Latest News

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The number of public sector pensioners who are retiring with incomes over £100,000 has more than tripled over the past seven years - but at what cost to younger generations? The Intergenerational Foundation (IF) obtained figures that revealed pension...
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The Financial Conduct Authority (FCA) has requested that five directors of firms involved in handing out unsuitable pension transfer advice be heavily sanctioned. The regulator wants over £1 million in fines to be applied to the directors of Financial...
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A mandatory tax should be imposed on gambling, according to the authors of a new paper published in the British Medical Journal. The report stated that the economic cost of gambling-related harm had been “significantly underestimated”. The...
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HMRC has been ordered to delete the voice records of five million taxpayers, after the Information Commissioner’s Office (ICO) ruled there had been a “significant” breach of data protection laws. The decision came after HMRC failed to gain...
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HMRC has recovered more than £5 million in unpaid tax from hundreds of dog breeders and traders who sell puppies on the black market. Since an investigation into the puppy breeders was launched in 2015, HMRC has gained £5,393,035, spanning 257...
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Proposals to increase VAT on solar panels will hold back the UK from achieving a net zero economy, according to Committee on Climate Change (CCC) chief Chris Stark. Speaking to the Business, Energy and Industrial Strategy (BEIS) select committee, Mr Stark...
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Plans for a workplace parking tax in Scotland could risk police safety, The Scottish Police Federation (SPF) has warned. The proposal, which aims to tax motorists for parking at work, does not include an exemption for police officers, although exemptions for...
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Ministers are planning a significant overhaul of NHS pensions to end the tax trap on doctors’ pensions, which has seen many senior medics retiring early to avoid working for free. Chancellor Philip Hammond and Health and Social Care Secretary Matt...
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The Scottish government has axed controversial plans to cut the amount of tax paid by passengers flying from Scottish airports. The initiative was intended to cut air departure tax by half before scrapping it altogether, but environmental campaigners warned...
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The Pensions Regulator (TRP) has issued a fine of £103,750 - the largest ever handed to trustees - to Link Pension Trustees Limited. The fine came after Link Pension Trustees Limited was found to have failed in some of its obligations regarding the...
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The delay of the Queen’s Speech could postpone the introduction of the Pension Bill as the government focuses on the Brexit Withdrawal Agreement Bill, Pensions Age reports. On 29 April, Prime Minister Theresa May’s Spokesperson said: “What...
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Almost all active members of Oxfordshire County Council’s Pension Fund have received their annual 2017-18 statement after past issues caused The Pensions Regulator (TPR) to take action. In 2016, the scheme was reported to TPR after none of its members...
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A number of age-specific benefits for older people should be axed in order to “deliver a fairer society”, according to The House of Lords' Committee on Intergenerational Fairness. Among their suggestions, the peers proposed removing the...
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The total amount of pensions that have been withdrawn since the inception of pension freedoms has hit £25.6 billion, according to figures from HMRC. In its latest quarterly statistics report, HMRC revealed that £2.06 billion had been withdrawn in...
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The government has called in Aon Hewitt, Mercer, and Willis Towers Watson for “urgent talks” over pension transfer times. The Big 3 pension firms have been accused of not doing enough to take action on slow pension transfer times, despite...
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Tens of thousands of Brits could be impacted by changes to pension legislation in Malta, the deVere Group has warned. The new rules, to be rolled out by the Malta Financial Services Authority (MFSA) as of 1 July 2019, will affect the way in which pension...
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Women could lose thousands of pounds from their pensions for failing to claim child benefit, the Independent reports. Many mothers who leave work to care for their children are unaware that by allowing male partners to claim the benefit for children under...
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The government has said it is “not cost effective” to reform pensions tax relief, reiterating its position on the net pay anomaly. On 26 April, Chancellor Philip Hammond responded to questions surrounding the matter from the Treasure Committee,...
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Google UK paid £65.3 million in tax in its 2018 financial year - a 38% boost on the previous 12 months. The UK arm of the search titan this week reported its results for the year to 30 June 2018, with pre-tax profits coming in at £246.3 million -...
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A tax tribunal has rejected HMRC’s bid to refer appeals by a series of bed bank firms to the European Court of Justice, in the latest ruling in an ongoing battle surrounding whether such companies should pay VAT on profits. The ruling could see tens of...
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The government should compel employers to match pension contributions made above the auto-enrolment minimums in order to encourage employees to save more, according to investment platform Hargreaves Lansdown. Within the current system, employees over the age...
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Almost a quarter of women homeowners do not have a private pension, compared to one in 20 men, new research has revealed. SunLife surveyed over 1,000 over-55s who either own their home outright or with a mortgage. The results showed that 24% of women said...
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Chancellor Philip Hammond has ignored warnings from the British Medical Association (BMA) that changes to tax rules around doctors’ pensions is causing many to cut their hours or leave the professional altogether. The BMA has penned a number of letters...
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US-based businesses are believed to have underpaid their UK tax bills by £4.6bn in for the year ending 31 March 2018. According to research from Pinsent Masons, the tax gap grew by 35%, from £3.4bn in the previous year. The law firm revealed...
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The vast majority of Brits are unaware of the Stamp Duty Reserve Tax (SDRT) charged on UK stocks. A new survey from YouGov and online broker EToro found just 19% of Brits are aware this tax applies to UK stocks. This compares to three-quarters who knew about...