Financial News

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Workers currently aged in their 20s may not get a pension until the age of 70, under the recommendations of a Department of Work and Pensions report. The study from the Government Actuary's Department (GAD) said the pension age could hit 70 as early as...
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The Treasury has revealed there are no plans by Chancellor Philip Hammond to impose a new tax on wealthy pension savers. In a letter to AJ Bell chief executive Andy Bell, Financial Secretary to the Treasury Jane Ellis MP said there will be no new tax. Mr Bell...
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The practice of shifting profits from one jurisdiction to another by multinationals costs countries over $500 billion dollars of tax a year, with Britain losing $1 billion (around £850 million), according to new research. The figures, published by the...
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Sir Philip Green is set to get back £15 million of the £363 million he paid to bail out the BHS pensions scheme, the House of Commons Work and Pensions Committee has revealed. Its analysis is that if there is a 90% take-up of the winding up lump...
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Employees of BMW based in the UK have staged protests at several plants across the country against the decision by the German carmaker to close the defined benefit pension scheme to new members in Britain. The announcement of the closure was made six months...
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Ann Harris has been named as the new head of the Pensions Advisory Service (TPAS). The veteran civil servant, who has been a non-executive director of the organisation for 18 months, was revealed as its new head by pensions minister Richard Harrington. Mr...
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The overwhelming majority of Britons back raising the top rate of income tax back up to 50p in the pound, a new survey has found. The ComRes poll carried out last week revealed that 77 per cent would back the imposition of such a rate on those earning over...
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The amount of tax being paid by the wealthiest people in Britain is now three times what it was in the 1970s, according to a study by the Daily Telegraph. The comparison was with tax levels in 1976, at a time when Labour were in power and the year Harold...
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The south-east of England is the region with the wealthiest pensioners on average, new government data has shown. The Pensioners Incomes survey for 2015-16 showed that retired couples in the region were nearly 15% better off than the national average and...
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The government has announced it will now not proceed with the controversial rise in Class 4 National Insurance, following a backlash over the breaking of a 2015 Conservative election manifesto promise. Chancellor Philip Hammond said no such rise will take...
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People on low pay could end up missing out on tax relief depending on the kind of workplace pension scheme they are on, Royal London has warned. Director of Policy Steve Webb noted that for those earning above the £10,000 figure that triggers automatic...
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Chancellor Philip Hammond has been accused of making a "rookie error" over the controversial raising of Class 4 National Insurance contributions by one of his predecessors. Norman Lamont, who was the Tory Chancellor in the early 1990s, told the BBC...
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The proposed increase in National Insurance (NI) for the self-employed is to be delayed, Prime Minister Theresa May has confirmed. The legislation will not now come before Parliament until the autumn, following concerns raised by Conservative MPs. They are...
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Several taxes should be scrapped or at least overhauled in the Budget today (March 8th) to promote greater efficiency, according to the Institute of Economic Affairs (IEA). The body wants to see Capital Gains Tax, Stamp Duty, Council Tax and Business Rates...
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A committee set up by the Pensions and Lifetime Savings Association (PLSA) wants the government to combine all Britain's defined benefit pension schemes into a £1.5 trillion superfund to address the deficit that exists in the system. Sky News has...
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There is widespread ignorance among over-40s of how much income they need to be able to enjoy a comfortable retirement, new research by Saga has found. Around 40% do not know how much even a basic retired lifestyle costs to fund.   The study found...
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Chancellor of the Exchequer Philip Hammond is expected to raise taxes in his first Budget this week, as the government tries to balance the books while preparing for the challenges of Brexit. Among these predicted increases will be a hike in National...
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Comedian Jimmy Carr has admitted his career could easily have been ended by the row over his tax affairs. The star took part in the K2 tax avoidance scheme, which was used by over 1,000 wealthy celebrities to avoid paying tax. It was uncovered in 2012 and he...
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Labour Party Leader Jeremy Corbyn has insisted that his tax return is correct, despite it appearing to omit the salary he receives for being Leader of the Opposition. Mr Corbyn, who has published his tax details since becoming Leader and has espoused a policy...
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Former BHS owner Dominic Chappell is to contest the legal case brought against him by the Pensions Regulator that is designed to make him pay £17 million into the company's pension scheme. The three-times bankrupt former racing driver, who bought...
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The so-called death tax originally considered under the last Labour government may be revived by Conservative chancellor Philip Hammond as a means of paying for social care. Mr Hammond, who delivers his first Budget since succeeding George Osborne last summer...
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MPs have welcomed news that a deal has been achieved to save the BHS pension fund crisis. Members of the fund will now get a better deal than they would have been left with had the last resort of the Pension Protection Fund been after former owner Sir Philip...
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Shadow Chancellor John McDonnell has called for a new system by which taxpayers with incomes of at least £1 million a year have to make their tax records public. Speaking to the Guardian, Mr McDonnell said he believed the measure - used in some...
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Sir Philip Green has finally agreed a settlement with the Pensions Regulator to plug the gap in the BHS pensions scheme. The tycoon, who was accused of walking away from a huge deficit that ultimately brought the company down when he sold it for £1,...
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Insurance and investment firm NFU Mutual has called on the government to make inheritance tax (IHT) simpler, claiming that the current rulebook is almost twice as long as Stephen Hawking's book A Brief History of Time. Noting that the rulebook contains...