Chancellor mulls pension tax relief reform

Chancellor Sajid Javid is reportedly considering cutting pensions tax relief for high earners in next month's Spring Budget. Media reports suggest Javid may be on the verge of reducing high earners' relief from their marginal rate of income tax to 20% to make the...

Income tax rates remain unchanged in Scotland

The Scottish Government has decided to freeze all income tax rates, plus the higher and top-rate thresholds for 2020/21. Assuming the personal allowance remains at £12,500, only the basic and intermediate thresholds in Scotland are set to rise in line with inflation....

Almost a million miss tax returns deadline

Nearly a million taxpayers missed last week's 2018/19 self-assessment deadline, according to HMRC. Official statistics showed, however, that a record 11,122,967 taxpayers out of 11.7m beat the midnight self-assessment deadline on 31 January 2020. Those with more than...

MPs suggest radical revamp for inheritance tax

The current 40% inheritance tax rate is "unfair" and should be reduced to 10% in the Spring Budget, a cross-party group of MPs has claimed. Inheritance tax usually kicks in when the value of an estate exceeds the tax-free threshold of £325,000. Each year, an...

MPs suggest radical revamp for inheritance tax

The current 40% inheritance tax rate is "unfair" and should be reduced to 10% in the Spring Budget, a cross-party group of MPs has claimed. Inheritance tax usually kicks in when the value of an estate exceeds the tax-free threshold of £325,000. Each year, an...