HMRC is currently writing to over a million people offering them tax relief. While the phrase “make a pension contribution and you get tax relief” sounds straightforward, the underlying mechanics are a bit more complex. Receiving an unexpected letter from HMRC...
Capital Gains Tax (CGT) is a frequent target for Chancellors looking to boost Treasury revenues ahead of a Budget. Over the last few years, the threat of tax hikes has firmly materialised into significant policy shifts that directly impact investors and their wealth....
The tax-free lump sum offered by most pension arrangements steps back into the spotlight as the Autumn Budget nears. A Brief History of the Pension Commencement Lump Sum (PCLS) “Anomalous, but much loved” was how one Chancellor, the late Nigel Lawson, described the...
Updated figures from HMRC reveal greener company cars are surging in popularity. Source: HMRC The Changing Landscape of Company Car Ownership This summer’s slew of statistics on income tax issued by HMRC revealed an interesting picture of how company car ownership has...
How much would it cost to increase the income tax personal allowance? Source: HMRC, ONS. Assumes annual CPI inflation 2% from September 2026 The personal allowance is the amount of income that you can receive free of income tax. Since 2010, the personal allowance has...
he Autumn Budget date has now been set for 28 October, with the new Chancellor facing some familiar challenges. Setting the Date At the end of a fortnight heavily laden with announcements from Prime Minister Andy Burnham and his revised cabinet, what may prove to be...
The House of Commons Treasury Committee has published a critical report on the operation of student loans. Earlier this year the Department for Education (DfE) announced a 6% interest cap on Plan 2 student loans for one year from September 2026. The DfE press release...
New research from HM Revenue & Customs (HMRC) has placed an uncomfortably large figure on the estimated amount of unpaid tax in the UK. At £59.2 billion, the outstanding amount is a serious sum of money—equating to roughly £850 a head for every man, woman, and...
A recent consultation paper released by HM Revenue & Customs (HMRC) could spell concerning news if you are one of the 3.6 million self-assessment taxpayers who make payments on account. While summer temperatures soared across the UK, HMRC unveiled a substantial...
Talk of a wealth tax has returned as another difficult Autumn Budget looms. In the wake of the Covid-19 pandemic, there was much talk of a wealth tax to fill the hole that had been created in the government’s coffers. At the end of 2020, a Wealth Tax Commission,...
Writing Your Will? Remember to Choose Your Executors with Care HMRC has published fresh information on the mechanics of collecting inheritance tax (IHT) on pensions. In the October 2024 Budget, the Chancellor announced that most pension death benefits would become...
New data from HMRC highlights just how heavily the UK government relies on a tiny blend of revenue streams, pulling the vast majority of its funding from a very small "cocktail" of core taxes. The Quadruple Tax Lock The Labour Party went into the 2024 general election...
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