Personal tax

Anyone aged over 50 will be able to invest more in tax-free ISA savings accounts as of next month.

People who have made a “genuine” mistake over their tax affairs or who have been affected by exceptional events will not face a fine under HM Revenue and Custom’s second and last disclosure offer for those with undeclared taxes in offshore accounts.

The latest rise in fuel duty, which sees 2p added to the cost of a litre, has come into effect.

HM Revenue and Customs (HMRC) has argued that the interest due on late inheritance tax payments is part of a new system that is fairer for customers.

Over 300 banks and financial institutions will be obliged to hand over details of their customers’ offshore accounts to the tax authorities.

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