New HMRC data shows that in 2019/20, £9.9 billion of capital gains tax (CGT) liabilities were created. In July last year, the Chancellor unexpectedly asked the Office of Tax Simplification (OTS) to review “capital gains tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses”. The top […]
The UK’s unusual tax year end date is coming under scrutiny in tandem with potential changes to the tax year basis for the self-employed. The start of the tax year in the UK is 6 April. It is a date steeped in history – think quarter days and the introduction of the Gregorian calendar […]
The government has published draft legislation to raise the minimum age for drawing pension benefits from 55 to 57. At present, the normal minimum pension age (NMPA) at which you can draw benefits from a pension scheme is 55. That age ceiling took effect in April 2010 and was subject to a limited range […]
New research has highlighted a growing retirement income gap between men and women, which has been exacerbated by the pandemic. According to the Office for National Statistics (ONS) life expectancy calculator, at age 55: Men have a life expectancy of 84 years, with a 1 in 4 chance of surviving to 92. Women have a […]
HMRC is warning university students to be wary of potential scams, especially if they have a part-time job and are new to interacting with the department. HMRC is warning university students to be wary of potential scams, especially if they have a part-time job and are new to interacting with the department. University students taking […]
Of all the financial challenges and concerns that we face over our lifetimes, avoiding running out of money in retirement probably sits at the top of the list. No-one wants to end up relying on meagre state benefits and eating own-brand baked beans every day. Retirement Rule 1 is crucial but not guaranteed. As Warren […]
