Number of non-domiciled taxpayers falls

The number of wealthy individuals who are UK-resident but not UK-domiciled for tax purposes has dropped to a record low, according to HMRC figures. In 2017/18, around 78,300 individuals claimed non-domiciled taxpayer status on their self-assessment returns, down from...

Treasury to review tapered annual allowance

The Treasury has announced it will review the tapered annual allowance for pensions, following calls from high-earning NHS clinicians to abolish it. The amount of pension contributions that can be made tax-free in a year stands at £40,000 in 2019/20, but this is...

HMRC repays £46m in excess tax on pension withdrawals

The number of over-55s who have had to reclaim tax after taking money from their pension pots has hit a record high. Quarterly figures published in HMRC's Pension Schemes newsletter show more than 17,000 savers reclaimed tax worth £46 million between April and June...

Government dismisses calls for stamp duty shake-up

The Government has dismissed calls from a House of Lords committee to review the way stamp duty affects the housing market, and introduce reforms to help first-time buyers. In a report published in April 2019, the House of Lords select committee on intergenerational...

More over-65s pay additional-rate income tax

The number of pensioners paying income tax at the additional rate of 45% has increased over the past three years, government statistics show. In 2019/20, income tax is charged at a basic rate of 20% for annual income between £12,501 and £50,000, while the higher rate...