TAX
There are 382 articles for the TAX category
Inheritance tax (IHT) receipts collected between April and August 2024 increased by £300m year-on-year, with the total collected for the year reaching £3.5bn, HMRC has revealed
Posted: 20/09/2024
There has been a rise in the number of families receiving inheritance tax (IHT) bills after death on gifts made during the deceased’s lifetime, leading to Evelyn Partners issuing a warning to those who may be set to receive financial gifts from relatives in the future
Posted: 27/08/2024
Inheritance tax (IHT) receipts have increased by £200m year-on-year in July, taking the amount collected in IHT to £2.8bn in the current financial year
Posted: 21/08/2024
The number of people expected to pay dividend tax in the 2024/25 tax year has almost doubled since 2021/22, a Freedom of Information request from AJ Bell has indicated
Posted: 20/08/2024
Nearly 7,000 estates have paid inheritance tax (IHT) including life insurance policies that could have been excluded from the tax if put into trust
Posted: 13/08/2024
The total capital gains tax (CGT) liability was £14.4bn for 369,000 taxpayers in the 2022/23 tax year, realised on £80.6bn of gains, new figures published by HMRC have revealed
Posted: 01/08/2024
Just under 1.6 million taxpayers were hit with fines or penalties for their self-assessment tax return in the 2021/22 financial year, a new freedom of information (FOI) request submitted by AJ Bell has revealed
Posted: 31/07/2024
Inheritance tax (IHT) receipts have reached £2.1bn between April and June 2024, an increase of £83m on the same period last year
Posted: 19/7/2024
Over half (56%) of people believe that public spending should be increased, even if it means tax rises for households like their own, abrdn Financial Fairness Trust has found
Posted: 02/07/2024
Savers are set to pay £10.4bn in savings interest in the current financial year, new figures from HM Revenue and Customs (HMRC) have shown.
This is a rise of over £9bn compared to the figure reported back in the 2020/21 financial year
Posted: 27/06/2024
Inheritance tax (IHT) collected in May reached a total of £701m, an increase of £92m year-on-year, HM Revenue and Customs (HMRC) has revealed
Posted: 21/06/2024
HMRC has recovered an estimated £1.39bn in unpaid inheritance tax (IHT) during the past five years, according to new figures obtained by NFU Mutual
Posted: 13/06/2024
The Treasury’s intake from inheritance tax (IHT) totalled over £700m in April, a figure £85m higher than the same month last year
Posted: 22/05/2024
Two in five (41%) savers think they don’t earn enough in interest to pay tax on their savings accounts, meaning that they could be "sleepwalking" their way into a surprise tax bill, Shawbrook has revealed
Posted: 17/5/2024
The amount of inheritance tax (IHT) collected in the 2023/24 financial year hit a record £7.5bn, with analysts expecting receipts to reach almost £10bn by the end of the decade.
HM Revenue and Customs (HMRC) has revealed that IHT receipts increased by £400m year-on-year, after £7.1bn was collected in 2022/23
Posted: 23/4/2024
Adults in the UK have paid £5.8bn in overpaid tax to HM Revenue and Customs (HMRC) as a result of being on the wrong tax code, Canada Life has found
Posted: 22/4/2024
The amount of inheritance tax (IHT) collected in February increased by £400m year-on-year, with £564m collected over the course of the month
Posted: 21/03/2024
The rate of capital gains tax (CGT) payable on residential property gains is to be cut from 28% to 24% from 6 April, Chancellor Jeremy Hunt has announced
Posted: 06/03/2024
Almost three quarters (71%) of advisers have said that they are hoping for an increase in the personal allowance as part of the Spring Budget, Royal London has found
Posted: 4/3/2024
UK investors believe cuts to income and corporation tax rather than inheritance tax (IHT) would have a greater boost for the wider economy.
This is a despite a survey from Wealth Club also revealing that IHT remains the tax that investors dislike the most
Posted: 28/02/2024
The Government’s intake from inheritance tax (IHT) has climbed to £6.3bn in the 2023/24 tax year, new HMRC figures have shown
Posted: 21/02/2024
Suros Capital has reported a rise in the number of applications for urgent funding to pay tax bills before the 31 January deadline
Posted: 26/01/2024
Nearly two million people face debt as soaring tax bills mean they are turning to overdrafts to meet HM Revenue and Customs’ (HMRC) demands as the 31 January deadline looms, Royal London has found
Posted: 24/01/2024
Inheritance tax (IHT) receipts show that £5.7bn was collected in the first three quarters of the 2023/24 financial year, an increase of 8% year-on-year, HM Revenue and Customs (HMRC) has found
Posted: 23/01/2024
Inheritance tax receipts have reached a total of £5.2bn between April and November 2023, a £400m increase on the same period last year, HM Revenue and Customs has found
Posted: 21/12/2023
Almost a quarter (24.1%) of all income tax and capital gains tax (CGT) is paid by just 100,000 people, a Freedom of Information (FOI) request made by Wealth Club has revealed
Posted: 04/12/2023
The Office for Budget Responsibility (OBR) has increased its estimates for inheritance tax (IHT) for the next six years following the autumn statement
Posted: 22/11/2023
HMRC took in £4.6bn worth of inheritance tax (IHT) receipts in the period between April to the end of October this year, new figures have shown
Posted: 21/11/2023
Inheritance tax (IHT) reform could prevent an estimated 12,500 families from paying the tax each year, new analysis from Quilter has indicated
Posted: 13/11/2023
The Government has now collected £3.9bn through inheritance tax (IHT) in the financial year so far, new figures published by HMRC have revealed.
