What will Rishi Sunak’s Budget mean for personal taxes? March 6, 2020 | City Talk With a commitment to leave rates for income tax, national insurance and VAT unchanged, the new Chancellor may be looking for other areas to raise tax in March’s Budget – possibly in capital gains tax and inheritance tax. In addition, the Conservative Party manifesto contained commitments to “review and reform” entrepreneurs’ relief (ER) as well [...]
Budget 2020: What is on the pensions industry’s wish list? March 4, 2020 As Rishi Sunak, the new chancellor, prepares for his first Budget next week, the pensions industry will be watching what happens with eagle eyes. Reports have circulated that the government, emboldened by its landslide General Election win last year, could bring in sweeping changes to how some people save for retirement. Some predict that Sunak [...]
Pensions regulator launches consultation on tougher defined benefit rules March 3, 2020 The Pensions Regulatory (TPR) today launched a consultation on new tougher rules on the funding of defined benefit pension schemes. TPR is proposing a twin-track approach to funding defined benefit schemes, which are pension funds where an employer legally has to make up any shortfall in the event that the scheme is underfunded. Under the [...]
Moneysupermarket profit grows as CEO steps down February 20, 2020 Price comparison site Moneysupermarket has reported strong profit growth for 2019 despite slower growth in the second half of the year. The figures Profit before tax rose to £116m, an 8.5 per cent increase on 2018’s figure. Group revenue climbed nine per cent from £355.6m in 2018 to £388.4m while basic earnings per share increased [...]
What’s the easiest way to send funds back to the UK? February 7, 2020 | City Talk Home is where the heart is, which is why many expats choose to send money back to the UK even with a new life abroad. There are many reasons why you may need to repatriate funds, such as property maintenance, pension payments, or helping out with school fees. It might be that after enjoying the [...]
Pension savers can boost their retirement pots and help businesses to grow by investing in venture capital February 5, 2020 The world is getting richer. Every day, we find ways to do things more efficiently — and when we do, those benefits diffuse across the country and throughout the world. But this diffusion isn’t always noticeable, evenly spread, or quick enough for many. For the economic system to maintain legitimacy, people need to believe that [...]
Record number of tax returns filed online, says HMRC February 3, 2020 A record number of people filed their tax returns online for 2018/19, the government has said. HMRC said 10.4m self-assessment tax returns were filed online, out of a total of 11.1m received by the deadline of 11:59pm on 31 January. But almost 1m people missed the deadline, which can incur an initial fine of £100. [...]
Credit card firms must cut fees for those in persistent debt, says watchdog February 3, 2020 Credit card providers must cut or stop fees for those who are caught in a cycle of persistent debt, the financial watchdog has said. In a letter to the chief executives of credit card firms this morning, the Financial Conduct Authority said lenders must come up with a repayment plan for customers who have been [...]
£30bn pension pool slams financial system as ‘not fit for purpose’ on climate change January 27, 2020 A £30bn pool of pension funds is threatening to fire investment managers that fail to reduce their exposure to climate risk, condemning the financial system as “not fit for purpose” for addressing the issue. In a combative new policy launched today, the Brunel Pension Partnership is demanding companies in its portfolio take steps to align [...]
Pensions dashboards: Minister urges providers to get data in shape January 23, 2020 Pension providers are facing demands to get customer data in a fit state for the introduction of pensions dashboards. Pensions minister Guy Opperman has urged companies to help pave the way for the dashboards – apps to help people keep track of their savings . The pensions dashboards will give people information about their pensions [...]