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Inheritance Law Changes Put In Place

The rules surrounding inheritance law have been updated, and they will now give spouses and civil partners more rights when a deceased partner hasn't written a will. Before the rules were changed, a married couple with no children would not be able to leave their entire estate to a spouse without writing a will.

HRMC Criticised For Causing Confusion

HMRC have been heavily criticised for causing confusion by sending out “incorrect” letters to higher rate taxpayers who they suspect have not repaid their child benefits. If a parent in a two child family earns over £50,000, they are required to payback £1,770 in child benefit payments.

Liberal Democrats Make Income Tax Pledge

The income tax threshold would be increased to £12,500 during the next Parliament if Liberal Democrats were to come into power. The ‘income tax threshold’ is the amount of money a person needs to earn within a tax-year before they have to start paying income tax.

UK Taxpayers Lost £1bn On Royal Mail Sale

The privatisation of the Royal Mail could have lost UK taxpayers around £1bn, according to a select committee of MPs. Royal Mail shares were priced at 330p when 60% of the company was floated on the stock market; however these have since peaked at 663p per share, and they now stand at around 473p per share.

Osborne Could Merge Income Tax And National Insurance

Chancellor George Osborne could announce plans to merge income tax and national insurance (NI) into a single payment if they are re-elected in the next general election. The plan was first suggested by the Office of Tax simplification in March 2011, however, consultation on tax reform has so far been pushed back due to the complexity of integrating the two separate systems.

HMRC Yield £23.9 Billion From Tax Crackdown

The government collected £23.9 billion in unpaid taxes for the 2013-14 tax year, the highest amount collected since records began. HM Revenue and Customs (HMRC) claimed that they collected the extra money as a result of “increased activity” which is aimed at helping to close the ‘tax-gap’.

MPs Question Proposed Government Tax Powers

A group of MPs have criticised government plans to give the tax authority the power to take unpaid taxes directly from peoples bank accounts. The Treasury Committee has expressed its concern that the past performance of the HMRC, as it has a track record of making mistakes.

Government To Raid Peoples Bank Accounts For Unpaid Tax

New rules will allow the government to raid an estimated 17,000 bank accounts to recoup unpaid tax, according to the UK tax authority. If approved by Parliament, the new rules will come into force as early as 2015-16, allowing the government to recover tax debts from anybody who owes more than £1,000.

3.5m Owed Tax Rebate, But 2m Owe HMRC As Much As £500

HM Revenue and Customs (HMRC) have reported that as many as 5.5m UK workers paid the wrong amount of tax in financial year 2012-2013. Of those 5.5m, a majority of 3.5m are owed a rebate, while 2m people will have to repay an average of between £400 and £500.

HMRC Publishes List Of Tax Evaders

H M Revenue and Customs (HMRC) has released a list of companies and individuals who have deliberately avoided tax, naming and shaming them publicly. HMRC is currently working hard to stamp down on those committing tax fraud, and this latest effort is designed to deter people, with the threat of them appearing in the public eye.

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