State Pension to increase by £460 a year, but most pensioners will still be worse off

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 …

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 …

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

‘IHT is the tax gift that keeps on giving as record receipts have been banked’ New inheritance tax (IHT) data published today (23 April) shows the government raked in a total of £7.5bn in 2023/24 – a £4m increase on the tax year prior. This represents the highest value ever recorded and continues the upward trend of the last two …

Ex-footballers join pension scam victims in HMRC campaign

Campaigners have called for an end to the taxman’s perceived harsh tax collection tactics as victims of financial misconduct recount ‘sleepless nights’ waiting for brown envelopes. Former Premier League footballers joined forces with fellow victims of financial misconduct yesterday to campaign for better treatment from HMRC. Figures including Andy Cole, Michael Thomas, Craig Short and Martin O’Neil marched from the …