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With continuing intense pressure on government finances, the October 2024 Budget confirmed that the overall tax burden in the UK will remain at an historically high level for years to come, with higher earners continuing to shoulder most of the burden. Higher and additional rate taxpayers currently pay over two thirds of all income tax. […]
There were no tax increases in the Chancellor’s Spring Statement (upgraded from an initial Spring Forecast), but that might just be pain deferred. Before becoming Chancellor, Rachel Reeves set out a new goal for the public finances, now badged the ‘Stability Rule’. In simple terms, this requires the Government should at least match its day-to-day […]
The Office for National Statistics has taken a fresh look at our mortality. Roughly every two years, stories in the media tell us how many children will live to the age of 100. The latest projections are that 11.5% of boys and 17.9% of girls born in 2023 will become centenarians. The prompt for these […]
If benefits are otherwise withdrawn, a 25% penalty applies, e.g., a £5,000 fund delivers a net £3,750 to the LISA owner. Among the points made by the experts, one that drew common criticism was that the 25% withdrawal charge does more than claw back the government uplift. During the pandemic, the charge was temporarily reduced […]
The government is showing no signs of changing its plans to levy inheritance tax (IHT) on pensions. Sometimes what creates the most noise in the wake of a Budget is not what will hurt the taxpaying population most in the future. A perfect example from last October’s Budget is the set of measures aimed at […]
2025 introduces a technical change to company car tax, which could alter your next choice of car. In recent years, the tax rules for company cars have provided a major incentive to choose a battery electric vehicle (BEV), with zero CO2 emissions, or a plug-in hybrid electric vehicle (PHEV) with CO2 emissions of 1-50g/km. […]