Grandparents fund university degrees to avoid inheritance tax net August 13, 2026 Wealthy grandparents are choosing to fund their grandchildren’s university education over leaving a large inheritance as they look to avoid the shake up to the tax system. The bank of grandma and grandad has played a greater role within UK families in recent years, as parents continue to be squeezed by rising costs. In particular, [...]
Ask the expert: How do I avoid double tax on my pension? August 5, 2026 Got a question for our expert? Email asktheexpert@cityam.com Fidelity personal financial specialist Marianna Hunt is back on hand to answer your burning questions, and today a reader is looking to avoid the incoming double tax blow. Q: I’m hoping to retire soon and am just deciding where I will draw my income from. I had [...]
Pensioners hit with £8bn tax bill after government freezes allowances July 30, 2026 Pensioners paid some £8bn in extra tax last year after a freeze on personal allowances dragged people into higher bands, new figures have revealed. The amount of tax paid by people in retirement climbed from £21.1bn to £29.8bn, an increase of over 40 per cent in just two years, according to the latest pension participation [...]
IHT receipts hit record high as Rachel Reeves’ frozen bands raid plague Brits July 21, 2026 Inheritance tax receipts soared to a record high in the three months to June 2026, as frozen thresholds drag more Brits into the net. Receipts hit £2.3bn over the period, according to the latest figures from HMRC, a £96m increase from the same period last year. In June alone inheritance tax (IHT) receipts totalled £871m [...]
Wealthy Brits fear Burnham tax consequences July 20, 2026 Wealthy Brits are bracing for a major shake-up of the tax system, as the UK’s new prime minister looks for ways to fund fresh spending commitments. Prior to taking office, Andy Burnham had already hinted at plans over how the country should be taxed. The Makerfield MP has so far refused to rule out a [...]
Ask the expert: Will paying for my daughter’s wedding reduce my IHT bill? July 20, 2026 Fidelity personal financial specialist Marianna Hunt is back on hand to answer your burning questions, and today a reader wants to know if paying for their daughter’s big day could reduce their IHT bill. Q: My daughter is getting married. I understand that if my wife and I transferred her £15,000 for the costs of [...]
Treasury confirms scrapping of Lifetime ISA but industry questions remain June 24, 2026 The government has confirmed it is replacing the hotly debated Lifetime ISA with a new product aimed solely at first time buyers, but industry figures are questioning the new framework. In a consultation published on Tuesday, the government confirmed the new product, dubbed the ‘First Time Buyer ISA’, (FTB ISA) will only be available to [...]
Reeves’ new tax charge on cash ISAs faces fierce industry backlash June 23, 2026 The Treasury has revealed plans for the UK’s new ISA regime, which will see it tax interest on cash held in stocks and shares ISAs at 22 per cent, prompting fierce backlash from industry figures, who argue that the decision is “riddled with unintended consequences”. HMRC updated the market on three rules that will create [...]
HMRC has been overtaxing pensioners for a decade- have you been affected? June 22, 2026 Two weeks ago it was revealed that HMRC has been overcharging millions of pensioners on their tax bill for at least a decade. The taxman had knowingly overcharged taxpayers in receipt of their state pension because of an error in how their income was calculated each year, increasing the bills of up to 8.7m pensioners [...]
Co-Op and Next among firms launching workplace savings scheme June 16, 2026 A new employer-led coalition designed to help workers build emergency savings and boost financial resilience has launched, urging employees to save regularly in order to avoid unexpected financial storms. The National Coalition for Workplace Savings was launched on Tuesday, representing firms across a range of sectors including retail, hospitality and transport, all urging employees to [...]