Covering the period from April up to September this year, IHT receipts are around £400m higher than they were over the same period last year
Posted: 20/10/2023
Six in 10 (59%) retirees said they do not know what the inheritance tax (IHT) threshold for the value of an estate is, Just Group has found
Posted: 19/10/2023
HM Revenue and Customs (HMRC) has urged self-assessment customers to be on the lookout for scam texts, emails and phone calls from fraudsters in the run up to the tax return deadline
Posted: 17/10/2023
Three in 10 (30%) ultra-high net worth individuals (UHNWIs) have put plans to pass money down to younger generations on hold, research from Mazars has found
Posted: 03/10/2023
The wealthiest 1% of the UK would receive half the benefit if the Government was to scrap inheritance tax (IHT), with an average tax cut of over £1m, new analysis has indicated
Posted: 27/09/2023
Just one in 10 (11%) independent financial advisers (IFAs) have stated that they support the Government’s potential tax rule changes surrounding pension death benefits, Standard Life has found
Posted: 26/09/2023
The average inheritance tax (IHT) bill could reach £233,000 in the 2023/24 financial year, new research from Wealth Club has indicated
Posted: 25/09/2023
Inheritance tax (IHT) receipts have continued to increase in August, with an extra £300m collected compared to the same period last year
Posted: 21/09/2023
A total of £2.76bn was raised in insurance premium tax (IPT) receipts in the first four months of the latest financial year, which is 27% higher than in the same period last year, OAC has found
Posted: 05/09/2023
Inheritance tax (IHT) has increased by a further £603m in July, and receipts for April to July 2023 currently stand at £2.6bn, an increase of £200m compared to the same period in 2022, HM Revenue and Customs (HMRC) has revealed
Posted: 22/08/2023
Capital gains tax (CGT) receipts hit a record £16.7bn in the 2021/22 tax year, up 15% on the previous tax year
Posted: 03/08/2023
Over a quarter of high-net-worth individuals (HNWIs) do not have measures in place to address inheritance tax (IHT) or increase the tax-free assets that they hope to pass on, new research from Saltus has indicated
Posted: 02/08/2023
The number of estates in the UK paying inheritance tax (IHT) has risen by 17%, new figures released by HMRC have revealed
Posted: 26/07/2023
The first quarter of the 2023/24 financial year saw £2bn collected by the Treasury in inheritance tax (IHT), HM Revenue and Customs (HMRC) has revealed
Posted: 21/07/2023
His Majesty’s Revenue and Customs (HMRC) has reported an increased estimate of £1.1bn in the total level of error and fraud in research and development (R&D) tax reliefs for 2020-21, up 16.7% of its previously published estimate
Posted: 18/07/2023
Eight and a half million people aged 65 and over are income tax payers, which is an increase of around 10% compared with a year earlier, according to figures from HM Revenue & Customs (HMRC)
Posted: 30/06/2023
Widespread confusion around inheritance tax (IHT) means millions of over-55s are at risk of leaving families with a potentially significant tax bill to be paid from the deceased’s estate, new research has shown
Posted: 28/06/2023
The amount of unpaid UK tax has remained at the lowest it has ever been, sitting at 4.8%, HM Revenue and Customs (HMRC) has revealed
Posted: 22/06/2023
The Government has taken £1.2bn in inheritance tax (IHT) in the months of April and May, new HMRC figures have indicated
Posted: 21/06/2023
The Government’s inheritance tax (IHT) intake totalled £600m in April, a figure £100m up on last April’s figure, new data published by HMRC has indicated
Posted: 23/05/2023
More than two in five UK adults (43%) that have checked their tax code have found they are on the wrong one, new research from Canada Life has revealed
Posted: 18/05/2023
The share of adults in the UK paying higher rates of income tax has grown significantly in the last few decades, a new report by the Institute for Fiscal Studies (IFS) has highlighted
Posted: 16/05/2023
The Government has taken £7.1bn in receipts for inheritance tax (IHT) for the 2022/23 tax year, new HMRC figures have confirmed
Posted: 25/04/2023
“Bed and ISA” transactions have increased by 387% since the tax changes announced by the Chancellor last November, analysis by AJ Bell has indicated
Posted: 29/03/2023
The government has now taken £6.4bn in inheritance tax (IHT) since April last year, new HMRC figures have revealed
Posted: 21/03/2023
The Chancellor has created an “unlimited inheritance tax (IHT) shelter” as a result of his move to abolish the pensions lifetime allowance in yesterday’s Budget
Posted: 16/03/2023
The Treasury is forecast to haul £45bn in inheritance tax (IHT) over the next six years, newly published estimates from the Office for Budget Responsibility (OBR) have indicated
Posted: 15/03/2023
The government’s inheritance tax (IHT) intake is now up to £5.9bn for the period since April last year up to the end of January, according to new HMRC figures
Posted: 21/02/2023
The Chartered Institute of Taxation (CIOT) has urged the government to review “unfair” repayment interest rates
