government Archives - Page 4 of 4 - Philip J Milton & Company Plc

Pension customers ‘overpaying’ thousands in temporary tax

Those who have made flexible withdrawals from their pension pot could have paid thousands more in tax than they should have done – if only temporarily. New figures show the ‘temporary overpayment’ is more than £1billion since 2015 and £48million in the first three months of this year alone. HM Revenue and Customs (HMRC) will repay...

Coronation, cost of living & currency

Before anything else, we hope you had a really Happy Coronation Weekend! Well done your Majesties! So, US growth is lower than expected, unemployment is rising in the UK and the US as job vacancies are falling and that is seen as good news so the markets react without great negativity... why? It may sound bizarre...

Are you now liable for Inheritance Tax?

Inheritance Tax has become a ‘mainstream tax’ for many and people are being warned to put their finances in order to make passing on their wealth to the next generation as tax efficient as possible. The Government has taken £7.2billion in Inheritance Tax (IHT) receipts for the 2022-23 tax year, HMRC figures have revealed and...

Will pensions ‘political football’ stay on the pitch?

The removal of the lifetime allowance (LTA) from pensions in the Spring Budget was widely welcomed by most independent financial advisers (IFAs), but recent research has shown that many believe it will not last. A survey by Standard Life has shown that more than two thirds (69%) of IFAs think that planning around the LTA...

Government turnaround and market opportunities

Well, economics and turnarounds where the Government would be lambasted whatever it did. However, the reversal of the 5% tax cut is purely political as the suggested £0.6-£2billion it raises is a tiny sum of the total tax take HMRC collected last year of £716billion.As an economist and not a politician speaking, I still...