OTS backs pension tax reform

The Office of Tax Simplification (OTS) has called for reform to the tax system for pension fund withdrawals, which it says is not widely understood by most people. The report raised particular concerns with the use of emergency tax codes for lump sum withdrawals from...

1 in 3 expect 6-month wait for inheritance

More than a third of people underestimate the time it might take to receive their inheritance, according to research from Co-op Legal Services. In a survey of 2,000 UK adults, 37% said they expect to wait 4-6 months to receive their inheritance. In reality, the...

Self-employment jeopardises state pension

The growth of self-employment is putting pressure on the sustainability of the state pension, research has found. According to analysis from Aegon, £2.8 billion is lost in national insurance (NI) receipts for every 1 million people who move from employment to...

HMRC warns of tax refund scam

HMRC has issued a warning about fraudulent texts and emails, which claim the recipient is due a tax rebate in order to obtain their personal details. The ‘phishing' scam attempts to take advantage of the fact that HMRC is currently processing income tax for 2017/18,...

Stamp duty cut helps 69,000 first-time buyers

Around 69,000 first-time buyers have benefited from the stamp duty exemption since its introduction in November 2017, according to statistics from HMRC. The government abolished stamp duty for most first-time buyers in Autumn Budget 2017 to help aspiring homeowners...
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