Latest News

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The Labour Party has promised a new levy on second homes, which would effectively double the council tax on them and cost the owners of such properties an extra £3,000 a year. The estimated £560 million raised would then be used to pay for schemes...
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Former BHS owner Dominic Chappell has lost his appeal against his conviction for failing to provide information to The Pensions Regulator regarding the company's pension scheme. In January this year Mr Chappell, who bought the retailer for £1 from...
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The Pensions Protection Fund (PPF) has announced a consultation on how to extend its levy rules to include commercial consolidators for defined benefit (DB) funds. Commercial consolidators work in a similar way to defined contribution master trusts and,...
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The number of people in pension schemes rose to 41.1 million in 2017, but the average employer contribution has fallen, the Office for National Statistics has revealed. Participation in pension schemes has been driven by auto-enrolment, with the tally of...
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Public support for higher taxes and increased government spending is at its highest in 15 years, a new survey by the National Centre for Social Research (NatCen) has revealed. It found that 60% of respondents backed increased tax and spend policies, compared...
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Coffee chain Starbucks paid just £4.5 million in tax in 2017-18, it has been revealed, despite its UK arm making £162 million profit on a turnover of £372 million. This equated to just 2.8% tax, despite the corporation tax being 19%. This...
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The International Monetary Fund (IMF) has called for the UK to scrap the triple lock that ensures pensions rise in line with earnings, prices or 2.5%, whichever is greatest. It argued that this was a way to help free up more money for the NHS after Brexit,...
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The Kodak Pension Plan 2 (KPP2) is set to be bailed out by the Pensions Protection Fund (PPF), due to a lack of cash, its 11,000 members have been warned. Trustees of the defined benefit scheme issued a newsletter telling members that despite the good...
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A tax expert and economist has claimed the true level of tax evasion in the UK is twice as high as the level claimed by HMRC and the government. In an interview with the Daily Express, Richard Murphy revealed he had reached his conclusion after using a series...
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The Pensions Regulator (TPR) has revealed plans for a shake-up of its operations, which will include one-to-one mentoring with the trustees, managers and sponsors of the 25 largest pension schemes in the country. Chief Executive Lesley Titcomb said the...
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The Liberal Democrats have vowed to shut a loophole that can enable second home owners to avoid paying council tax or business rates, following a campaign by a former Cornwall MP.   At present, owners of such properties can avoid tax if they can...
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The Liberal Democrats would replace inheritance tax with a new tax on gifts and reform pension tax relief in order to build up a 'citizen's fund' worth £100 billion, the party's leader Sir Vince Cable has said. Speaking on the BBC's...
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The AA has said drivers would be hit hard by an increase in fuel duty in the Budget, claiming that an eight pence per litre rise would make the typical two-car family £192 a year worse off. The organisation said the first increase in the tax since it...
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Plastic packaging on fast food could be targeted in the Budget as Chancellor Philip Hammond seeks to raise more revenue while continuing the government's attempts to encourage a reduction in single-use plastic items. Mr Hammond is reportedly planning a...
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British Airways has secured a deal with Legal & General that will see the airline offloading £4.4 billion of pension fund liabilities. The bulk annuity deal is designed to cover 60% of the airline's Airways Pension Scheme (APS) fund. Chair of...
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The low level of tax being paid by online retailers like Amazon has been attacked by Archbishop of Canterbury Justin Welby in a speech to the Trades Union Congress annual conference. In it, he reflected as a former City of London oil company executive, who...
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Women undergoing a divorce should be made aware of the size of their husband's pension pots, according to Age UK. The charity has argued that many women lose out on pension income in divorce settlements without even knowing about it as they are misled...
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Auto re-enrolment is continuing to rise alongside the standard auto-enrolment tally, new figures from the Pensions Regulator have revealed. The latest data has shown that while the number of workers auto-enrolled was up to a record 9,886,000 in August, the...
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Climate risk factors involved in the investment of pension fund cash will now have to be explained by pension fund trustees to their members, under new regulations announced by the Department for Work and Pensions. Trustees will be obliged to explain their...
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Insurance premium tax (IPT) raised almost £6 billion in 2017-18, new analysis by accountancy firm UHY Hacker Young has revealed. The amount was 22% up on the previous year's total of £4.88 billion, despite the increase in the tax only being...
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The Check Your State Pension Website has now had ten million visitors, the government has revealed. Set up in 2016, it is designed to help those planning for retirement to find out swiftly how much they could get and when. It also advises how people could...
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Tax rates in Britain need to be slashed to help families struggling to make ends meet, former Foreign Secretary Boris Johnson has said. Writing in the Daily Telegraph, Mr Johnson called for a post-Brexit Britain "that rewards the strivers and the...
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The entire National Insurance (NI) system needs to be overhauled, according to the Low Incomes Tax Reform Group (LITRG). The call follows the announcement by the government last week that it no longer wants to abolish Class 2 NI contributions for the...
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The cap on payouts to higher earners from the UK's pensions lifeboat has been ruled illegal by the European Court of Justice. At present the Pension Protection Fund (PPF) limits payments for those still in work to a maximum of £35,000, but this has...
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A report by the Institute for Public Policy Research has called for major changes to Britain's tax system to make it fairer and raise more revenue, including the replacement of inheritance tax (IHT) with a lifetime gifts tax. This would set a limit on the...