Ahead of next weeks’ Autumn Budget Inheritance tax (IHT) receipts have hit £4.3bn in the six months from April to September 2024, according to figures published by HM Revenue and Customs (HMRC). This is £400m higher than the same period in the previous tax year and continues the upward trajectory over the last two decades. Higher receipts from March 2022 …
September marks the first-time inflation has been below the Bank of England’s 2% target since April 2021. CPI inflation has fallen from 2.2% in August to 1.7% in September, below the Bank of England’s 2% target and below economists’ forecasts of 1.9%. After hitting the Bank of England’s 2.0% target in May and June, inflation rose to 2.2% in July …
Many economists predict that a further rate reduction will come at the Committee’s meeting in November. The Bank of England’s Monetary Policy Committee has voted 8-1 to hold Bank Rate at 5%. One member preferred to reduce Bank Rate by 0.25 percentage points, to 4.75%. The MPC reduced interest rates last month from 5.25%, the first cut since March 2020. …
With most pensioners paying tax, and more than half next year’s rise simply keeping pace with inflation, most pensioners will still be worse off overall in real terms if they lose the winter fuel payment. Last week’s labour market data shows that average earnings in the three months to July 2024 rose by 4.0% – likely the figure used to …
Inheritance Tax receipts for April 2024 to July 2024 are £2.8 billion, which is £0.2 billion higher than the same period last year, HM Revenue and Customs revealed today. Following the release of this data, industry experts have shared their thoughts with IFA Magazine. Laura Hayward, Tax Partner at professional services and wealth management firm Evelyn Partners, says: “Annual rises …
Family gifting is now funding 42% of all homes purchased by buyers under 55. Financial gifts from the ‘Bank of Family’ to support home purchases are projected to reach £9.2 billion this year and fund 42% of all homes purchased by buyers under 55, according to new research from Legal & General and the Centre for Economics and Business Research …
