John Healey: wants to help business Chancellor John Healey will not increase capital gains tax in next week’s Budget despite pressure from some of his Cabinet colleagues. Wes Streeting and Louise Haigh have been among those wanting to see a rise in the tax imposed on the profit made when an asset has been sold,
For years, pensions have offered a valuable tax advantage alongside retirement income, enabling people to pass on wealth to the next generation. But from April 2027, changes to inheritance tax rules could mean some families face a significantly larger tax bill than they expected. In some cases, beneficiaries may face both inheritance tax and income
The Personal Allowance remains frozen at £12,570, but people who rent out a room could benefit from up to £7,500 additional tax-free income under HMRC’s rent-a-room scheme — bringing total tax-free income to £20,070 HMRC has increased the tax-free allowance(Image: Getty) The new tax year is only a few months in, and with it comes
A person raised concerns about an HMRC letter their elderly parent had received HMRC has explained the rules around tax owed on pensions(Image: Getty) HMRC has spoken out to clarify the tax rules that apply to pensioners. A person asked for help after their elderly parent received a troubling letter in the post. They contacted
Have you or someone you know struggled to access their pension with a terminal illness? Get in touch at money@telegraph.co.uk*. There are few sentences more devastating than being told you have less than a year to live. Alongside acute trauma and the daily symptoms of their condition, many people are subsequently forced to consider how
You mentioned that you hold around £150,000 in cash. Mr Cook suggested that, while it might feel reassuring, if the money is not needed for short-term spending, it might be worth using it more effectively. Government gilts, for example, can provide attractive yields and have favourable capital gains tax treatment. Mr Cook added that both
You may be overpaying and not know it HMRC stands for Her Majesty’s Revenue and Customs(Image: Getty) Her Majesty’s Revenue and Customs (HMRC) is the UK’s tax, payments and customs authority. It collects money that funds public services, and the amount people pay varies. Each tax code tells your employer or pension provider how much
Bereaved families risk being forced into debt to cover inheritance tax bills under new pension rules, lawyers have warned. From April 2027, pensions will be included in the inheritance tax calculation under Labour plans. The reforms are expected to put families under financial pressure and increase demand for short-term loans, according to the Council for
Around the world, the rich are getting richer, with soaring stock markets and other asset values lining their pockets. So why – in most countries – is there no wealth tax? True, most tax systems do tax wealth in specific ways, such as charges on property or capital gains. But straight-up wealth taxes – an
As a result, some savers have been giving money to their families during their lifetime to reduce the value of their estate. But this needs to be done carefully if you want to lower your inheritance tax bill. Experts usually advise against giving money away at the last minute, as gifts made in a person’s