Latest News

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The Royal Family is reportedly facing a potential tax claim from the US authorities due to the fact that the Duchess of Sussex is still an American citizen and is therefore liable for tax in her home country. Under American tax law, the amount she is billed...
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Hundreds of thousands of university students have been bombarded with fake tax refund emails in the past month, HM Revenue and Customs (HMRC) has confirmed. The tax authority said the phishing scammers have been using .ac.uk email addresses to make the emails...
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New government figures have revealed £3.5 billion of pension credit went unclaimed in 2016-17, according to the Department for Work and Pensions. Only six out of ten eligible pensioners are estimated to have claimed the credits, and the shortfall is...
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Welsh taxpayers have received letters from HM Revenue and Customs (HMRC) this week, but on this occasion they are not tax demands, rather information to explain how their income tax will work from now on. From April 6th 2019, the amount of tax paid to HMRC...
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The BBC has been criticised by Chair of the Public Accounts Committee Meg Hillier MP, after a National Audit Office report revealed 800 staff who were made to set up personal service companies (PSCs) to work as freelancers still owe tax as a result, sometimes...
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Just under half of people who have an income drawdown pension are taking an income that is likely to last them for the rest of their lives, Royal London has said. The financial services firm's Drawdown Governance Service has calculated that 47% of those...
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The rate at which pay is rising in the UK has hit its fastest rate for nearly a decade, according to the Office for National Statistics. The latest annual rate of increase was 3.2% excluding bonuses, and 3.0% including bonuses. In real terms, this represented...
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A survey by retirement services firm Just Group has found around half of Britons aged over 40 have the knowledge required to make wise decisions about pensions. However, it revealed, one-in-14 (7%) were at a high risk of making poor choices. These were the...
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Members of Parliament will meet a delegation of 15 steelworkers caught up in the British Steel defined benefit (DB) transfer affair to discuss the ongoing issues relating to the levels of compensation they are receiving from the Financial Services...
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The UK has an ageing population and that means the government is faced with a rising bill for social care and a dilemma in how to afford this. As a result, plans have now been mooted that could see the introduction of a new tax to help cover the costs of...
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The first three years since pension freedoms were introduced have seen just under 15,000 complaints about pensions to the Financial Ombudsman, with around 1,700 of them relating directly to the introduction of the new rules for over-55s. The total has risen...
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The children's charity Barnardo's has lost a Supreme Court case relating to its attempt to change the measure of inflation used to calculate its pension uprates. The court unanimously rejected its plan to switch from the retail prices index (RPI) to...
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Making pension saving mandatory for the self-employed is a measure that many people who work for themselves would support, according to a new survey by Prudential. At present, this group makes up one of the largest segments of the workforce not covered by...
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The government has announced a consultation on ending a business rates loophole that is costing councils in England millions of pounds in lost revenue. The current system allows second homes to be valued for business rates instead of council tax if they are...
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The government should follow the imposition of a sugar tax on soft drinks with a levy on red and processed meat to improve public health, according to University of Oxford researchers. They argue that raising red meat prices 14% and processed meats by up to...
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The government has set out the details of its consultation on plans to introduce collective defined contribution (CDC) pension schemes. These schemes work by pooling the investments of scheme members and aiming at a target benefit level. Among the benefits...
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Today (November 6th) is the landmark day when women begin to qualify for a state pension at the age of 65, the same as men. However, the occasion has prompted fresh concern that the move simply masks ongoing inequality in terms of the retirement incomes women...
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France has said the EU should have a new digital tax in place by the end of this year to prevent companies such as Google paying very low levels of tax. The country's Finance Minister Bruno Le Maire said waiting for talks at the Organisation for Economic...
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The amount withdrawn from pension pots since pension freedoms were introduced in 2015 has reached almost £22 billion, according to the latest data from HM Revenue and Customs. This includes 585,000 payments in the third quarter of 2018, made to 258,000...
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Changes to the tax system will be needed to make feasible the kind of 'land pooling' recommended in a report published last week by former government minister Sir Oliver Letwin MP, according to the Chartered Institute of Taxation (CIoT). The report...
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HM Revenue and Customs (HMRC) has agreed to review cases where penalties were issued for failure to notify offences for those who did not register for the high income child benefit charge between 2013 and 2016. It will refund penalties where it finds there...
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Brexit poses a daunting task to HM Revenue and Customs (HMRC) as it seeks to deal with customs and VAT issues as well as its other challenges, The House of Commons Public Accounts Committee has said. It has written to HMRC to express concern at the...
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The Budget has exacerbated an anomalous situation in which some low-income savers get pension tax relief but others do not, Royal London has noted. The issue pertains to those earning more than £10,000 and thus eligible for auto-enrolment, but are under...
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Inheritance tax (IHT) is set to claim even greater sums of money from people's estates in the next few years, NFU Mutual has warned, after the Chancellor's Budget Report revealed more will be collected than estimated by the Office for Budget...
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The Budget gains made by higher rate taxpayers through the increase in the threshold from £46,350 to £50,000 are only half as substantial as they first appear due to a hike in national insurance contributions (NICs), Royal London has...