‘Bank of Mum and Dad’ feels the squeeze

‘Bank of Mum and Dad’ feels the squeeze

The average amount contributed by parents towards home purchases has fallen by 17 per cent over the last year, according to Legal & General (L&G). While buyers who received assistance from their parents in 2017 enjoyed an average contribution of £21,600, those receiving assistance this year can expect an average contribution of £18,000. This equates to a fall in overall lending from £6.5 billion last Read more…

Vigilance urged as fraudsters fake security measures to access bank accounts

Vigilance urged as fraudsters fake security measures to access bank accounts

Businesses and individuals are being encouraged to redouble their vigilance as fraudsters fake security measures in order to gain the information needed to access and drain bank accounts of funds. In one instance, an academic received a call that was supposedly from her bank saying that her account had been frozen owing to unusual transfers. The call had begun with some initial security questions, which Read more…

Ministers make an about-turn on tax haven transparency measures

Ministers make an about-turn on tax haven transparency measures

In a reverse of its previous position, the Government has backed measures to increase the transparency of offshore tax havens. The measures will compel British overseas territories to make public their records of the true owners of the companies that are registered there. The measures were contained in an amendment to the Anti-Money Laundering Bill that was proposed by Labour MP Dame Margaret Hodge and Read more…

Replace Inheritance Tax with ‘lifetime receipts tax’, argues thinktank

Replace Inheritance Tax with ‘lifetime receipts tax’, argues thinktank

With the issue of intergenerational fairness continuing to be high on the agenda, a thinktank has suggested that the Treasury returns to the drawing board when it comes to taxing bequests and inheritances. Instead of Inheritance Tax (IHT), the Resolution Foundation has floated the idea of a ‘lifetime receipts tax’, which would give individuals a lifetime tax-free allowance, with further thresholds above this amount for Read more…

Government Brexit redeployments to delay Making Tax Digital for Individuals

Government Brexit redeployments to delay Making Tax Digital for Individuals

A number of key projects at HM Revenue & Customs (HMRC) have been placed on hold to make staff available for Brexit issues, including Making Tax Digital for Individuals. The simple assessment rollout and real-time tax code changes, both part of MTD for Individuals, will not be introduced as planned according to an HMRC stakeholders email due to a “change in priorities” in the department Read more…

Twice as many workers receiving back pay through National Minimum Wage enforcement

Twice as many workers receiving back pay through National Minimum Wage enforcement

According to HM Revenue & Customs (HMRC), the number of underpaid workers getting the money they are owed under the National Minimum Wage (NMW) legislation has more than doubled. The Revenue’s latest figures show that in the 2017/18 tax year its investigators identified £15.6 million in pay owed to more than 200,000 of the UK’s lowest-paid workers. This amount was up from £10.9 million for Read more…

Employers attempting to avoid auto-enrolment penalties could have assets seized

Employers attempting to avoid auto-enrolment penalties could have assets seized

The Pensions Regulator (TPR) has announced that employers could have their businesses’ assets seized to pay their debts if they fail to pay workplace pension fines. TPR has powers to fine employers who do not comply with workplace pension rules. However, it has also confirmed that it is willing to secure court orders if the fines are not paid. Where a court order is acquired Read more…

Gifts out of income and their benefits to beneficiaries

Gifts out of income and their benefits to beneficiaries

Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts work in practice? Gifts provided from surplus income – i.e. income less usual expenditure to maintain your standard of living – are not considered as Read more…