Latest News

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Most former Scottish Life policyholders whose policies came with guaranteed annuity rates have accepted a deal offered by Royal London that will see their annuity being exchanged for a pension uplift. Nearly 15,000 ex-policyholders responded to the proposal...
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The Scottish government is reportedly set to abandon plans for a new business rates surcharge levied on online firms, such as Amazon and out-of-town retailers. According to the Daily Telegraph, the 'Amazon tax' plans have been badly received by the...
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The government has announced a consultation into so-called 'pension superfunds', which would offer larger-scale alternatives to the smaller defined benefit (DB) funds that most employers currently rely on. The superfunds are created when DB funds are...
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The "tinkering" with tax rates that the new finance bill represents threatens to undermine the UK's international business competitiveness, the Chartered Institute of Taxation (CIoT) has warned. It believes that "left field"...
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Around half a million Britons living in the EU could end up having their pensions frozen in the event of a no-deal Brexit, the government has warned. The Department for Exiting the European Union has published an 11-page document on government plans to help...
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Work and Pensions Select Committee Chairman Frank Field MP has raised "serious doubts" about the way the pre-pack administration of newspaper publishing firm Johnston Press took place. Many pensions are at risk as a result of the way the firm was...
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Britain has a slightly lower than average ratio of tax collected to gross domestic product (GDP), according to the latest annual Revenue Statistics report by the Organisation of Economic Co-operation and Development (OECD). This shows that the figure in the...
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A House of Lords report has said HM Revenue and Customs (HMRC) has used stronger powers to tackle tax avoidance and evasion in an excessive way that has undermined the rule of law and created injustices. This includes criticisms of high penalties that are...
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BT has lost a case in the Court of Appeal in which it was trying to change the way it calculates annual uprates to its pension scheme. The scheme currently increases pension benefits in line with the Retail Prices Index (RPI) measure of inflation, but wanted...
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A growing number of low paid workers are set to face a 'lottery' over whether they qualify for pensions tax relief after the government decided to maintain the threshold for a workplace pension at £10,000, according to Director of Policy at...
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A joint campaign launched by the Financial Conduct Authority (FCA) and The Pensions Regulator in the summer to warn of the dangers of pension scammers has produced a huge response. The ScamSmart website saw 173,000 visits in the 55 days after the launch of...
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Retailers with online sales that account for more than 20% of their revenue should be hit with an extra tax at a rate of 20% in order to level the playing field between them and high street firms, according to Sports Direct boss Mike Ashley. Money raised from...
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The tax burden on the British public has climbed to its highest level at 50 years, according to new research by the Taxpayers' Alliance. It said the burden has risen to 34.6% in 2018-19 and claimed the Treasury's plan is to maintain this level for the...
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The government has confirmed plans for the Pensions Dashboard to commence next year, with Prime Minister Theresa May giving her backing to the plan and launching a feasibility study on the tools that will be required to deliver it. The move comes after the...
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The lack of transparency in the UK tax system is being widely exploited by fraudsters, with the inability of the average person to understand it being the main point of vulnerability, a tax expert has said. Speaking to the BBC, Chas Roy-Chowdhury of...
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Britons living in the EU may not yet be entirely sure of their pension rights when the transitional phase of Brexit comes to an end, Prime Minister Theresa May has admitted. In a debate this week on the deal agreed with the EU, she told Parliament the UK must...
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Nearly a third of the pension drawdown sums taken out in the UK since pension freedoms were introduced have been used for discretionary spending such as paying off debts, buying luxury goods or making home improvements, according to a new survey by Pension...
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The Treasury may find growth in longer term tax revenues is held back by significantly lower economic growth if the proposed Brexit deal is implemented, according to the National Institute of Economic and Social Research. The study concludes that under the...
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Footballer N'Golo Kante is to pay more in tax this year than Starbucks and Amazon combined, it has been revealed. The French World Cup-winning midfielder has signed a new £15 million a year deal with Chelsea and will be paying HM Revenue and Customs...
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The process of simplifying inheritance tax (IHT) can be helped by cutting the amount of complex paperwork surviving relatives are required to complete, the Office for Tax Simplification (OTS) has said. The recommendation is included in the first of two parts...
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HSBC has come under fire for using pension clawback measures to cut the retirement incomes of 50,000 employees by as much as £2,500 a year. The arrangement, which has saved the bank £400 million, applies to staff working between 1975 and 1996....
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More than 180,500 people have collectively saved £426 million in the 12 months since the introduction of first-time buyer relief from stamp duty, the Treasury has said. The tax was announced in the November 2017 Budget and meant first-time buyers paid...
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The government's tax on sugary drinks is on track to raise less than half the £520 million predicted for its first year of operation by the then Chancellor George Osborne when he announced it in the 2016 Budget. In the six months since the Soft...
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The House of Lords Economic Affairs Committee has called on the government to delay the introduction of Making Tax Digital for 12 months for VAT and until 2022 for other taxes. Its report, titled Making Tax Digital for VAT: Treating Small Businesses...
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Amendments to the Finance Bill proposed by Labour and the Scottish National Party (SNP) that will study and report on a range of tax-related issues have been passed, after the Democratic Unionist Party (DUP) refused to vote with the government in protest at...