Over 30% of UK pensioners rely solely on the state for their pension income, even though state pension income in the UK is the lowest in Europe, compared to average wage.
Posts Tagged ‘HMRC’
A third of pensioners look to state for pension income
Monday, July 5th, 2010Top-ups to pension plans – Hurry to beat the Budget!
Friday, June 4th, 2010The Government is discussing changes in the 40% rate of tax relief on contributions to pension plans. This could include abolishing the 40% rate altogether, and could come into effect with the Budget on 22nd June. Those considering topping up their pension plans may wish to act quickly, in order to beat the Budget!
Capital Gains Tax could hit elderly in nursing homes
Wednesday, June 2nd, 2010
Elderly care home residents could face a hefty capital gains tax bill on selling their home. Are you or your family affected? Click on headline to read more.
Pension changes could eat up to 82% of pension savings in tax
Thursday, May 13th, 2010Government pension changes free you from the obligatory purchase of a pensions annuity by age 75, and enable you to leave your remaining pension savings to your children. However, Inheritance Tax and other tax charges could devour up to 82% of your pension pot. Good pensions advice and pensions planning can minimise the impact of these and future pension changes.
How pension changes save the state money
Thursday, May 13th, 2010Government pension changes likely to be introduced based on pre-election pledges by the Conservatives and the Lib Dems are currently being presented as benefits that will increase pension income from both state and private pensions. Dig a little deeper, however, and we see that the pension changes are primarily designed to save the state money.
Taxman takes 30% of pension income in direct and indirect tax
Friday, April 30th, 2010
The average UK retired household pays out 30% of pension income to the taxman, according to new data published by insurer MetLife Europe.
UK pensioners lose this large slice of their pension income through a combination of direct and indirect taxes, which nets a total of £34 billion for the Revenue.
Financial planning means tax and mortgage savings – Axa
Tuesday, March 23rd, 2010Through lack of financial planning and financial advice, we overpay £9 billion every year to the taxman. No surprise, then, that those who take an hour a month for financial planning tend to be better off than those who don’t, Axa reveals.
Avoid 40% Inheritance Tax – check your liability today!
Monday, March 15th, 2010
Do you love the taxman more than you love your own children? If not, then don’t risk leaving them an Inheritance Tax bill of 40% on the wealth you leave behind! You stand to save thousands or even hundreds of thousands with good inheritance planning. The first step is to check how much you would owe, with our new Inheritance Tax Calculator.
Tax matters: HMRC seeks Swiss bank name lists
Thursday, February 18th, 2010
A disk containing 1,500 names of Swiss bank account holders is being sought by Her Majesty’s Revenue Commissioners, to home in on UK citizens who may be guilty of tax evasion.
Record-keeping and independent tax advice crucial when dealing with HMRC
Friday, December 11th, 2009With an increasing volume of information and advice from HMRC now being offered not face to face, but by telephone, the onus is on the caller to record in writing the tax advice they are given, if they wish to depend on that advice at a later date.
In such situations, problems arise when a taxpayer acts (or refrains from acting) based on undocumented telephone advice, or on their recollection of what HMRC said, according to the Low Incomes Tax Reform Group (LITRG).
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