tax

More than a million yet to renew tax credits: don't miss 31 July deadline

More than one million people have yet to renew their tax credits, with just one week to go before the deadline of 31 July, according to the latest figures from HMRC.

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Retirees risk pension tax shock

As many as one in 10 (10%) of people retiring this year plans to take their entire pension as a cash lump sum, according to research from Prudential, while one in five (20%) plans to cash in more than their tax-free...

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I took a pension withdrawal and paid tax when I shouldn’t have

As it currently stands, there are two options available to people looking to take ad hoc withdrawals from their pension pot. These are called flexi-access drawdown and uncrystallised funds pension lump sum (UFPLS).

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Surrey pensioners pay most tax

Surrey pensioners are paying £945 million in in tax every year, according to a Freedom of Information request from mutual insurer and pensions firm Royal London.

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Consumers hit by £28 billion bill for new taxes over past 10 years

Taxpayers have been billed an extra £27.9 billion since the credit crunch as a result of of new taxes, according to analysis of HMRC data.

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Does the tax-free savings allowance of £1,000 affect how much tax I pay when I cash in my unit trust?

I’m not sure what investment you hold but, based on your description, I don’t think you have a free-standing unit trust.

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I’m giving my late husband’s property to my daughter. Will she pay CGT if she sells it?

Because you are receiving the property from the estate of your late husband, it would be free of Inheritance Tax (IHT) at the market value on the date of transfer.

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A million couples missing out on £900 tax break

One million couples are missing out on the marriage allowance, according to new figures released by the government. This amounts to as many as one in four eligible couples.

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I have foreign investments taxed at source and want to avoid being taxed twice

We all get an allowance that allows us to earn up to £2,000 a year in dividends before tax is due.

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MPs call for social care tax for over-40s

Taxpayers aged over 40 should pay a new ‘social care premium’ to fund care costs, two parliamentary committees have said.

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