Latest News

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The ideal amount of money those aged over 55 believe they need to retire on comfortably is  £114,436 on average, according to a survey by SunLife. This figure increases to £180,741 for those aged 55-59, while it is predictably less for older...
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The typical victim of a pension scam in 2017 lost £91,000, according to a survey by national fraud and cyber crime reporting centre Action Fraud. It said a total of 253 victims reporting their losses in 2017 were collectively robbed of £23...
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Although most pensioners in Britain own their homes, a new report has concluded that housing equity is not necessarily an adequate solution for those who have a low income from their pensions. Royal London's study, titled 'Will Housing Wealth Solve...
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Taxpayers who have yet to inform HMRC of any undeclared offshore tax liabilities need to make sure they do so swiftly or potentially face a large fine, the Chartered Institute of Taxation (CIOT) has warned. The deadline for disclosure is September 30th, under...
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Chancellor of the Exchequer Philip Hammond has given a strong indication that he may introduce changes to taxation in the Budget to level the playing field between the traditional high street retailers and online firms such as Amazon.  Speaking to Sky...
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The total amount of revenue received by the Exchequer from the UK financial services industry in corporation tax plus the bank levy totalled a record £14.6 billion last year, an analysis by accountancy firm Moore Stephens has revealed. The figure was...
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A 90-year old pensioner contemplated taking his own life after he received an erroneous tax bill for nearly £200,000, based on a projected annual income of more than £3.2 million. George Taylor, from Southport, received the tax demand from HM...
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A petition calling on the government to publicly confirm its ongoing commitment to the Pensions Dashboard has now received over 125,000 signatures. It follows reports that Work and Pensions Secretary Esther McVey wants to scrap the project. Although no such...
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The director of a restaurant in West Yorkshire has been banned from the promotion, formation or management of any company for nine years after an Insolvency Service investigation found the establishment had not paid the correct level of tax due to the...
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Public sector workers could find 'cliff edge' rules on pension contributions mean their pay rises are swallowed up by their retirement funds, an analysis by Royal London has concluded. The situation will affect thousands of teachers, civil servants...
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Britain's shift from being one of the best countries in the world for improving life expectancy to one of the worst could have major implications for the pensions sector, Royal London has said. Data from the Office for National Statistics has indicated a...
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The level of value for money provided by pension advisors is to be the subject of an inquiry by MPs. The House of Commons Work and Pensions Select Committee has set out a range of areas in which it will study whether or not clients are getting a service worth...
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Chancellor Philip Hammond has been warned against increasing the stamp duty surcharge on buy-to-let properties, with two former government ministers claiming this would deter investors and therefore lead to a fall in revenues. The current 3% surcharge was...
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Individuals who transfer their pensions from company schemes to alternative providers and end up becoming the victims of a scam in the process may now find it much easier to gain redress, following a new landmark ruling against Northumbria Police.  The...
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The revelation that internet retailer Amazon has managed to reduce its already comparatively low tax bill in the UK has led to calls for reform. The company's accounts indicated that it paid only £4.6 billion in tax last year, compared with...
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Official government figures for inheritance tax (IHT) receipts have revealed 4.2% of deaths in the UK in the 2015-16 financial year were subject to the tax. This was up from 3.9% in 2014-15. The Office for National Statistics said the increase was partly due...
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Auto-enrolment has widely been hailed as a success because of the high proportion of employees now in pension schemes, but a new survey has revealed that a third of people who have gone through the process were not aware this had taken place, suggesting...
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New levies to help pay for increased NHS spending could include more 'sin taxes', including a charge on e-cigarettes, according to Whitehall sources. They have been quoted as saying the devices may be targeted as a means of raising an extra £40...
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New government figures have revealed an unprecedented number of people have had to pay inheritance tax (IHT), sparking widespread concern about the scope and complexity of the system. The data revealed the number of estates having to pay IHT rose by 57%...
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A record £2.3 billion was withdrawn under pension freedom rules in the first quarter of the current tax year, prompting experts to warn that people need to take good advice when they are extracting large sums from their savings in this way.  Steve...
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Former Liberal Democrats leader Tim Farron has called for new local authority powers to increase council tax on empty homes to be extended to second homes. In a letter to Secretary of State for Housing, Communities and Local Government James Brokenshire, he...
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A leading football agent has lost his tax avoidance case against HM Revenue and Customs (HMRC), leaving him with a £1.2 million bill. Jerome Anderson was one of nine defendants who lost the case at the Upper Tribunal relating to a scheme involving a...
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Chancellor Philip Hammond has been urged to cut back on pension tax relief and turn his attention to helping the less well-off to save and avoid debt. The House of Commons Treasury Committee report on debt and saving argued that the government should make...
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Failure to agree a Brexit deal could make it "illegal" for UK firms to make private pension payments to British expats living in the EU, the Association of British Insurers (ABI) has warned MPs. ABI Director General Huw Evans said there is currently...
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The government may have more room to manoeuvre when it comes to tax levels at the autumn Budget if the fall in borrowing levels over the first three months of the current financial year is sustained. During this period the amount borrowed was £16.8...