Tax is too complicated… say the legislators A parliamentary committee has been examining efforts to simplify tax, but progress is still a long way off. Among other things, last year’s ill-fated ‘mini-Budget’ was notable for the swiftness with which Jeremy Hunt...
The Chancellor’s national insurance contribution (NICs) ‘giveaway’ is no match for his income tax ‘takeaway’. The central surprise in Jeremy Hunt’s second Autumn Statement was a major reduction in NICs. • For employees From 6 January 2024, the main class 1...
One of the few surprises in the Spring Budget was the change affecting how child benefit is taxed for higher earners. The high income child benefit charge (HICBC or ‘hicbic’) was introduced in January 2013 to reduce child benefit payments for higher earners. It was...
The Office for National Statistics (ONS) has been sorting through its inflation shopping basket. Every year in March, the ONS announces the results of a review of the approximately 750 items which it uses to compute inflation indices, such as the Consumer Price Index...
One of the many well-trailed announcements in the Spring Budget was the launch of a UK ISA. However, both its arrival and interest may be uncertain. Alongside the Budget, the Treasury published a consultation paper on a possible fifth ISA variant, the UK ISA. To quote...
New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common. The Office for Budget Responsibility (OBR) received plenty of attention leading up to the Budget. It was widely portrayed in the media as the...
An independent report suggests that the State pension age (SPA) should rise much faster than planned. The next SPA rise begins in under two years with a phased increase to 67 ending in April 2028. Yet, neither main political parties are likely to say much about...
A survey of 6,000 people, aged 18 to 80, revealed starkly different views on retirement across the generations. According to the Office for National Statistics, the median age of the UK population in mid- 2021 was 40.7 years, up from 39.6 in mid-2011. Perhaps that...
It’s that time of year again when financial gifts may be given… and HMRC is watching. Tax is never far away from anything you do and making gifts to children at Christmas is no exception. There are a few key tax areas you should bear in mind. Inheritance tax (IHT) As...
The Prime Minister has met his pledge of halving inflation, but we’re not out of the woods yet. In the first week of 2023, the then still new Prime Minister, Rishi Sunak, set out “five immediate priorities” for his government. The first of these was: “We will halve...
Forget Yul Brynner, Steve McQueen et al. There is another more significant septet in the United States these days. The original version of ‘The Magnificent Seven’ was released in 1960 and remains to this day an iconic Western film. However, the term ‘Magnificent...
What was almost certainly the last Budget before the election was a serving of the widely expected, sprinkled with a handful of small surprises. The Chancellor of the Exchequer, Jeremy Hunt, delivered the Spring Budget 2024 on 6 March. As anticipated, it was a typical...
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