Number of state pension recipients falls by 120,000

The number of people receiving the state pension has fallen by 120,000 year-on-year, following changes to the state pension age. Statistics from the Department for Work and Pensions (DWP) show 13 million people received the state pension in February 2019. It said the...

Number of non-domiciled taxpayers falls

The number of wealthy individuals who are UK-resident but not UK-domiciled for tax purposes has dropped to a record low, according to HMRC figures. In 2017/18, around 78,300 individuals claimed non-domiciled taxpayer status on their self-assessment returns, down from...

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...