UK inflation falls to 8.7%

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% …

Rising IHT receipts should be ‘wake-up call’ to take tax advice

‘More good news for the Treasury’ as April nets £0.6bn Inheritance tax (IHT) receipts for April 2023 again crept higher reaching £0.6bn, which is £0.1bn up on the same period last year, latest figures reveal. IHT receipts were £5.3bn in 2020/21 and £6.1bn in 2021/22 demonstrating how “increasingly lucrative” the tax is for the government, according to Just Group. It …

Quilter calls for pension transfer warning rethink over ineffective data

Government data shows 40% of pension transfer amber warnings are for unknown reasons, making it hard to understand whether the system is working. Quilter is calling for clarity around the government’s new pension transfer rules after finding 40% are flagged and delayed by trustees for unknown reasons. According to freedom of information (FOI) data obtained by Quilter, 6,050 (43%) of …

Bank of England raises interest rates to 4.5%

The last time the base rate was at 4.5% was in October 2008. The Bank of England’s Monetary Policy Committee has voted 7-2 to increase Bank Rate by 0.25% to 4.5% – the 12th consecutive rise. Two members preferred to maintain Bank Rate at 4.25%. The latest Bank of England figures now predict that Bank Rate will peak at around …

Government to ban cold calling on all financial products

The ban will cover all financial products, including insurance and cryptocurrency schemes. The UK government is set to announce a ban on all cold calls selling financial products as part of a crackdown on scams. The move will extend a current ban which stops cold calls about pension products so it covers all financial products, including insurance and cryptocurrency schemes. …

IHT goes ‘mainstream’ as latest HMRC receipts hit record high

Receipts for April 2022 to March 2023 reach £7.1bn Inheritance tax (IHT) receipts for April 2022 to March 2023 were up £1bn on the previous tax year to £7.1bn, according to latest numbers from HM Revenue & Customs (HMRC). Estimates released at the last Budget suggested that over the next five years IHT would bring in £38bn. This projection means …