Displaying items by tag: Tax
HNWIs lose half their pension in tax
The UK’s wealthiest retirees paid themselves annual pension income of around £3m each last year but lost almost half of that in tax, according to figures published for the first time today.
Tax bills jump by £8.9bn year on year
Latest figures from HMRC reveal that the total government tax 'take' jumped £8.9bn year on year in the latest five month period.
1 in 5 pensioners face higher rate tax bill
Wealth manager Quilter has warned that 3.1m pensioners face paying higher rate or additional rate tax by 2027/28 due to fiscal drag, according to a Freedom of Information (FOI) data request.
2 in 3 'unretirees' failing to consider tax trap
Two thirds (63%) of over-55s who plan to return to paid work have failed to check the potential tax implications of doing so, according to a new report.
James Jones-Tinsley: Labour's post election priorities
Pensions expert James Jones-Tinsley reviews the election result and its impact on the pensions landscape...
James Jones-Tinsley: 'Pitiful' pension tax overpayment needs fixing
“You’ve overpaid income tax on your pension? Well, at least you’ve not underpaid!”
Advisers fear pension death tax changes
Only one in 10 financial advisers support the government’s proposed changes to the tax rules surrounding pension death benefits.
Lisa Webster: How to use pensions to beat a tax trap
As a professional, you will undoubtedly be aware of the effective 60% tax rate on income between £100,000 and £125,140 due to the loss of the personal allowance. For parents of 3 and 4-year-olds the real rate can be much higher.
Tax rises may boost SIPPs and ISAs
Imminent cuts to CGT and dividend tax allowances could increase the attraction of SIPPs and ISAs because of the tax sheltering benefits they offer, a major platform has predicted.
Transact owner set for £7.9m VAT battle with HMRC
Integrafin Holdings, the parent company of adviser platform Transact, is to challenge HMRC’s decision to exclude one of its companies from the UK VAT group.