A plan to exempt some retirees from paying income tax will help just 700,000 out of 13.2 million state pensioners, according to analysis. Next April, the full rate of the new state pension will exceed the threshold at which people pay income tax, which is frozen at £12,570 until 2030. That means that those who
New details released by HM Revenue and Customs this week reveal how unused pensions will soon be counted as part of a person’s estate for inheritance tax purposes: a move experts warn could create a huge administrative burden for grieving families. The reforms, due to take effect from April 2027, are designed to stop pensions
Set of flags fluttering in the wind getty In this episode of Tax Notes Talk, three policy experts discuss the uncertain future of the OECD’s global tax framework amid stalled progress and waning consensus, during a live recording from the American Bar Association Section of Taxation May meeting. Tax Notes Talk is a podcast produced
According to HM Revenue and Customs, a record 737,891 people submitted Self Assessment returns in April alone – with more than 86,000 filing on Easter Monday. Accountants say many taxpayers are trying to avoid the annual “January scramble” that leaves millions stressed every year. Record numbers of taxpayers are filing their Self Assessment returns early
Up to five million people in England and Wales may be eligible Major council tax rule to change how debt is handled Council tax is now at around £2,392 a year for the average Band D property in England. But many households could be eligible to cut this bill by 25% or more, potentially saving
Tax officials are consulting on proposals to dramatically expand the Government’s “Uncertain Tax Treatment” regime – forcing wealthy individuals and trusts to flag tax arrangements worth £5million or more that HMRC may disagree with. The move would significantly widen powers first introduced in 2022 for large corporations and could pull inheritance tax, capital gains tax,
Ms Rayner’s stamp duty bill was due on the £800,000 Brighton seaside flat that she bought last year, having sold her final stake in the family home in her constituency near Manchester to a trust established for the benefit of her son. She believed that because she did not own any property when she bought
The news about Rayner’s tax affairs was first published by the Guardian newspaper and ITV News on Thursday morning. Speaking to the Guardian about the tax saga that led to her resignation, Rayner said voters had been “left with the impression that I somehow tried to avoid – or worse had been reckless or careless
Bereaved families could be denied half the pensions left to them by loved ones while an inheritance tax bill is settled, under new rules from next April. People in charge of winding up estates will be allowed to stop pension firms paying out pensions in full if they think 40 per cent death duties might
The UK government is pressing ahead with what promises to be one of the most dramatic reorganisations of the tax structure on gambling in years, with changes scheduled for introduction in 2026. The new regime will affect remote gaming duty and retail betting tax and will have far-reaching implications for the leisure industry generally. What