Treasury to review tapered annual allowance

The Treasury has announced it will review the tapered annual allowance for pensions, following calls from high-earning NHS clinicians to abolish it. The amount of pension contributions that can be made tax-free in a year stands at £40,000 in 2019/20, but this is...

HMRC repays £46m in excess tax on pension withdrawals

The number of over-55s who have had to reclaim tax after taking money from their pension pots has hit a record high. Quarterly figures published in HMRC's Pension Schemes newsletter show more than 17,000 savers reclaimed tax worth £46 million between April and June...

Government dismisses calls for stamp duty shake-up

The Government has dismissed calls from a House of Lords committee to review the way stamp duty affects the housing market, and introduce reforms to help first-time buyers. In a report published in April 2019, the House of Lords select committee on intergenerational...

More over-65s pay additional-rate income tax

The number of pensioners paying income tax at the additional rate of 45% has increased over the past three years, government statistics show. In 2019/20, income tax is charged at a basic rate of 20% for annual income between £12,501 and £50,000, while the higher rate...

Capital gains tax changes to hit homeowners

More landlords and owners of second homes could have to pay capital gains tax on the sale of their additional property from April 2020, following a change to private residence relief. Private residence relief allows people to sell their main residence without...