Latest News

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A tax break could be implemented as a means of incentivising skilled migrants to come to an independent Scotland, The Scottish National Party's (SNP's) Sustainable Growth Commission will say when it is published today (May 25th).  The document...
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The NHS will require an extra £56 billion to meet its increasing costs over the next 15 years, according to a new report compiled by the Institute for Fiscal Studies and Health Foundation thinktanks. The report concluded that this will be essential if...
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Edinburgh's proposed tourist tax could deter visitors and the revenues raised could be diverted away from their original targets, according to Virgin Chairman Richard Branson. The tycoon spoke out against the tax as he held an event in the city to mark...
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The overall balance of the pension schemes at Britain's largest companies is back in surplus for the first time since 2007. A study of FTSE 100 end-of-year pensions reports by actuaries Lane Clark & Peacock (LCP) found the overall accounting position...
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New legislation designed to make recklessly neglecting a pension scheme a crime is unlikely to be used retrospectively to punish directors at the failed construction firm Carillion, Pensions Minister Guy Opperman has said.  Mr Opperman was questioned on...
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Financial Services firm Royal London has produced a guide on the pros and cons of transferring out of a defined benefit (DB) pension. It notes there are five potential considerations in favour and five against that need to be considered. Director of Policy at...
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The Treasury is considering a punitive tax on non-recyclable plastics that would deter their continued use. The Independent claims to have spoken exclusively with Whitehall officials, who told it the new tax would be set so "exorbitantly high" that...
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HMRC has issued a statement outlining how taxation is changing in Wales, with the devolved government in Cardiff being handed new tax powers. Taking effect from April next year, the changes will see income tax and property transaction tax rates set in the...
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The number of defined benefit (DB) scheme members transferring their money into alternative savings soared to 100,000 in the year ending in March 2018, according to The Pensions Regulator. Financial services firm Royal London obtained the data via a Freedom...
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The government has revealed it wants to change the tax system in a bid to reduce pollution from vans, with higher levies on vehicles that produce more emissions. It has launched a consultation on a plan to change the excise duty on vans - currently a flat...
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The Low Incomes Tax Reform Group (LITRG) has welcomed the publication of the first annual strategy by the government's Director of Labour Market Enforcement David Metcalf. Mr Metcalfe has listed 37 proposals to deal with issues concerning low-paid workers...
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Unions representing steelworkers at Tata plants in the UK have urged the company to restore pension benefits that were axed as part of the recent restructuring of the company. The call comes after the firm reported an unexpectedly large pre-tax profit of...
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New taxes on landlords, such as the second home stamp duty surcharge introduced in 2016, could lead to as many as 380,000 (19 per cent of the total) selling up, according to the Residential Landlords' Association (RLA). Of these, just seven per cent will...
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Young people who never get on the housing ladder could end up needing a pension pot worth as much as £445,000 to be comfortable in retirement, according to a new paper by Royal London titled 'Will we ever summit the Pensions Mountain?'. The...
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Proposals to ban contingent charging for defined benefit pension transfer advice have been backed by financial services firm Aviva, with Chief Executive of Life Business at the company Andy Briggs expressing concern about the potential conflict of interest...
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The Chartered Institute of Taxation (CIOT) has claimed the proposed extension of the time limits available to HMRC to assess potential cases of tax errors or accidental avoidance regarding offshore matters is disproportionate. Announced in the Budget last...
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A tax on robots aimed at preventing mechanisation and artificial intelligence rendering large parts of the workforce redundant would be both unnecessary and counterproductive, according to a new report by the Institute of Economic Affairs. It said taxing...
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Couples who are cohabiting rather than married should make sure they write wills in order to ensure inheritance arrangements are clear if one of them dies, Royal London has advised. The financial services firm said 60% of adults do not have a will, including...
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The Pensions Regulator (TPR) has announced a new corporate plan for the next three years, the focus of which is to enable a "clearer, quicker and tougher" approach to regulating pensions in the UK. The document outlines how TPR will focus on key...
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The latest auto-enrolment data from the Office for National Statistics (ONS) has produced both good news and bad, with participation in workplace pensions at a record level last year but contributions mostly pegged at minimum levels.  According to the...
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Proposals by the Resolution Foundation for taxes on wealthier older people to fund one-off £10,000 windfalls for the young are the wrong way to tackle the problems of intergenerational inequality, the Institute of Economic Affairs (IEA) has...
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The Trades Union Congress (TUC) has raised concerns over the emergence in the UK of so-called pension 'superfunds', the aim of which is to take over employer pension schemes for a lower cost than an insurer would charge. These services are aimed at...
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Inheritance Tax should be replaced with a new 'lifetime receipts' tax that would fund payments of £10,000 to each 25-year-old in Britain. These would be designed to help them with costs such as getting on the housing ladder, a new report from...
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Pensioners who have taken professional advice over their savings tend to make smaller withdrawals if their pension pot is larger, a study by Royal London has said. The survey of 17,000 people showed that around one in six pensioners are withdrawing more than...
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The Department for Work and Pensions (DWP) is consolidating its five sites in south Wales into one to save money. Offices at Cardiff, Newport, Merthyr Tydfil, Cwmbran and Caerphilly will be closed as staff are brought together to work at a new site in...