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12 April 2023

Taxpayers given more time for voluntary national insurance contributions

Taxpayers given more time for voluntary national insurance contributions

The government has extended the voluntary national insurance deadline to give taxpayers more time to fill gaps in their contributions and boost their state pensions. The extension comes after members of the public voiced concerns over the previous deadline of 5 April 2023. As part of transitional arrangements to the new state pension, taxpayers have

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HMRC issues guidance on abolition of pensions lifetime allowance

HMRC issues guidance on abolition of pensions lifetime allowance

HMRC recently issued preliminary guidance in regard to the abolition of the pensions lifetime allowance. At the Spring Budget, Chancellor Hunt announced that the lifetime allowance charge will be removed from 6 April 2023. The allowance will be fully abolished from the 2024/25 tax year via a future Finance Bill, HMRC said. HMRC states that pension scheme administrators

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Capital allowances reformed in 'Budget for growth'

Capital allowances reformed in ‘Budget for growth’

A £27 billion transformation of capital allowances from April was announced by Chancellor Jeremy Hunt as he delivered a ‘Budget for growth‘. The Spring Budget followed an improved forecast from the Office for Budget Responsibility (OBR). The OBR said it expects the UK to avoid a technical recession this year, with a stronger-than-expected performance from the economy as

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