Posted: 09/02/2023
The average amount owed to UK taxpayers by HMRC has increased by 6.2%, with the average tax rebate now reaching £1,510, analysis by RIFT Tax Refunds has shown
Posted: 31/01/2023
HMRC has now taken £5.3bn in inheritance tax (IHT) since April last year, new government data has revealed
Posted: 24/01/2023
The gap between tax owed and tax paid to HMRC currently sits at £32.1bn and is expected to widen as the UK struggles to combat the cost of living crisis, analysis by RIFT Tax Refunds has shown
Posted: 10/01/2023
The government has announced that the interest rate it charges on overdue inheritance tax (IHT) will increase to 6% from today
Posted: 06/01/2023
UK families could have passed on £1.43m free of inheritance tax (IHT) had the Conservative government not frozen the tax-free thresholds since coming to power in 2010, new analysis from AJ Bell has suggested
Posted: 03/01/2023
The government has taken £4.8bn in inheritance tax (IHT) for the period between April and November this year, new HMRC figures have shown
Posted: 21/12/2022
A majority 93% of independent financial advisers (IFAs) would cite the speed of inheritance tax (IHT) mitigation as the most important factor when advising on estate planning, new research from Ingenious has indicated
Posted: 06/12/2022
Approximately two million people face being subject to the 60% marginal income tax rate by 2028 following Chancellor Jeremy Hunt’s freeze on tax thresholds
Posted: 23/11/2022
Only 22% of people aged between 55 and 64 know what their inheritance tax (IHT) liability will be on their estate when they die, new research has indicated
Posted: 22/11/2022
The government has taken £4.1bn worth of receipts for inheritance tax (IHT) over the period between April to October this year, new HMRC figures have confirmed
Posted: 22/11/2022
The stamp duty cuts first announced in the mini-Budget will now be in place until 31 March 2025, the Chancellor has confirmed
Posted: 17/11/2022
HMRC has taken £3.5bn in receipts for inheritance tax (IHT) in the period between April and September, new figures have shown
Posted: 21/10/2022
The changes to stamp duty announced at the government’s mini-Budget last month are to remain in place
Posted: 17/10/2022
The government has confirmed it is reversing the majority of the tax changes announced in the mini-Budget last month
Posted: 17/10/2022
The number of people fully withdrawing pension pots that could trigger large tax bills is on the rise, analysis from NFU Mutual has indicated
Posted: 11/10/2022
The government has U-turned on its plans to scrap the 45p rate of income tax for higher earners
Posted: 03/10/2022
HMRC has reported that it has received £2.9bn in receipts for inheritance tax (IHT) between April and August.
The figure is around £300m higher than the same period last year
Posted: 21/09/2022
HMRC has reported that it received £2.4bn worth of receipts for inheritance tax (IHT) between April and July
Posted: 19/08/2022
Billions of pounds which could help people across the UK tackle rising living costs is currently going unclaimed as a result of several underused tax breaks, AJ Bell has revealed
Posted: 16/08/2022
Record amounts of capital gains tax (CGT) were recorded in the 2020/21 tax year, HMRC has reported
Posted: 04/08/2022
Conservative leader hopeful Liz Truss has vowed she would oversee a review of inheritance tax (IHT) should she win the party’s leadership contest and become the next Prime Minister
Posted: 01/08/2022
Last year’s increase in inheritance tax (IHT) receipts received by HMRC was the largest single-year rise in receipts for six years, new figures have confirmed
Posted: 28/07/2022
This year’s flurry of interest rate increases could lead to some families faced with a large inheritance tax (IHT) bill to reluctantly sell their property, NFU Mutual has warned
Posted: 26/07/2022
The government raked in £1.8bn in receipts for inheritance tax (IHT) between April and June, new figures published by HMRC have indicated
Posted: 21/07/2022
The total amount of Income Tax paid by people in the UK is expected to hit £251bn by 2022/23, new HMRC figures have indicated
Posted: 30/06/2022
Receipts received by HMRC for inheritance tax (IHT) totalled £1.1bn for the months of April and May, new figures have revealed
Posted: 23/06/2022
Receipts for inheritance tax (IHT) started the new tax year by totalling £500m for HMRC in April, new figures have confirmed
Posted: 24/05/2022
HMRC has now taken in £6.1bn from inheritance tax (IHT) receipts since April 2021, new figures have confirmed
Posted: 26/04/2022
A Freedom of Information request to HMRC has revealed that just 153,241 trust registrations have been received since the Trustee Registration Service began in June 2017
Posted: 25/04/2022
Kent Reliance for Intermediaries and EY have worked together to produce an educational guide for brokers based on the rule updates to the UK tax system
Posted: 06/04/2022
Government tax breaks for savings and investments have decreased by an average of 6% in the last decade, according to calculations published by Quilter
