The increase to insurance premium tax : Comment on Emergency Budget
Experts from moneysupermarket.com comment on the following measures set out in today’s Emergency Budget: 1. bank levy and student debt book 2. the increase to insurance premium tax, 3. landline tax abolition 1. Bank levy and student debt book Commenting on measures outlined in today’s Budget, Kevin Mountford, head of banking at moneysupermarket.com, said: “George Osborne has today delivered a tough Budget, as was widely expected. The impact of the introduction of a bank levy has been hotly discussed in recent weeks and with the... Lire la suite
BIBA concerned that consumers and businesses will be hit by increasing insurance costs
The British Insurance Brokers’ Association (BIBA) is disappointed that the Government has announced increases to Insurance Premium Tax (IPT) in today’s budget. BIBA believes that the increases to the lower rate of IPT from 5% to 6% and the increase to the higher rate of IPT from 17.5% to 20% will serve only to add further financial pressure during the recession and discourage individuals and small businesses from taking out adequate and appropriate insurance protection. Eric Galbraith, BIBA Chief Executive, said: “This is a tax on protection,... Lire la suite
Retirement age ‘should be scrapped’
People should be allowed to extend their working lives into older age, said the equalities watchdog on Monday under proposals to scrap the current retirement age of 65. The Equality and Human Rights Commission said retirement law discriminates against people who want to continue working. Employers can currently force all staff to retire when they reach 65, regardless of their circumstances, although there are currently 1.3 million over 65s in the workforce. With the state pension age set to rise to 66 for both men and women in 2024, the EHRC said... Lire la suite
What you should know about the State Pension
The basic State Pension is a government-administered pension. It is based on the number of qualifying years gained through National Insurance contributions (NICs) you’ve paid, are treated as having paid or have been credited with throughout your working life. Do you qualify for the basic State Pension? If entitled, you can get the basic State Pension when you reach State Pension age. This is 65 for men born on or before 5 April 1959 and 60 for women born on or before 5 April 1950. The State Pension age for women born on or after 6 April 1950... Lire la suite
How the State Pension is paid ?
Your State Pension is paid directly into your bank, building society, Post Office® or National Savings account that accepts Direct Debit payment. If you’re registered blind or need someone else who cares for you to collect your money you can be sent a cheque to cash at the Post Office®. Putting off claiming your State Pension until later You don’t have to claim your State Pension as soon as you reach State Pension age. If you wish, you can put off claiming it and get a higher weekly amount or the option of a one-off taxable lump sum payment... Lire la suite
