Savers in their droves were panicked into pulling tax-free cash out of their pensions before the Budget for fear of a clampdown on the perk. Rumours of a raid were finally quashed some weeks before the Budget, but that came too late for some as once you take your lump sum the decision is irreversible.
A hotelier has warned guests will be put off by extra charges as English regional mayors are set to get the power to tax tourists for overnight stays. Paul Callingham, chairman of Starboard Hotels Ltd, which owns the Windermere Manor Hotel in Cumbria, said the levy would be an “increased burden on hoteliers at a
The Chancellor has confirmed that many pensioners will not have to pay income tax – but experts warn the Government doesn’t know how to make the policy work The government is working on a solution so that people earning only the state pension will not have to pay tax in the future, the Chancellor has
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Advisers to the rich have rejected a Budget measure to limit the tax payable by former non-doms as “too little, too late”. In her Budget this week, chancellor Rachel Reeves included a measure to cap
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Prepare to be taxed, higher earners — but first, invest some time in tax planning. Many of the changes announced to pensions, Isas and investments at the Budget this week will not kick in for
Chancellor Rachel Reeves has been accused of misleading the public after it emerged she knew the outlook for the government’s finances had improved well before giving a gloomy pre-Budget speech to pave the way for a manifesto-busting income tax rise. The head of the Office for Budget Responsibility, Richard Hughes, revealed on Friday in a
Stay informed with free updates Simply sign up to the UK tax myFT Digest — delivered directly to your inbox. The decision to raise taxes on sales of businesses to employees will deliver a further blow to UK entrepreneurs and deter older owners from selling on, advisers have warned. Employee ownership trusts (EOTs) previously allowed
Chancellor Rachel Reeves has said that people whose only income comes from the state pension will not have to pay tax. The state pension is set to rise above the normal level for paying tax in April 2027, due to increases in payments and tax thresholds being frozen. But Reeves has confirmed that anyone who
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Labour government will spare people from income tax when they have no earnings beyond the state pension, Rachel Reeves has said, in a move to reduce the impact on older voters of this week’s
Billions of dollars are flowing into US exchange traded funds designed primarily as tax-minimising vehicles, in a move that is drawing criticism from politicians and which some in the industry believe could attract the attention of tax authorities. A number of fund firms have been creating ETFs that either lower the interest or dividend income