With the issue of intergenerational fairness continuing to be high on the agenda, a thinktank has suggested that the Treasury returns to the drawing board when it comes to taxing bequests and inheritances. Instead of Inheritance Tax (IHT), the Resolution Foundation has floated the idea of a ‘lifetime receipts tax’, which would give individuals a… Read more…

The average amount contributed by parents towards home purchases has fallen by 17 per cent over the last year, according to Legal & General (L&G). While buyers who received assistance from their parents in 2017 enjoyed an average contribution of £21,600, those receiving assistance this year can expect an average contribution of £18,000. This equates… Read more…

Businesses and individuals are being encouraged to redouble their vigilance as fraudsters fake security measures in order to gain the information needed to access and drain bank accounts of funds. In one instance, an academic received a call that was supposedly from her bank saying that her account had been frozen owing to unusual transfers.… Read more…

The Pensions Regulator (TPR) has announced that employers could have their businesses’ assets seized to pay their debts if they fail to pay workplace pension fines. TPR has powers to fine employers who do not comply with workplace pension rules. However, it has also confirmed that it is willing to secure court orders if the… Read more…

A number of key projects at HM Revenue & Customs (HMRC) have been placed on hold to make staff available for Brexit issues, including Making Tax Digital for Individuals. The simple assessment rollout and real-time tax code changes, both part of MTD for Individuals, will not be introduced as planned according to an HMRC stakeholders… Read more…

According to HM Revenue & Customs (HMRC), the number of underpaid workers getting the money they are owed under the National Minimum Wage (NMW) legislation has more than doubled. The Revenue’s latest figures show that in the 2017/18 tax year its investigators identified £15.6 million in pay owed to more than 200,000 of the UK’s… Read more…

Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts work in practice? Gifts provided from surplus income – i.e. income less usual expenditure to… Read more…

In a reverse of its previous position, the Government has backed measures to increase the transparency of offshore tax havens. The measures will compel British overseas territories to make public their records of the true owners of the companies that are registered there. The measures were contained in an amendment to the Anti-Money Laundering Bill… Read more…

A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016. However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014. The request was made by a partner in a ‘magic circle’ law firm, who was… Read more…

An overhaul of “the complex patchwork” of tax charges and reliefs affecting businesses throughout various stages of the business lifecycle is urgently required in order to stimulate growth among small and medium-sized enterprises (SMEs), the Office of Tax Simplification (OTS) has said. In a report published midway through April, the OTS looked closely at business… Read more…