ISA saver numbers fall to lowest level since 2000 August 31, 2018 The number of savers using ISAs has fallen to an 18-year low as consumers seek alternative investment methods. New account numbers fell to 10.8m in 2017/18, the lowest number since 2000, according to new figures published by HMRC today. However, although there are fewer accounts, the amount of money being saved in ISAs has increased hugely – [...]
City law firm criticises HMRC’s use of informants to claw back receipts from tax evaders August 28, 2018 A city law firm has criticised HM Revenue and Customs (HMRC) for paying informants to provide details on possible tax evasion, saying there were "ethical risks" tied to the practice. RPC said the practice of paying informants opened up the risk of increased data theft as disgruntled employees with an axe to grind could be persuaded into [...]
House transactions slide lower amid ‘stagnant’ property market August 21, 2018 The number of houses being bought and sold edged further down last month, as fears of a stagnant property market continue to loom large. Residential transactions were 3.2 per cent lower in July 2018 compared with the same month last year, according to the latest data from HMRC’s property transaction statistics. Read more: There is [...]
A further 39 distilleries opened in the UK last year as the taste for gin grows | City A.M. August 6, 2018 Hogarth will be turning in his grave to learn a further 39 distilleries opened up in the UK last year, as the popularity for craft spirits shows little sign of abating. Gin remains a key driver of micro-distillery growth, especially in urban environments, while Scotland has seen a boom in new whiskey makers. Other spirits, [...]
The taxman should go easy on people who take advantage of pension freedoms | City A.M. August 1, 2018 Britain’s demographic timebomb threatens to send the national debt soaring in coming decades, as an ageing population takes its toll on our fiscal health. Even now, with government under pressure to pledge billions of extra pounds for the NHS, the Treasury is in desperate need of finding a few extra bucks. Thus there was some [...]
Brexit white paper revealed: What it means for financial services, customs and immigration July 12, 2018 The government is no longer seeking mutual recognition as the basis for the City’s future trading relationship, its Brexit blueprint revealed this morning. Despite chancellor Philip Hammond having made an impassioned speech defending mutual recognition and rejecting equivalence as a land grab in which the EU could have final say on access just three weeks [...]
Pensioners in the UK shelling out over £24bn in income tax July 9, 2018 The amount pensioners in the UK pay in income tax has ballooned to over £24bn, figures out today have shown. Insurer Royal London obtained the information through freedom of information (FOI) requests to find out how much people over the state pension age were paying to the tax man in different parts of the [...]
HMRC accused of breaching data protection laws for taking ‘voice IDs’ of 5m taxpayers June 25, 2018 HMRC has been accused of breaching data protection laws by taking the "voice IDs" of over 5m people without their consent. When users call HMRC, they are asked to repeat the phrase "my voice is my password" on an automated line as a security precaution before they can access services. But data watchdog Big Brother [...]
Leaked recording of Boris Johnson: Minister admits Brexit red lines may be crossed, slams Remainers in the Treasury and rubbishes Irish border issue June 8, 2018 Boris Johnson has ridiculed fears over the border in Ireland, warned that a final Brexit deal will violate Leavers’ red lines and acknowledged “there may be a meltdown” during negotiations during an explosive private conversation earlier this week. Speaking to a select group of party activists during a private dinner with pressure group Conservative Way [...]
Brexit latest: No deal as expensive as max fac to business, claims HMRC boss Jon Thompson June 5, 2018 A Brexit no deal would cost businesses around £20bn a year, HMRC boss Jon Thompson has claimed, as he doubled down on the estimates that max fac would do likewise. Speaking to the Treasury Select Committee this morning, Thompson told MPs he was confident in his statements from a fortnight ago that suggested the max [...]