Latest News

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Comedian Jimmy Carr has called for tax loopholes to be closed so that the kind of tax avoidance tactics he used in the past to save money cannot be repeated by others. According to the Daily Mirror, he made the comments in an appearance on the TV show Room...
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There is no simple solution for the problems with pension funds that Prime Minister Theresa May has vowed to tackle, former Pensions Minister Steve Webb has said. Mr Webb, who is now Director of Policy at Royal London, said Mrs May is justified in addressing...
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Company bosses who try to "line their own pockets" while building up huge pension scheme deficits are set to face new penalties, Prime Minister Theresa May has vowed. Her pledge to end the "unacceptable abuse” of schemes comes in the wake...
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Shadow Chancellor John McDonnell has pledged to rise £5.1 billion by imposing higher taxes on wealthier earners. He told the Sunday Mirror this would enable an extra £4.7 billion to be spent on health, with £406 million coming from a 20% tax...
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The majority of Scots support the Scottish government's tax raising plans, a new YouGov poll commissioned by the Times has found. The survey revealed 54% support the measures as a means of bolstering public spending. Only 27% were against the...
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Small and medium enterprises (SMEs) are owed a collective total of £8.4 billion in research and development (R&D) credit by the Treasury, but most do not know it, tax relief specialist Catax has said. It's research revealed that 57% of the 3.5...
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With the January 31st deadline for tax return rapidly approaching, HMRC has revealed some of the strangest reasons it has received in correspondence from those who have asked to be excused any penalties for late returns, ranging from vertigo to ET. Perhaps...
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The Department for Work and Pensions (DWP) has insisted the number of applications for carer's credit has gone up consistently over the last eight years. However, earlier this week, Royal London revealed that just 3,524 carers of disabled people - 3% of...
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Savers have been advised to ensure they are aware of their current financial arrangements for later life. According to financial services mutual OneFamily, 53% of savers do not know who their pension provider is, while 32% are unaware of how much they have...
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Trustees of the GKN pension scheme have warned that any hostile takeover of the firm could leave the new owners with a similar crisis to the one that brought down BHS. They have sounded the alarm over the £1.1 billion deficit in its two schemes amid...
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The EU is to remove eight countries from its tax haven blacklist, including Panama, which was the source of widespread revelations surrounding the taxation of wealthy individuals across the globe in 2016. In addition, EU finance ministers are moving...
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Bath is to push ahead with plans to become the first city in Britain to introduce a tourism tax, a move that may be copied by other UK cities. The city council had previously mooted the idea last year only for it to be blocked by the government, but is keen...
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The liquidation of construction firm Carillion will not overwhelm the Pensions Lifeboat, according to former pensions minister Steve Webb. Mr Webb, who is now Director of Policy at Royal London, said that while Carillion staff will "understandably be...
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The time taken by HMRC to carry out tax investigations has got longer on average, according to legal firm Pinsent Masons. Its data for 2016-17 found the typical time taken to investigate a case was 34 months, up from 31 months in 2015-16. Pinsent Masons...
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Many people undertaking self-assessment for the first time are unaware that they may have to pay more than just this year's tax bill, the Low Incomes Tax Reform Group (LITRG) has warned. It has said many people who are submitting their tax return and...
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Britons are set to be charged more in taxes to wean them off plastic products that can damage the environment, the government has announced. Prime Minister Theresa May has used a speech on the issue to outline a 25-year plan, aimed at slashing the amount of...
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Government plans to crack down on VAT fraud through a new scheme have prompted concerns that basic errors may be punished excessively. The Chartered Institute of Taxation (CIOT) wants to see changes to a scheme designed to curb evasion among firms that store...
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Almost half of all adults in the UK are not putting enough money away for retirement, Scottish Widows has warned. According to figures from the group, this problem is particularly acute among young people, with seven in ten 22 to 29-year-olds not saving...
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Baroness Ros Altmann has called for the state pension system to be overhauled to ensure people have enough money in later life. The Conservative peer, who was Pensions Minister in 2015-16, warned that the current provision for state pension payments is not...
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Esther McVey has been appointed the Work and Pensions Secretary in this week's Cabinet reshuffle. This makes her the fifth person to hold the office in the last two years, following Iain Duncan Smith, Stephen Crabb, Damian Green and David Gauke, who has...
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Nearly one in five adults in the UK are concerned they are not saving enough for retirement, a new survey has found. Research by GoCompare found that this is the biggest financial worry for 17% of British people, ahead of losing their job and meeting mortgage...
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The Low Incomes Tax Reform Group has called for HMRC's recent changes to how taxpayers can pay their tax bills to be better publicised. Payment through the Post Office is no longer accepted and it will not be possible to pay HMRC from a personal credit...
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The pension dashboard, which is set to be launched next year, has the potential to "revolutionise" retirement planning, an expert believes. The dashboard would give savers the ability to see various pension plans in a single location at the same...
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Scottish Widows has urged ministers to scrap the pension earnings trigger of £10,000, to help those on lower salaries save for their retirement. Peter Glancy, the firm's Head of Policy, Pensions and Investment, said there is "merit" in...
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Monitoring and reducing discretionary spending could have a big impact on a person's retirement income, new research suggests. According to Scottish Widows, the average Briton spends £124 a month on small luxuries such as taxis, takeaways and...