Latest News

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MPs on the House of Commons Work and Pensions Select Committee have backed the wider use of the collective defined contribution (CDC) pension scheme model adopted by the Royal Mail. The system is used in the Netherlands, as well as Denmark, and the MPs'...
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Graduates starting their first jobs over the coming months may end up losing out on pension income by prioritising the repayment of student debt, Royal London has warned. Many young people may choose to free up cash for debt repayment by opting out of...
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HM Revenue & Customs (HMRC) has published its annual report and statement of accounts, highlighting its success in recovering more unpaid tax than in previous years. The document noted that the £605.8 million it generated for government services in...
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The introduction of a ban on the cold-calling of pensioners is to be delayed, the government has announced. Economic Secretary to the Treasury John Glen told the House of Commons the matter is "an important and complex issue" and announced a...
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Bankers and companies thinking of leaving London after Brexit are to be offered more tax incentives to relocate across the Channel, as France plans to liberalise its financial regulations and fiscal policy. French Prime Minister Edouard Philippe said he...
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Equity release is providing older homeowners with an extra £9.5 million of income a day, according to new figures from Key Retirement. The company revealed that £1.71 billion was drawn down in the first six months of 2018 to help supplement...
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HM Revenue & Customs (HMRC) has announced a new tie-in with Amazon's Alexa service, which could help three million customers to renew their tax credits by the deadline at end of this month. The service will enable Alexa users to ask her to "open...
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HM Revenue & Customs (HMRC) has launched a major crackdown on possible tax evasion via offshore assets, according to new data obtained by law firm Pinsent Masons. The company revealed via its Out-Law website that 839 investigations were launched last year...
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The European Commission has been criticised for allowing the big four accountancy firms - Deloitte, PricewaterhouseCoopers, KPMG and Ernst and Young - to play a major role in determining corporate tax avoidance policy. The Corporate Europe Observatory...
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The government's pledge to spend £20 billion a year more on the NHS by 2022-23 may be partly paid for by a flat rate of pension tax relief, which could raise around £4 billion extra per annum for the Treasury. According to a report in the...
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The annual amount of income tax being paid by pensioners in the UK has soared to £24 billion, according to data for the most recent tax year available (2015-16). The HMRC figures were acquired by financial services firm Royal London via a Freedom of...
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The Low Incomes Tax Reform Group (LITRG) has welcomed a proposal contained in new draft legislation for the creation of a new penalty point system for late tax returns. It believes this will be easy for taxpayers to understand and deal with. In addition, it...
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New West End Company, which represents more than 600 retail businesses, hoteliers and property owners in London's West End, has called for government action to address the "inequality" in business rates between high street and online retailers....
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There should be clearer warnings and a 'cooling off period' in place for people who attempt to access more than the tax-free lump sum portions of their pensions without taking advice, according to LEBC. The national independent financial adviser said...
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Eight out of ten workers in the UK (80%) - the equivalent of 30.4 million people - are reportedly unsure if they are saving enough to fund a comfortable retirement. A survey by the Pensions and Lifetime Savings Association (PLSA) noted that, while a third...
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More than eight out of ten people (84%) would accept an increase in their taxes if the extra money led to NHS services improving 'a great deal'. That is according to an independent poll conducted for the NHS Confederation, the membership body for...
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The British Retail Consortium (BRC) has called for "fundamental reform" of the business rates system as part of a "wholesale modernisation" of business taxation in the UK. The industry organisation said the current system is unsustainable,...
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Many people currently saving into pensions are underestimating how much income they are likely to need for basic living expenses in retirement, research has shown. Investment management firm Schroders conducted a global survey which found that people expect...
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Credit checking firm Experian has warned that data inaccuracies could pose a major risk to government plans to create a 'pensions dashboard', where individuals would be able to see all of their retirement income information in one place. After...
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HM Revenue & Customs (HMRC) has joined authorities from the United States, Canada, Australia and the Netherlands in a global alliance focused on tackling international tax crime and money laundering. The Joint Chiefs of Global Tax Enforcement (J5) will...
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Women currently aged between 25 and 34 could be left with a pension pot that is more than 10% smaller than the average man's by the time they retire, a new study from Fidelity International has warned. The investment firm's research showed that,...
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The Trades Union Congress (TUC) has welcomed the idea of introducing 'investment pathways' for pension holders at the point of drawdown. In a package of measures opened up to consultation, the Financial Conduct Authority (FCA) said a structured set of...
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People aged over 50 will get free pension and savings advice under new measures proposed by the Financial Conduct Authority (FCA). This will come in the form of packs sent every five years providing people with information and advice on how best to use their...
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A Supreme Court ruling that civil partnerships should not be restricted to same-sex couples may have significant implications for pension rights. Justices at the court found the human rights of Rebecca Steinfeld and Charles Keidan had been breached and while...
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A new criminal offence of recklessly underfunding a company pension scheme is unlikely to work and could distract from more effective measures, according to former Pensions Minister Steve Webb. Mr Webb, who is now Royal London’s Director of Policy,...