Minimum pension age steps closer to 57

The Government plans to raise the national minimum pension age

Pension Age – The government has published draft legislation to raise the minimum age for drawing pension benefits from 55 to 57.  At present, the normal minimum pension age (NMPA) at which you can draw benefits from a pension scheme is 55. That age ceiling took effect in April 2010 and was subject to a…

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Tax Year: So, farewell then 6 April?

The UK’s unusual tax year end-date is coming under scrutiny in tandem with potential changes to the tax year basis for the self-employed.  The start of the tax year in the UK is 6 April. It is a date steeped in history – think quarter days and the introduction of the Gregorian calendar in 1752.…

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Capital gains tax receipts underline tempting target for Chancellor

CGT receipts provide a likely target for Chancellor Sunak

New HMRC data shows that in 2019/20, £9.9 billion of capital gains tax (CGT) liabilities were created.  In July last year, the Chancellor unexpectedly asked the Office of Tax Simplification (OTS) to review “capital gains tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses”. The top tax…

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A hint of rising interest rates?

Interest rates are set to rise

The Bank of England has suggested that interest rates may rise sooner than expected. After its August meeting, the Bank of England (BoE) was never expected to announce any change in base rate from the 0.1% set in response to the pandemic. The BoE, like its counterparts in the US, Eurozone and Japan, wants to…

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