Posted: 30/03/2022
The government will collect £37bn in inheritance tax (IHT) over the next five years, according to new official projections
Posted: 30/03/2022
Work and Pensions Committee (WPC) chair Stephen Timms has written to the Economic Secretary to the Treasury John Glen to request clarification on HMRC's tax treatment of pension liberation victims
Posted: 24/03/2022
The national insurance and income tax starting thresholds are to be equalised from July, the Chancellor has announced
Posted: 23/03/2022
Inheritance Tax (IHT) receipts for the period from April 2021 to February 2022 have totalled £5.5bn, new HMRC figures have confirmed
Posted: 22/03/2022
Inheritance tax (IHT) receipts for the period between April 2021 and January 2022 totalled £5.0bn, new HMRC figures have revealed
Posted: 22/02/2022
The majority of homeowners and homebuyers believe that Stamp Duty Land Tax (SDLT) is an outdated form of taxation in need of reform, a new study has found
Posted: 07/02/2022
Inheritance Tax (IHT) receipts for the period between April and December 2021 totalled £4.6bn, new HMRC figures have revealed
Posted: 25/01/2022
Four million customers are still yet to submit their self assessment tax return and pay any tax owed ahead of the 31 January deadline, HMRC has stated
Posted: 24/01/2022
Government plans to freeze income tax thresholds will push more than 1.2 million workers’ earnings above the 40p threshold in the next four years, according to analysis by the House of Commons Library
Posted: 07/01/2022
Residential property in London makes up around half the value (49%) of all estates facing inheritance tax (IHT), a Freedom of Information (FOI) request by Just Group has found
Posted: 15/12/2021
The Treasury has issued a letter to the Office of Tax Simplification (OTS) outlining that it won’t be reforming inheritance tax (IHT) along the lines of its recommendations
Posted: 01/12/2021
The total number of tax receipts for stamp duty between April and October was £4.1bn higher compared to the same period last year, new HMRC figures have confirmed
Posted: 19/11/2021
Receipts for inheritance tax (IHT) received by HMRC between April and October 2021 totalled £3.6bn, new figures have revealed
Posted: 19/11/2021
Business relief (BR) is rising in popularity as a way for advisers to mitigate inheritance tax (IHT) for their clients, according to new research
Posted: 09/11/2021
Over-55s are increasingly supportive of giving ‘pre-inheritances’ to family as financial support is “more useful when relatives are younger”, new research from Key has suggested
Posted: 03/11/2021
Receipts for inheritance tax (IHT) between April and September this year totalled £3.1bn, new HMRC figures have revealed
Posted: 21/10/2021
A change to inheritance tax (IHT) treatment of pensions is topping the list of concerns among pension investors ahead of the Chancellor’s Autumn Budget next week
Posted: 19/10/2021
Almost three-quarters (74%) of UK adults have not taken any steps to reduce their inheritance tax (IHT) liability, a new study has found
Posted: 14/10/2021
This year’s announcements of tax rises will increase the UK’s tax take to its highest sustained level in peacetime, a report from the Institute for Fiscal Studies (IFS) has highlighted, with spending to settle at 42% of national income
Posted: 12/10/2021
The cost of stamp duty has increased by 490% for the average homebuyer in the last 25 years, a new study has found
Posted: 12/10/2021
More than half (53%) of women are planning on leaving an inheritance but a lack of financial planning means many are at risk of paying too much inheritance tax (IHT), new research has found
Posted: 05/10/2021
Stamp duty Land Tax (SDLT) receipts have fallen by 25% between the 2019/20 and 2020/21 tax years, new HMRC figures have revealed
Posted: 01/10/2021
Almost 500,000 homebuyers across England are set to have saved over £3bn in Stamp Duty Land Tax (SDLT) as a result of the stamp duty holiday, new analysis from GetAgent has revealed
Posted: 30/09/2021
Families in the UK could have an opportunity to reclaim thousands of pounds in inheritance tax (IHT) from falling property prices brought about by the end of the stamp duty holiday
Posted: 28/09/2021
Receipts for inheritance tax (IHT) have risen by £0.7bn year-on-year, according to new data published by HMRC
Posted: 21/09/2021
The overall UK tax gap in the 2019/20 tax year had a value of £35bn, new HMRC figures have revealed
Posted: 16/09/2021
More than 6,000 estates have paid inheritance tax (IHT) on life insurance policies which could have been excluded if their policy was written into a trust, according to HMRC data
Posted: 13/09/2021
Investors and self-employed workers are expected to collectively pay £600m more in tax as a result of the government’s 1.25% divided tax hike
Posted: 07/09/2021
Overall receipts for Stamp Duty Land Tax (SDLT) between April and July hit £5.7bn, according to new data published by HMRC
Posted: 20/08/2021
Receipts for inheritance tax (IHT) between April and July this year saw a rise of £0.5bn on the same period in 2020, new HMRC figures have confirmed
Posted: 20/08/2021
