The WASPI saga continues

Many women born in the 1950s should be paid compensation for a shortfall in their pensions according to a new report. The WASPI (Women Against State Pension Inequality) campaign has been running for nine years. In that time, it has consistently argued that women born in the 1950s were unfairly treated because of the way […]

The child benefit tax rule changes

One of the few surprises in the Spring Budget was the change affecting how child benefit is taxed for higher earners. The high income child benefit charge (HICBC or ‘hicbic’) was introduced in January 2013 to reduce child benefit payments for higher earners. It was considered an arbitrary piece of legislation by some as the […]

Out goes hand sanitiser, in comes vinyl…

The Office for National Statistics (ONS) has been sorting through its inflation shopping basket. Every year in March, the ONS announces the results of a review of the approximately 750 items which it uses to compute inflation indices, such as the Consumer Price Index (CPI). The annual review is a reminder that the calculation of […]

The UK ISA slides into view

One of the many well-trailed announcements in the Spring Budget was the launch of a UK ISA. However, both its arrival and interest may be uncertain. Alongside the Budget, the Treasury published a consultation paper on a possible fifth ISA variant, the UK ISA. To quote the paper, the rationale behind the UK ISA is […]

The march of the higher rate taxpayer

New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common.The Office for Budget Responsibility (OBR) received plenty of attention leading up to the Budget. It was widely portrayed in the media as the body that placed constraints on the Chancellor’s tax-cutting options ahead of the coming […]

Born after 1978? Keep an eye on State pension age

An independent report suggests that the State pension age (SPA) should rise much faster than planned.The next SPA rise begins in under two years with a phased increase to 67 ending in April 2028. Yet, neither main political parties are likely to say much about further SPA changes in their upcoming election manifestos.The move from […]

The Autumn Statement give and take

The Chancellor’s national insurance contribution (NICs) ‘giveaway’ is no match for his income tax ‘takeaway’. The central surprise in Jeremy Hunt’s second Autumn Statement was a major reduction in NICs. • For employees From 6 January 2024, the main class 1 contribution rate on earnings between £12,570 and £50,270 will be reduced from 12% to

Magnificent Seven 2.0 rides again

Forget Yul Brynner, Steve McQueen et al. There is another more significant septet in the United States these days. The original version of ‘The Magnificent Seven’ was released in 1960 and remains to this day an iconic Western film. However, the term ‘Magnificent Seven’ now has a very different meaning for many in the US.

Getting a head start: retirement planning attitudes in 2023

A survey of 6,000 people, aged 18 to 80, revealed starkly different views on retirement across the generations. According to the Office for National Statistics, the median age of the UK population in mid- 2021 was 40.7 years, up from 39.6 in mid-2011. Perhaps that gradual ageing and the impact of Covid-19 on working patterns

Financial Christmas gifts for children

It’s that time of year again when financial gifts may be given… and HMRC is watching. Tax is never far away from anything you do and making gifts to children at Christmas is no exception. There are a few key tax areas you should bear in mind. Inheritance tax (IHT) As with any gift you