Treasury collects £2bn in 12 weeks as IHT receipts continue to soar

Figure breaks down at £22m a day for the government’s coffers A total £2bn was raked in by the government in the form of inheritance tax (IHT) between April and June – £0.2bn more than at this time last year according to HM Revenue & Customs (HMRC). Latest HMRC data today (21 July) confirms the figure for June alone is the highest …

UK inflation holds at 8.7% after two months of falls

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 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 …

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. …