The average inheritance tax (IHT) bill in the UK has climbed over £200,000, new government figures have revealed
Posted: 10/08/2021
Nearly one in three (31%) over-55s have never checked how Inheritance Tax (IHT) could affect them despite 36% estimating their estates are worth more than the current tax-free allowances, new research published by TIME Investments has shown
Posted: 09/08/2021
The total capital gains tax (CGT) liability was £9.9bn for 265,000 CGT taxpayers in the 2019/20 tax year, new government figures have revealed
Posted: 05/08/2021
The total figure of Stamp Duty Land Tax (SDLT) transactions climbed by 9% in the second quarter of 2021, new HMRC data has revealed
Posted: 04/08/2021
The proportion of deaths in the UK resulting in an inheritance tax (IHT) charge has seen a 0.2% decrease, new HMRC figures have revealed
Posted: 29/07/2021
Receipts for inheritance tax (IHT) have reached their highest ever level over a 12-month period, new data published by HMRC has revealed
Posted: 22/07/2021
The government’s lack of progress towards rectifying an estimated 1.5 million or more low-income workers paying a 25% penalty for their pension savings has been branded “disappointing” by the Low Incomes Tax Reform Group (LITRG)
Posted: 21/07/2021
HMRC has announced the launch of a new online guidance tool to simplify the process for inheritance tax (IHT)
Posted: 16/07/2021
Financial advisers are expecting a boom in demand for advice on inheritance tax (IHT) planning, new research from The Openwork Partnership has revealed
Posted: 16/06/2021
The total saving for UK homebuyers from the stamp duty holiday could reach £3.4bn by the end of the deadline, according to new analysis by GetAgent
Posted: 09/06/2021
The government has revealed that HMRC collected £584.3bn in taxes in 2020/2021, a decrease of 7.8% from the year before
Posted: 25/05/2021
One in three (31%) clients are likely to be affected by the frozen inheritance tax (IHT) thresholds, according to a survey among financial advisers from Octopus Investments
Posted: 25/05/2021
The Office for Tax Simplification (OTS) has issued a second report on Capital Gains Tax (CGT)
Posted: 21/05/2021
The Organisation for Economic Cooperation and Development (OECD) has called for Inheritance Tax (IHT) to rise in the wake of the coronavirus pandemic
Posted: 13/05/2021
The Chartered Institute of Taxation (CIOT) has welcomed the government’s decision to amend the current Finance Bill to pay interest to businesses where VAT repayments are delayed due to an enquiry by the tax authority
Posted: 07/05/2021
Someone entering into retirement can now draw a minimum of £32,870 a year across a range of different investments before paying any income tax, according to new calculations from Quilter
Posted: 07/04/2021
More than half of advisers (54%) would cite the Inheritance Tax (IHT) benefit that Alternative Investment Market (AIM) investments can offer as one of the most important factors in their investment, new research has revealed
Posted: 31/03/2021
Retired households are losing around 14% of their income a year to direct taxes, according to new analysis from Key
Posted: 31/03/2021
Inheritance Tax (IHT) experts have welcomed the government’s announcement that reporting regulations for IHT are to be simplified later this year
Posted: 24/03/2021
The Treasury has published more than 30 consultations, updates and policy documents as part of its ‘Tax Day’
Posted: 23/03/2021
Capital Gains Tax (CGT) receipts could exceed the £10bn mark in 2021, according to analysis of HMRC data by Canada Life
Posted: 19/03/2021
An increase to the Capital Gains Tax (CGT) threshold would be “another nail in the coffin” for buy-to-let (BTL) landlords and second homeowners, according to lettings and estate agent, Benham and Reeves
Posted: 16/03/2021
The freeze on Inheritance Tax (IHT) allowances for five years is set to net the Treasury almost £1bn in extra revenue, but there could be a wave of reclaims next year if house price predictions are correct, according to NFU Mutual
Posted: 09/03/2021
The Chancellor has made the “right judgement” in his Budget to support economic recovery in the next two years before turning to raising taxes in the middle of the decade, according to analysis from the Resolution Foundation
Posted: 04/03/2021
The Chancellor has confirmed the freezing of a number of of tax allowances, including Inheritance Tax (IHT) thresholds, Capital Gains Tax (CGT) thresholds, as well as the pension lifetime allowance, until 2026
Posted: 03/03/2021
Thirty-eight per cent of advisers have suggested their clients would least like to see a one-off wealth tax in 2021, a new study by AJ Bell has revealed
Posted: 02/03/2021
Forty-four per cent of investors have made a will in order to reduce their Inheritance Tax (IHT) bill, according to research from Rathbone Investment Management
Posted: 02/03/2021
The economy could benefit from a £28bn injection if the government “tapered off” the Stamp Duty Land Tax (SDLT) holiday rather than sticking to a hard stop, research has suggested
Posted: 26/02/2021
