Latest News

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State pensioners could lose a collective £100 million through the decision by the Department for Work and Pensions (DWP) to use the annual earnings figure for the year to July, Royal London has said. This comes after the DWP said the previous practice...
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The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have agreed a new joint regulatory strategy, which they state is aimed at strengthening their partnership and thus helping produce "better outcomes" for both pension savers and...
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The government has opened a pilot scheme for the Making Tax Digital initiative, allowing businesses to try out the system for themselves with regards to VAT. The new digital system will come into effect from April 1st 2019 for a million businesses with a...
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Stamp duty should be reformed in the Budget so the rate at which it is charged increases in £100,000 increments, according to Chief Executive of Andrews Property Group David Westgate. Mr Westgate said that ideally a 1% flat rate would be levied, but...
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The Pension Protection Fund (PPF) has confirmed it is to amend its rules on pension capping to ensure all affected scheme members get at least 50% of the pension they were originally due. This follows a ruling by the Court of Justice of the European Union on...
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Millions of people who currently rent their homes could end up as owners through a new scheme using funds redirected from the capital gains tax on the sale of each property by the landlord, according to proposals by the Centre for Policy Studies (CPS)...
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A cut to pension tax relief is one of the most likely measures in the Budget as it will raise more revenue, according to a new report by financial services firm Royal London. It noted alternative steps such as raising income tax, VAT, fuel duties or...
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Chancellor Philip Hammond is set to cancel the latest increase in the personal allowance in order to find more money for the government's flagship Universal Credit reform, according to a report in the Daily Telegraph. The story has emerged after Work and...
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The EU is hoping to agree to a new tax on tech firms that would be in place across the EU by Christmas, potentially providing around £4.5 billion in fiscal revenues among the 28 member states. Head of Tax for the European Commission Pierre Moscovici...
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The Women Against State Pension Inequality (Waspi) campaign came to Westminster yesterday (October 10th), as thousands marched through central London and blocked the road outside the Houses of Parliament. It was the latest move in opposition to increases in...
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Self-invested personal pension (SIPP) provider Carey Pensions is facing a legal challenge, centred on claims that it accepted SIPP payments without first undertaking due diligence. The case was brought by Solicitor Anthony Philip James & Co, on behalf of...
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A group of leading businesses in the UK hospitality sector and trade body UKHospitality has submitted an open letter to Chancellor Philip Hammond  urging changes to the tax system. This includes joining those calling for an online revenue tax on internet...
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Facebook has become the latest online firm to come under fire over the low level of tax it pays, after being charged just £15.8 million on £1.3 billion of turnover in the UK. The figure represents a little over 1% of its income. The company's...
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The system of gift exemptions is one of the ways in which inheritance tax (IHT) could easily be simplified, according to financial services firm NFU Mutual. It noted that at present there is an annual exemption of £3,000, one for marriage gifts of up to...
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The Welsh Assembly has assumed control of new tax varying powers, allowing it to set its own interest rates. This means it will spend more of the revenue collected in Wales from April 6th 2019. The event was marked by Finance Minister Mark Drakeford's...
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Celebrity tax avoidance has been slammed by TV presenter Graham Norton, who revealed he has turned down offers from accountants to join schemes aimed at ensuring he paid less tax. Speaking to the Daily Mirror, he said, "You see people who are worth a...
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The Chief Executive of supermarket chain Tesco has joined calls for a new tax on online sales, in order to reduce the fiscal advantage enjoyed by internet retailers such as Amazon. In an interview with the Mail on Sunday, Dave Lewis called for a 2% tax on...
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Campaigners from the Low Incomes Tax Reform Group (LITRG) are pressing the government to take action in the Budget and forthcoming Finance Bill to correct what the body argues is a serious anomaly regarding tax relief on pension contributions for the...
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The Financial Conduct Authority (FCA) has opted not to ban contingent fees for pensions advisors, despite being urged to do so by the House of Commons Work and Pensions Committee in February this year.  In a report, the Committee had noted how members...
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Revenue Scotland has instigated a major crackdown on non compliance with devolved taxes, it has been revealed. The 2017-18 tax year saw a 500% increase in fines issued, worth a total of £1.7 million, according to the body's annual report. The...
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Prime Minister Theresa May has signalled an end to austerity and an increase in spending on public services during her keynote speech at the Conservative Party conference. Outlining the government's approach to next year's spending review, she said,...
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A growing number of people have been left facing tax bills as a result of exceeding pension tax relief limits, analysis by Royal London has indicated. It said the large rise was due to people being caught out by six reductions in the relief available in eight...
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News that the government plans to legislate for opposite-sex civil partnerships has been welcomed by Royal London, which has argued that this offers an alternative to traditional marriage for cohabiting couples that will help protect tax and pension...
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Chancellor of the Exchequer Philip Hammond has said the UK urgently needs to change the way major technology firms such as Amazon, Google and Apple are taxed, and reiterated his view that the UK should act unilaterally if international agreement cannot be...
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Britons living in the EU will have their pensions upgraded via the same triple lock system as everyone living in the UK, Work and Pensions Secretary Esther McVey has promised. She confirmed the move during her speech to the Conservative Party conference in...