the major emerging BRIC (Brazil, Russia, India and China) economies (21.8%), research has shown by accountancy group UHY Hacker
Posted: 19/03/2018
The drop in the lifetime allowance has led to a 2,100% increase in the government’s tax take, in the 16/17 tax year compared to the 06/07 tax year, a freedom of information request from Old Mutual Wealth has shown
Posted: 12/03/2018
Anyone with offshore assets is being warned to make sure they disclose them, or they could face new, tougher penalties
Posted: 07/03/2018
People of all generations should contribute towards the rising costs of health and welfare and suggests introducing higher capital taxes to avoid “putting the entire tax burden on young people who are already struggling to match the living standards gain of older generations”, according to Resolution Foundation executive chair Lord David Willetts
Posted: 06/03/2018
An IHT gifting allowance update to £11,000 could cascade £82.6bn to lower generations, Old Mutual Wealth has said
Posted: 05/03/2018
Tax bands should be scrapped to allow a more progressive system that would give money back to most taxpayers while raising the same amount of revenue, according to the Institute for Public Policy Research
Posted: 05/03/2018
HM Revenue and Customs has clarified the rules around pensions tax relief for the new Scottish income tax bands, allowing those paying the intermediate rate of 21 per cent to claim back the additional 1 per cent due on their contributions
Posted: 22/02/2018
MPs are calling for new transparency measures to tackle tax avoidance in overseas territories
Posted: 23/02/2018

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