Home movers in England and Wales are saving an average £11,566 as a result of the stamp duty holiday, according to figures published by Halifax
Posted: 23/02/2021
Capital Gains Tax (CGT) receipts have reached their highest ever level at the tax year to date, new HMRC figures have revealed
Posted: 19/02/2021
Parents and grandparents in the UK are risking tax bills by helping out their family financially, according to new research from Openwork
Posted: 18/02/2021
Fifty-eight per cent of IFAs are expecting demand to increase for tax and estate planning advice over the next five years, new research from Canada Life has revealed
Posted: 18/02/2021
The number of Inheritance Tax (IHT) reclaims reached a six-year peak in 2020 as more families clawed back overpaid tax following falls in the value of property and shares
Posted: 17/02/2021
Financial advisers are calling for the Chancellor to focus on initiatives to boost economic growth in his March Budget, according to new research by Aegon
Posted: 16/02/2021
The Chancellor must use the Budget to secure the UK’s economic recovery rather than implement substantial tax rises to try and fix the public finances, according to the Institute for Fiscal Studies (IFS)
Posted: 16/02/2021
Forty-eight per cent of landlords are worried about a potential increase to Capital Gains Tax (CGT), new research by Barrows and Forrester has found
Posted: 16/02/2021
The Chancellor is considering an extension to the stamp duty holiday by six weeks in order to stop thousands of housing transactions falling though before the deadline, according to reports
Posted: 15/02/2021
Landlords are intending to continue purchasing rental property after the deadline for the stamp duty holiday has passed at the end of March, according to new findings from Foundation Home Loans
Posted: 12/02/2021
Proposals to increase Capital Gains Tax (CGT) would freeze the rental housing market making it less responsive to tenant demand, the National Residential Landlords Association (NRLA) has warned
Posted: 10/02/2021
The Low Incomes Tax Reform Group (LITRG) has called on HMRC to pause any further action against taxpayers who are yet to meet their loan charge obligations
Posted: 04/02/2021
Pension withdrawals have been rising as a result of the coronavirus pandemic, according to LV=, after research from the retirement expert found that 155,000 people have been pushed into early retirement
Posted: 03/02/2021
The total number of Stamp Duty Land Tax (SDLT) transactions saw a 43% rise in the fourth quarter of 2020 compared to Q3, according to new HMRC data
Posted: 03/02/2021
HMRC has clawed back more than £2.5bn from the High Income Child Benefit Tax Charge since its introduction in January 2013, according to new figures obtained from a Freedom of Information (FOI) request
Posted: 02/02/2021
Rishi Sunak is planning to maintain the Conservative Manifesto commitment of a “tax triple lock”, according to reports
Posted: 02/02/2021
MPs are to discuss a petition relating to Stamp Duty Land Tax (SDLT) relief in a virtual session on Monday 1 February, the Petitions Committee has confirmed
Posted: 26/01/2021
Canada Life has suggested that Inheritance Tax (IHT) has “not been immune” to the financial impact of the coronavirus pandemic
Posted: 22/01/2021
The Chartered Institute of Taxation (CIOT) has called for the government to allow businesses to benefit from a three-year carry back of corporation tax losses arising during the pandemic
Posted: 20/01/2021
A quarter of the UK’s self employed workers could be facing a double tax bill this January, new research has revealed
Posted: 20/01/2021
The majority of UK investors would be opposed to the government’s proposed introduction of a wealth tax, according to new research carried out by Butterfield Mortgages Limited (BML)
Posted: 19/01/2021
A potential hike in Capital Gains Tax (CGT) is likely to increase the rate of tax for investors and entrepreneurs looking to sell their companies and could lead to a “flurry of activity in Q1”, according to Foresight Group
Posted: 18/01/2021
An estimated 310,000 jobs in hospitality and tourism could be lost if the Chancellor does not extend the VAT cut in his March Budget, according to new findings from the Cut Tourism VAT (CTV) Campaign
Posted: 14/01/2021
Collapses in agreed house sales have reached record highs as the deadline for the temporary suspension to Stamp Duty Land Tax (SDLT) approaches, according to Cornerstone Tax
Posted: 12/01/2021
Cornerstone Tax has called on the government to extend the stamp duty holiday following the Prime Minister’s announcement that England is heading back into a full nationwide lockdown
Posted: 05/01/2021
Tilney Smith & Williamson has announced that it will stop applying VAT on the group’s Managed Portfolio Service propositions
Posted: 15/12/2020
The Office for Budget Responsibility (OBR) has predicted that the number of estates subject to Inheritance Tax (IHT) will rise to 30,400 in 2020/21, up from 25,200 in 2019/20
Posted: 14/12/2020
A rise in Capital Gains Tax (CGT) could wipe almost £2bn from the Greater London economy, a real estate investment firm has warned
Posted: 09/12/2020
