The new tax year began in April and with it came a reset of various tax-free allowances, including HMRC schemes which allow you to increase your tax-free Personal Allowance fully legally. Tax thresholds have been frozen for five more years, meaning more ‘fiscal drag’ pushing more and more people into paying tax for the first
Some taxpayers who received a ‘simple assessment’ letter from HMRC earlier this year could receive a second tax bill from next month 15:12, 25 Sep 2026Updated 15:17, 25 Sep 2026 HMRC is sending out multiple tax demands to some people(Image: Getty) Thousands of savers have been warned that they risk accidentally paying the same tax
Capital gains tax (CGT) has been widely cited as a possible revenue-raiser as the chancellor, John Healey, prepares to deliver a tough budget next month. How does it work, and what are the pros and cons of raising it further? What is CGT? When you sell an asset – whether it’s a share, a business,
Capital gains tax (CGT) has been widely cited as a possible revenue-raiser as the chancellor, John Healey, prepares to deliver a tough budget next month. How does it work, and what are the pros and cons of raising it further? What is CGT? When you sell an asset – whether it’s a share, a business,
Need to know HMRC is rolling out the change in phases and the Treasury has issued a fresh update to MPs Robert Rowlands Deputy editor, money and lifestyle hub 08:27, 24 Sep 2026 James Murray, Financial Secretary to the Treasury(Image: Parliament TV) HMRC update on major tax system overhaul that will affect millions: what you
Thousands of savers are at risk of overpaying tax after HMRC warned it will send out multiple demands for payment. The tax authority sent out “simple assessment” tax bills earlier this year that excluded tax owed on savings interest paid from banks or building societies. However, HMRC said that some savers will be sent a
HMRC is ramping up efforts to track the financial affairs of overseas billionaires with assets in the UK. Ultra-wealthy individuals and their accountants have been sent letters informing them they will be assigned dedicated tax compliance managers to ensure they “meet their personal tax responsibilities”, advisers told The Telegraph. It comes after a damning indictment
STEP said the pension changes could also lead to “larger charitable gifts than intended”. For example, if the value of a person’s taxable estate went up to £200,000 from £100,000 after pensions were included, then a 10pc donation would double in value from £10,000 to £20,000 – potentially eating into the family’s inheritance. Mr Shields
Two proposals to avoid the introduction of a goods and services (GST) tax in Guernsey, by increasing the rate of income tax instead, have been put forward. Four deputies want to increase the rate to 22%, instead of Policy and Resources’ (P&R) tax reform package, with one of the schemes time-limited for two years. P&R’s
After a year of devastating drought, a farmer in Cornwall told me they were reluctant to build an on-farm reservoir because it could increase the tax bill inherited by their children. Think about the absurdity. At the very moment we need investment in water resilience, tax policy is encouraging the opposite. A full reversal proved