A potential big change made ‘through the back door’ A bundle of complex tax consultations published yesterday contained a potential bombshell for anyone expecting to inherit a pension pot free of income tax, Lane Clark & Peacock (LCP) says. Yesterday (18 July), HM Revenue & Customs launched a consultation on changes to pension taxation that could result in ordinary taxpayers having to …
The core rate of inflation fell by 0.2% to 6.9%. Annual CPI inflation has fallen from 8.7% in April and May to a lower-than-expected 7.9% in June, the latest ONS figures show. Most economists had predicted a fall in inflation, with an average forecast of 8.2%, according to Reuters. On a monthly basis, CPI rose by 0.1% in June, compared …
Payback period on a benchmark £100,000 annuity today is 14.5 years Current record annuity rate levels have pulled the break-even point for holders closer by five years, latest statistics show. Canada Life yesterday (26 June) published figures which reconfirm the significant improvement in rates over the last 18 months. These improvements mean the payback period on a £100,000 benchmarked annuity …
Two members preferred to maintain Bank Rate at 4.5%, with no-one choosing to increase by 0.25%. The Bank of England’s Monetary Policy Committee has voted 7-2 to increase Bank Rate by 0.5% to 5.00% – the 13th consecutive rise. Many industry experts had predicted a 0.5% rise after inflation held steady at 8.7% yesterday, higher than predicted, although other commentators had expected …
Core CPI rose by 7.1% in the 12 months to May, up from 6.8% in April, and the highest rate since March 1992. CPI inflation was unchanged at 8.7% in May, despite two consecutive months of declining and an expected fall to 8.4%, renewing predictions of a 0.5% Base Rate hike at tomorrow’s MPC meeting. The latest ONS statistics show …
UK inflation has fallen to single digits for the first time this year according to the latest figures released by the Office for National Statistics, easing to 8.7% in April. CPI inflation rose by 8.7% in the 12 months to April 2023, down from 10.1% in March according to this morning’s figures. On a monthly basis, CPI rose by 1.2% …