The SimplyBiz Group has announced a partnership with Kuber to provide an outsourced tax-efficient investment advice service for its members
Posted: 09/12/2020
Eighty-three per cent of advisers are expecting changes to Capital Gains Tax (CGT) at the next Budget, according to a study by Canada Life
Posted: 03/12/2020
Homeowners across the UK could be entitled to claim stamp duty refunds worth thousands of pounds from HMRC, Cornerstone Tax has revealed
Posted: 30/11/2020
HMRC must address barriers that are stopping people from meeting their loan charge obligations, the Low Incomes Tax Reform Group (LITRG) has warned
Posted: 24/11/2020
A review of the capital gains tax (CGT) regime by the Office of Tax Simplification (OTS) has failed to acknowledge how CGT affects unrepresented taxpayers, according to the Low Incomes Tax Reform Group (LITRG)
Posted: 13/11/2020
Land and property stamp tax (SDLT) receipts decreased by 3% between the 2018/2019 and 2019/2020 tax years, from £11.94bn to £11.6bn, according to HMRC’s latest UK Stamp Tax statistics
Posted: 30/10/2020
Fifty-two per cent of people in the UK think an independent office that audits stamp duty transactions should be set up to ensure that the right amount of tax is being paid, new research from Cornerstone Tax has revealed
Posted: 13/10/2020
The government will need to raise taxes by more than £40bn a year by 2025 to prevent debt spiralling upwards, according to analysis from the Institute of Fiscal Studies (IFS)
Posted: 13/10/2020
An estimated 15 million homebuyers have never considered whether there was a mistake in the stamp duty they paid, according to new research from Cornerstone Tax
Posted: 05/10/2020
Tax increases could stifle SME growth and be detrimental to the economic recovery in the UK, investment firm, IW Capital, has warned
Posted: 02/09/2020
Eighty-two per cent of potential self builders would feel more inclined to consider a brownfield site if they were offered a tax break such as VAT exemption or other monetary benefit, new research from Ipswich Building Society has revealed
Posted: 24/08/2020
The Government made £9.5bn from 276,000 capital gains tax (CGT) taxpayers in the 2018/19 tax year, according to new HMRC data
Posted: 13/08/2020
Inheritance tax (IHT) receipts fell for the first time in a decade in the 2019/20 tax year, new Treasury figures have revealed
Posted: 30/07/2020
More than 120,000 people may be owed compensation of up to £80,000 each, after Cornerstone Tax uncovered an industry-wide error in relation to property transfers into pension schemes
Posted: 27/07/2020
Tens of billions of pounds of new taxes should be levied on increases in the value of homes to ensure the costs of the COVID-19 pandemic do not fall unfairly on younger people, a think-tank report is suggesting
Posted: 24/07/2020
The past three months have seen the Government borrow more than double its entire borrowing amount for last year, as June marked the third highest month on record for borrowing, new figures have revealed
Posted: 21/07/2020
The Treasury Committee is launching a new inquiry called ‘Tax after coronavirus’ to look into the long-term pressures on the UK tax system
Posted: 17/07/2020
Capital gains tax (CGT) rates would be an “obvious source of income” for the Government to consider in terms of recuperating the cost of COVID-19, according to Killik & Co
Posted: 16/07/2020
HMRC is today reminding Self Assessment taxpayers that they can automatically defer their July payment on account, providing up to a £11.8bn cash flow boost to taxpayers
Posted: 14/07/2020
The tax gap estimate for 2018/19 is 4.7% of all tax liabilities, a total worth £31bn, HMRC has confirmed
Posted: 09/07/2020
The Low Incomes Tax Reform Group (LITRG) has encouraged self-employed people impacted by COVID-19 to double-check whether they are entitled to the first round of the Government’s Self-Employment Income Support Scheme (SEISS) grant, before the claim window closes on 13 July
Posted: 30/06/2020
Stamp duty relief would be a “poor tool for managing market behaviour” to boost the housing market and help first-time buyers, according to Cornerstone Tax
Posted: 29/06/2020
A total 32.3 million people are projected to pay income tax in the current tax year, a rise from 31.2 million taxpayers in the 2017/18 tax year, new HMRC data has revealed
Posted: 26/06/2020
The total number of HMRC tax receipts in May saw a 43% fall in comparison to May 2019, according to new government figures
Posted: 19/06/2020
Over half (52%) of over-45s are concerned about landing their families with an inheritance tax (IHT) bill because they have failed to take action to ease the pressure on relatives, according to new research from Openwork
Posted: 16/06/2020
The Low Incomes Tax Reform Group (LITRG) has expressed concern that recipients of the Government’s Self-Employed Income Support Scheme (SEISS) grant might not realise it is taxable
Posted: 10/06/2020
Taxpayers need to think now about their likely income this year so that they can warn HMRC if they need time to pay, according to Blick Rothenberg
Posted: 10/06/2020
