Personal tax

Tax / Is a wealth tax on the cards?

A new wealth tax in the UK, to support the NHS and social care, cannot be ruled out, following suggestions from the US to introduce a new charge on billionaires, says Blick Rothenberg’s Nimesh Shah

Tax / Private pension withdrawal age to be raised

The Treasury has confirmed that the minimum private pension age will increase from 55 to 57 in 2028, meaning that savers in late forties and those younger will now need to wait two years longer before accessing their pension

Tax / Government must tackle unexpected tax bill for NHS workers

Existing tax rules on free accommodation, meals and childcare should be axed for NHS staff who made great sacrifices to protect us all, says RSM’s Susan Ball

Tax / Taxpayer wins appeal over high income child benefit charge ignorance

A taxpayer has won an appeal against penalties imposed for his failure to notify his liability for the high income child benefit charge (HICBC), on the grounds that ignorance of the law was a reasonable excuse and he was not required to ‘rummage’ through all of HMRC’s information sources

Tax / Higher rate pension relief threat to fund coronavirus bill

In her second article on possible pension tax relief reform, LEBC’s Kay Ingram sees greater restrictions ahead as cost of Covid-19 becomes clearer with Spring Budget changes short-lived

Tax / Call to reform CGT rules for divorcing couples

Accountancy firm Milsted Langdon, has joined family law organisation, Resolution, in calling for reforms to the capital gains tax (CGT) system - making it fairer and simpler by introducing a general relief for asset transfers arising for divorcing couples 

Tax / An uncertain matter of death and tax

As questions are raised over the future of inheritance tax, Crowe’s Tom Elliott reviews the possible options and asks whether it is a tax that should be laid to rest

Tax / HMRC clarifies loan charge settlement arrangements

HMRC has published further details on how it will implement the loan charge in relation to the use of disguised remuneration tax avoidance schemes where the tax due has not already been settled, emphasising there will be no special settlement terms

Tax / Pensions tax help for lowest paid workers under review

As the government consults on the impact of pension tax relief on lower earners, LEBC’s Kay Ingram weighs the options, calling for greater automation

Tax / HMRC ‘plea bargain’ tax evader deals collect extra £120m

Plea bargain deals give taxpayers immunity from criminal investigations as HMRC steps up investigations to help pay for coronavirus economic assistance

Tax / Tax incentives hit £25.6bn record high

Savers urged to capitalise on record-breaking savings and investments tax incentives, as the Treasury is looking for ways to cover the public spending cost of Covid-19

Tax / Unexpected tax bills on horizon from coronavirus grants

Depending on how businesses and self-employed individuals prepare their accounts, there could be unexpectedly large tax bills for those that have received small business or retail, hospitality and leisure grants during the pandemic as early as this tax year, explains RSM’s Caroline Hulse

Tax / Covid-19: tax-free childcare extended

Tax-free childcare has been extended to 31 October for parents who may have fallen below the minimum income requirement, and critical workers who may have exceeded it

Tax / Plans for NICs holiday for military veterans’ first civilian job

The government is consulting on plans for a National Insurance contributions (NICs) holiday for Armed Forces veterans who take up civilian jobs, first announced at Spring Budget 2020

Tax / Inheritance tax receipts drop for first time in 10 years

Inheritance tax receipts (IHT) have dipped for the first time in a decade, reversing a long term trend, and prompting renewed calls for a change to the regime