Brits should be aware of changes to pension inheritance tax (Image: Getty) Brits looking to retire could face an £87million tax bill after cashing in pension pots experts have warned. A minimum of £87.2million was paid in tax on the largest full pension withdrawals in just six months which is up over 20% year-on-year, new
Some self-assessment taxpayers could soon pay their tax bills monthly rather than in a lump sum under new government plans. Announced at the Autumn Budget 2025 and set to be introduced from April 2029, the proposed rules would require self-assessment taxpayers with an employment or private pension income to pay more of their tax liability
The 2025–26 UK tax year marked a fundamental shift in the taxation of internationally mobile individuals, with the abolition of the remittance basis and the introduction of the foreign income and gains (FIG) regime. This reform has materially changed how foreign income and gains are reported in the UK self-assessment (SA) tax return for 2026.
Pressure is mounting on new Chancellor John Healey to ditch a string of Rachel Reeves’ controversial tax changes amid warnings they could leave millions worse off. Investment platform AJ Bell says Healey has an opportunity to draw a line under months of uncertainty over pensions, ISAs, and taxes, as he prepares for his first Budget.
In a Court of Appeal judgment, Sir Launcelot Henderson concluded that Ms Elborne and her advisers had “succeeded in implementing an ingenious scheme”. He said the scheme worked because it predated changes in anti-avoidance legislation. Home loan schemes no longer work. Nick Porter, of Buckles Law, called it a “landmark decision” and a “rare win”
Europe stands on the brink of war and a huge amount of money must be raised for defence. The welfare state demands an ever-greater share of the national income. In response, a Left-wing government decides to impose a radical new property tax. It might be assumed these events describe present-day Britain. However, they could just
A wealth tax on the UK’s super-rich households could raise £10bn a year, according to academics who urged Andy Burnham to include the measure in his plans to “make tax fairer” and pay for better public services. The sum could be raised through a 2% minimum charge on households with more than £100m in wealth
Andy Burnham will be dealing with an overflowing in-tray now he is officially in Number 10. The new Prime Minister has already said he will announce plans to ease the cost-of-living crisis which looms large over his premiership. The growing tax burden is also a hot potato as more workers and pensioners are dragged into
Hundreds of savers have been hit with £100,000 tax bills after cashing in their pensions in anticipation of Rachel Reeves’s raid on unspent pots. Nearly 400 taxpayers shelled out at least £98,700 to HMRC after emptying pension pots worth at least £250,000 between October 2024 and March 2025. This was a third more savers than
In this latest episode of Professional Adviser TV, Ranahan explored the prospect of a wealth tax under Burnham’s leadership and the long mooted equalisation of capital gains tax and income tax rates. Ranahan argued in the conversation that any wealth tax is more likely to serve as political cover for broader revenue-raising measures such as