Errors made in assessing Stamp Duty Land Tax (SDLT) on property purchases are actively harming the market and may be hampering investment in the industry, according to Cornerstone Tax
Posted: 10/06/2020
The Chartered Institute of Taxation (CIOT) has called on the Government to consider delaying changes to capital gains tax rules in relation to home sales, to take account of the impact of COVID-19 on the property market
Posted: 02/06/2020
Homeowners that buy a property with an annex under the assumption they have purchased two properties and can therefore claim stamp duty relief may be left disappointed, according to Blick Rothenberg
Posted: 01/06/2020
The total tax receipts taken by the Government in April plummeted by 42% compared to the same month last year, according to new analysis by AJ Bell
Posted: 22/05/2020
Owners of newly formed limited companies are being warned that it is unlikely they are eligible for the Self Employed Income Support Scheme (SEISS) grant, even if HMRC tries to contact them
Posted: 15/05/2020
The Low Incomes Tax Reform Group (LITRG) has raised concern that some people who are eligible to apply for the Government's Self-Employment Income Support Scheme (SEISS) grant have not received any correspondence from HMRC
Posted: 12/05/2020
Simplified exemptions to inheritance tax (IHT) are urgently required for Covid-19 health workers on the front line, according to MHA MacIntyre Hudson
Posted: 21/04/2020
The Digital Services Tax (DST) has come into effect this month but questions remain about who will pay it and how much they will pay, according to the Chartered Institute of Taxation (CIOT)
Posted: 16/04/2020
A relief on inheritance tax could offer a “silver-lining” during the coronavirus pandemic, as well as offer “much needed capital” amid the ongoing economic crisis, according to a full service law firm
Posted: 15/04/2020
HMRC has announced it is suspending enquiries into taxpayers and businesses that are under investigation as a result of the coronavirus pandemic, but they should not be lulled into a false sense of security, a tax and advisory firm has warned
Posted: 14/04/2020
The Chartered Institute of Taxation (CIOT) has urged employers to consider supporting employees working from home because of the coronavirus outbreak, with a tax-free payment equivalent to over £300 per year that could help with the costs of higher household bills
Posted: 08/04/2020
Estate agents and lettings agencies that have closed as a result of measures to restrict the spread of the coronavirus will be now be exempted from business rates in 2020-21, the Treasury confirmed
Posted: 25/03/2020
While Rishi Sunak's Budget focused on the response to the coronavirus outbreak and the implications on both a health and finance basis, financial expert, Old Mill, has suggested the key points of the Budget were “the changes that we didn’t see”
Posted: 13/03/2020
The Government will collect four times more cash from Capital Gains Tax (CGT) in 2023/24 than it did in 2013/14, according to predictions made after Wednesday’s Budget
Posted: 13/03/2020
The Chartered Institute of Taxation (CIOT) has welcomed the announcement in yesterday’s Budget that the Government will publish an evaluation of the introduction of Making Tax Digital (MTD) for VAT
Posted: 12/03/2020
Over half of all landlords do not use the services of a tax adviser, a new study from Foundation Home Loans has revealed
Posted: 27/02/2020
The Chartered Institute of Taxation (CIOT) is urging new Chancellor Rishi Sunak to do more to monitor and evaluate £155bn a year of the UK’s tax reliefs
Posted: 14/02/2020
Taxpayers who fail to file their tax returns by the end of the month will be subject to a fixed penalty, and it could worsen depending on how long people wait to file and pay what they owe, leading accounting and tax advisory firm Blick Rothenberg has said
Posted: 06/01/2019
Approximately 460,000 people in the UK chased HMRC for refunds on overpaid income tax in the year 2018/19, according to an FOI by Royal London.
The mutual insurer has urged taxpayers to double-check whether they may have overpaid tax
Posted: 11/12/2019
Pledges made in both the Labour and Liberal Democrats manifestos would cost investors through the hiking on tax rates to bring them in line with income tax, AJ Bell said
Posted: 27/11/2019
The provisional seasonally adjusted count of residential property transactions in October 2019 increased by 4.3% from the previous month, which was also 4.3% higher than in October 2018, according to HMRC’s latest UK Property Transaction Statistics
Posted: 21/11/2019
The Green Party has announced its new manifesto including a radical plan to merge National Insurance, Capital Gains Tax, Inheritance Tax, Dividend Tax and Income Tax into one Consolidated Income Tax.
Posted: 19/11/2019
The recommendations made by the Office of Tax Simplification (OTS) for updating and simplifying Inheritance Tax (IHT) legislation, despite reducing complexity, have been met with a ‘cool response’ from financial advisers, according to new research from TIME Investments
Posted: 19/11/2019
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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