Financial News

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The Institute for Fiscal Studies (IFS) has criticised both the Conservative and Labour manifestos over their tax and spending plans, claiming both are misleading the public with their tax and spending plans. IFS director Paul Johnson said: "Neither is...
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The first entirely Welsh piece of tax legislation to be implemented in 800 years has received royal assent, after the Assembly used its new devolved powers to introduce a new land transaction tax to replace stamp duty. Described by first minister Carwyn Jones...
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Footballer Lionel Messi has had his sentence for tax fraud upheld by the Spanish supreme court. The footballer and his father had appealed the conviction and sentence meted out last year, but the 21-month term for the player was legally upheld. Messi...
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The UK pensions sector can improve its levels of engagement by adopting successful measures pioneered overseas, according to the Pensions Policy Institute (PPI). The body has published a new guide, titled Consumer engagement: lessons from overseas, which aims...
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Workers are losing around £200 a year on average as a direct result of companies diverting money to plug gaps in their pension funds, according to a report by the Resolution Foundation. The study said £24 billion was spent on closing gaps in...
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The tax on 'death in service' lump sum payouts from workplace pension schemes when a scheme member passes away can cause an increasing number of people to be hit by unexpected tax bills at a difficult time, Royal London has noted. Director of policy...
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The Liberal Democrats have said they will make tax "fairer" by promising in their election manifesto to reverse several of the tax measures introduced by the Conservatives. The document pledged that the cut in corporation tax from 20% to 17%, the...
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The Liberal Democrats have confirmed plans to keep the triple lock for pensions in their election manifesto. The party, which helped introduce the measure when in coalition with the Conservatives, has joined Labour in proposing to maintain the lock, something...
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The Labour Party has confirmed its pension plans in the formal launch of its election manifesto, days after a previous draft was leaked. There was no change from the key commitments in the draft, which include maintaining the triple lock and a pledge to...
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Plans for a major increase in taxes have been confirmed in the Labour Party manifesto, which was formally launched yesterday (May 15th) following a leak of an earlier draft version. The party has said it will raise £48.6 billion a year extra and spend...
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The 'Robin Hood Tax' proposed by the Labour Party to raise money from transactions in bonds and derivatives is set to drive companies away from the City of London, leading to lower tax and reduced returns on investment, according to Royal London. ...
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The level of pension fraud scams in the UK has hit a record high, according to a report by the Financial Times. Quoting figures from the City of London Police, the paper revealed that £8.6 million was stolen this way in March, with 24 victims reported....
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Labour has proposed a 'Robin Hood tax' that will be levied on transactions made in the City of London in order to "make the financial sector pay its fair share" after the financial crisis, Shadow Chancellor John McDonnell has pledged. The...
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The Liberal Democrats have pledged to add 1p to all bands of tax in order to raise more revenue to help fund the NHS and social care. The party's pledge echoes its 1990s policy of adding 1p to the basic rate to boost education spending. According to the...
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The Scottish National Party is considering raising the top rate of tax in Scotland to 50p next year, finance secretary Derek MacKay has confirmed. He said the government's council of economic advisors are considering whether to bring in this figure for...
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A Labour government would consider a flexible state pension age for people working in different sectors of the economy, with those in jobs such as manual labour being allowed to retire at an earlier age than those employed in an office. The proposal,...
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A draft copy of the Labour Party manifesto has been leaked, unveiling page after page of policy proposals. These include the nationalisation of rail, energy firms and Royal Mail, while spending pledges include £8 billion more on social care, the...
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Diageo, the owner of vodka brand Smirnoff, has been told to pay £107 million to the Treasury by HMRC under diverted profits tax legislation. The bill covers the company's activities over the last two years, with the money designed to recoup profits...
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The majority of people with workplace pensions want them to be tailored to their own needs, rather than simply following the default options, a survey by Aegon UK has shown. The study found 72% of savers want to personalise at least some of their pension to...
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Labour leader Jeremy Corbyn has proposed to raise tax on private health insurance to pay for free parking at NHS hospitals. He argued that hospital parking charges "place an unfair and unnecessary burden on families, patients and NHS staff," and...
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Labour will focus its income tax policies on raising them for people earning over £80,000, while 95% of people will see no tax rises at all, Shadow Chancellor John McDonnell has said. The plan will mean those earning above this level may be targeted by...
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The black holes in UK pension funds are a major headache for funds, but a new report suggests they could be £310 billion less than thought as the rise in longevity will be less than thought. PwC has reached this conclusion based on data from the...
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Labour is set to cut the starting rate of inheritance tax from £850,000 to £425,000, it has been claimed. The Evening Standard quoted sources from the party saying the halving of the threshold could raise over £1 billion, while Shadow...
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The Conservatives have proposed to introduce a new charter to protect company workers against "irresponsible" bosses who fail to maintain pensions schemes. The new measures propose to give the Pensions Regulator extra powers to "scrutinise...
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The Conservatives and Labour have traded blows over tax policy as Prime Minister Theresa May prepares to go to Buckingham Palace to seek a dissolution of Parliament for the general election.  A Tory campaign poster has been produced titled Labour's...