New data published today by HMRC shows that IHT receipts for April to August 2023 were £3.2 billion, which is £0.3 billion higher than the same period a year earlier. Laura Hayward, tax partner at Evelyn Partners, the leading...
Tax
Is there finally wiggle room for pre-election tax cuts?
Borrowing for the financial year to date £11.3 billion lower than forecast Strong self-assessment and VAT receipts boosted tax take to £85.2 billion in July – £2.3 billion more than forecast by the Office for Budget Responsibility (OBS) Gains offset by increased...
AJ Bell reiterates call to double savings allowance as further 1 million Brits to be caught by tax on cash savings
Rising interest rates and frozen tax thresholds will combine to push another million taxpayers into a little-known tax trap this year, new data obtained by investment platform AJ Bell reveals. In the 2023-24 tax year it is estimated that over 2.7 million individuals...
Tax debt rises by 6% as small businesses struggle to pay bills on time
New figures published today by HMRC today reveal that the amount of tax owed to the Exchequer but remaining unpaid reached £44.5bn as of 30 June 2023, a 6 per cent rise versus the same date last year. According to HMRC, the majority of this tax debt is owed by small...
ONS IHT data: “Govt collected almost £6bn in IHT that should have gone to the children and beneficiaries of hard-working families”
Following the ONS IHT data for the tax year 2020 to 2021 published this morning industry experts have reacted and shared their thoughts...
Deadline looms for tax payments on account
Self-Assessment taxpayers who make advance payments towards their bills are being advised to make their payments before the deadline of...
Government plans to claw back High Income Child Benefit via tax codes ‘only tinkers round the edges of perverse charge’ says Quilter’s Moore
In a written Parliamentary Statement, the Financial Secretary to the Treasury, Victoria Atkins MP, has said “The government wants to...
BDO: Use of Tax-Free Childcare rises by 24%
The number of families taking advantage of the Government’s Tax-Free Childcare scheme has jumped by 24% year-on-year, according to new...
Government set to ‘streamline’ process for collecting High Income Child Benefit charge – ‘just ten years too late’ says Steve Webb, LCP
Details of long awaited Govt. change to High Income Child Benefit Charge and comment from Steve Webb, LCP
Calls for Chancellor to double personal savings allowance as new data reveals 1.8 million pay tax on cash accounts – AJ Bell
Almost 1.8 million UK savers are paying tax on interest earned from banks and building societies, as rising interest rates and frozen tax...
Majority of over 55s who plan to pass on wealth yet to think about how and when – meaning loved ones risk missing out
The majority of UK adults planning to pass on wealth in their lifetime have not considered how and when to do this, according to research...
‘Stealth tax on steroids’ sees cash savers hit with £6.6bn tax on savings interest and dividend taxes rise to £17.6bn
AJ Bell press comment – 29 June 2023 The Government is expected to take £6.6bn in tax on savings in 2023-24 Dividend tax take...
Number of higher rate taxpayers soars by 41% since 2020/21 and total paying additional rate doubles
New annual income tax statistics from HM Revenue and Customs today revealed that there will be 35.9 million Income Tax payers in 2023/24,...
Freeze in tax thresholds ‘begins to bite’ as number of taxpaying pensioners soars – Steve Webb, LCP
New figures published this morning by HMRC show a surge in the number of pensioners paying tax as well as a big growth in the number of...
‘Influential think-tank backs radical UK tax reforms’ says AJ Bell’s Tom Selby
Radical plans to reform the UK’s tax system between now and 2030 have been published in a new report today. Commenting on the tax reforms...
Britain needs better taxes, rather than just higher ones, to boost fairness and economic growth
Britain needs to move away from its simplistic and pernicious cycle of promising tax cuts while delivering tax rises, and towards...
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