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 …

Government confirms delay in bringing forward state pension age

The government will now delay making a decision until after the next general election. The government has confirmed today that it will not bring forward the date the state pension age will rise. At present, the state pension age is 66 and on current plans is set to rise to 67 by 2028 and to 68 between 2044 and 2046, …

Pension Freedoms age rise confirmed by Gov’t

The government has confirmed that the minimum age for accessing a pension will increase from 55 to 57 in 2028. In a written question to Parliament, Labour MP Stephen Timms asked the Chancellor of the Exchequer what plans he has to increase the minimum age at which people can access their private pension under the tax rules. In response, Conservative …

Scam fears prompt new parliamentary inquiry into pension freedom

Concern over the rise in scams is among the reasons prompting a new Work and Pensions Select Committee inquiry into whether the pension freedom reforms have achieved their objectives and if policy changes are needed. The committee, which is chaired by Birkenhead MP Frank Field, said this would follow up an inquiry it conducted shortly after the reforms were introduced …

State pension age increase brought forward by Gov’t

The government has announced the state pension age (SPA) will rise to 68 seven years earlier than previously planned. The change is in line with a report led by John Cridland and published in March this year. Under current legislation, from December 2018, the SPA for men and women will increase to 66. It will then rise to 67 between …

Gov’t cancels plans for secondary annuity market

The government has decided to cancel plans to create a market for secondary annuities. A statement on the Treasury’s website explained the reason for the U-turn just 6 months before it was due to be implemented. The government said, “It has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient …