Shortly before Parliament closed for its summer holidays, the government announced a review of the State pension age (SPA). Pensioners are a sensitive topic for the government. Not only has it been forced to make…
As summer fades, an Autumn Budget looms…
It is once more the time to turn from sunny thoughts of summer holidays to dark contemplation of the Autumn Budget. In July 2024, Rachel Reeves made her contentious House of Commons statement about the…
An ominous update for pensions
Unfortunately, it’s all bad news. The government has confirmed that most unused pensions will fall within the scope of inheritance tax (IHT), and that it will review the State pension age (SPA). On top of…
Lost pensions worth billions unclaimed
Over the past six years, the number of lost pension pots has doubled to around 3.3 million. The total value of missing funds now sits at almost £31 billion. A pension pot is considered to…
How to raise £10,000,000,000
With a ‘black hole’ of £22 billion to fill, there are plenty of groups giving Rachel Reeves advice. The Fabian Society published a report on taxation on August Bank Holiday Monday. While their main audience…
Not in the NIC of time
A useful new web tool has emerged, a little late in the game, in a joint effort from two government departments. In early 2023, HMRC and the Department for Work and Pensions (DWP) found they…
Election tax stories…………………
It’s early days yet, but some pointers on tax have emerged from both the main parties. Within one week of the surprise firing of the general election starting gun, both the Conservatives and Labour have…
How much does retirement cost?
New research has put some surprising numbers on the income needed in retirement. Each year since 2019, the Pensions and Lifetime Savings Association (PLSA) has set about answering the question of how much retirement costs…
An uncertain future for the Triple Lock
In mid-September, the Office for National Statistics (ONS) published the latest earnings data, covering the period May to July 2023. Earnings data has been the focus of much attention recently because a fall in the…
Mitigating rising corporation tax rates
New HMRC statistics have shed some light on how many companies are affected by the recent hike in corporation tax rates. Just over 1.5 million companies paid corporation tax for the financial year to 31…