A growing number of taxpayers are being caught by the personal allowance taper, which will be exacerbated by the reduced additional rate tax threshold of £125,140. With many also questioning why the new threshold is not a round number, a short history of tax setting provides the answer.
The government has rejected proposals to modernise cohabitation laws in England and Wales, leaving it up to individuals to arrange their financial affairs for partners and dependents.
In his Autumn Statement, the Chancellor, Jeremy Hunt, said that in making decisions on tax the government followed a broad principle that “we ask those with more to contribute more”. Investors were clearly placed into this category.
Why not consider a different kind of gift for your children or grandchildren this Christmas – perhaps one with a financial twist?
2022 was an eventful year – churning government personnel, no formal Budget, high inflation, rising interest rates and volatile investment markets, which is good reason to start your financial planning for 2023.
Annual CPI inflation hit 10.1% in September, but that does not mean every price is showing a double-digit increase.
If you are self-employed or work via a company the winding back of many of the proposals in September’s mini-Budget have altered tax planning.
Gone are the days when a Chancellor made only two set piece announcements each year and, for the remaining days of the year, tax remained generally out of the headlines.
Government bonds, often called gilts, are traditionally dull investments. However, as recent events highlighted, they are an important part of the financial landscape.
Nearly all children born between 1 September 2002 and 2 January 2011 were the lucky recipients of a government handout – usually £250 or £500 – which was locked away in a Child Trust Fund (CTF). Child Trust Fund money continues to be forgotten.
