IHT take up again as firms chew over potential Labour reforms

HMRC reveals inheritance tax receipts up £83m to £2.1bn Speculation over how Labour will tackle Inheritance Tax (IHT) continues to abound, with take up again for the latest reported quarter. IHT receipts hit £2.1bn for April 2024 to June 2024, representing an £83m increase on the same period the prior year, as per HMRC official figures. It remains to be …

Government raises £701m from inheritance tax receipts in May

‘Neither of the two main political parties have mentioned it’ A lucrative May means inheritance tax (IHT) receipts have hit £1.4bn in just the first two months of the 2024/25 financial year, HM Revenue and Customs figures show. Latest data today (21 June) confirms the hotly debated tax raised £701m in May, meaning the tax take so far for the …

Inflation falls to Bank of England’s target of 2%

Inflation has returned to target for the first time in almost three years. CPI inflation fell to the Bank of England’s 2% target in May, down from 2.3% in the previous month, the latest ONS figures show. CPI last hit 2% in July 2021, almost three years ago, and has fallen from its peak of 11.1% in October 2022. On …

UK economy exits recession on Q1 GDP growth

UK’s gross domestic product grew by 0.6% between January and March. The UK has exited a short-lived technical recession after official figures showed better-than-expected growth in the first quarter. GDP increased by 0.6% between January and March, according to data from the Office for National Statistics (ONS), beating some economists’ expectations of a 0.4% lift. The rise – an estimate …

Spring Budget 2024:  New British ISA to launch with extra £5k allowance for UK assets

Jeremy Hunt is aiming to invigorate UK public markets with an additional £5,000 ISA allowance. Jeremy Hunt has introduced a new British ISA in his Spring Budget, which will allow an additional £5,000 ISA allowance for investment in ‘promising UK businesses’. The new ISA allowance will sit alongside the £20,000 that can be invested across other ISA wrappers currently available. …

Spring Budget 2024: Government cuts National Insurance by further 2p

The latest reduction follows a cut from 12% to 10% announced at the Autumn Statement last year. Chancellor Jeremy Hunt has announced a 2 percentage point cut to the the main rate for employee National Insurance from 10% to 8%. The move to take another 2p off the Class 1 rate, expected to cost the government around £10 billion, doubles …