HMRC – urged to take harder line on taxing the very rich

Taxing the very rich - Monte Carlo - home of some of the very rich

Taxing the very rich Parliament’s Public Accounts Committee thinks that the government must take a tougher stance on taxing the very rich. In 2009, HM Revenue & Customs (HMRC) set a specialist team to focus on the tax affairs of high net worth individuals (HNWIs is the jargon). At the time, HNWIs were defined as people…

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The end of the tax year: 5 April reminders

End of the tax year - talk to Jackson Toms for expert financial advice

As the end of the tax year nears, remember the 5 April is a multi-faceted deadline.    In 2017, the tax year ends on Wednesday 5 April, over a week before Easter. The Budget is almost a month earlier (8 March), but that should not affect most tax year end actions. End of the tax…

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Pension transfer values rise 15%

It was not only UK share values that rose during 2016 – pension transfer values rose too. Note: the Xafinity Transfer Value Index tracks the transfer value that would be provided by an example defined benefit pension scheme to a member aged 64 who is currently entitled to a pension of £10,000 each year starting…

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Healthcare costs are rising

healthcare costs

Healthcare costs are rising The government’s financial watchdog, the Office for Budget Responsibility (OBR), has been mulling over future pension and healthcare costs. In January, as is often the case, the media was headlining stories about delays in A&E, cancelled operations and bed-blocking caused by lack of long-term care facilities. Coincidentally, in the middle of…

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Is inflation coming back?

December’s inflation figure was the highest since July 2015. For much of 2015, inflation barely existed. On the government’s chosen measure, the Consumer Prices Index (CPI), annual inflation oscillated between 0.3% and -0.1%. 2016 was a rather different story: the starting point was 0.3%, but by December prices were rising by 1.6% a year. The…

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