The Inland Revenue have announced that anyone with an offshore bank account will need to declare account details within the next two weeks, or face possible fines. Even though any accounts which are declared will be subject to the repayment of back taxes, there will be fines and other charges if the Inland Revenue need to investigate themselves.
In what was not a widely unexpected defeat for the government, the Lords have introduced an amendment to the recent Pension Bill demanding an increase in compensation payouts to those who have suffered from the collapse of their company pension schemes. The amendment brings the Financial Assistance Scheme into line with more recent regulations promising to cover 90% of “core†pension entitlements against only 80% for earlier victims.
In an alarming U-turn, the UK Government have been forced to “delay†the introduction of Home Information Packs (HIPs) although they have also relaxed the requirements - paving the way for a total withdrawal in due course?
Originally due to be introduced in England and Wales on the 1 June, the packs will now be available from the 1 August, but there is only a requirement to show a pack has been initiated, not produced, prior to marketing any property. Under new rules, many smaller properties will not require a HIPs at all, although the details have yet to be clarified by the Government.
As we approach the 1st June, the day when Home Information Packs (HIPs) will be introduced, the Conservative Party have failed in a bid to have the project cancelled. They lost a recent Commons vote, where they argued that the packs we too expensive (costing upwards of £300), would delay movement in the housing market and were badly thought out with some areas of information for the HIPs not available as at 1 June.
The public sector by a mile!
It has been revealed that public sector workers are receiving massive benefits over private sector workers with regards to national insurance contributions and pension arrangements. This figure has been calculated at some £50,000 over the span of a normal working life and is sure to cause massive resentment in the private sector.
While the idea of Child Trust Funds has been mentioned for a few years, and recently came into being, many people are still not aware of what their children are entitled to and how it works.
In summary, the Government have promised new born babies a minimum lump sum payment of £250, rising up to £500 for low income families. These funds will be held in a Child Trust Fund until the child reaches 18 year of age, at which point they can be withdrawn free of any tax charges.
