Treasury

Several unions have signed or are expected to sign agreements with the government over public sector pension reform today.

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Changes to rules around withdrawing small pension pots as lump sums could lead to large scale abuse of the system, Hargreaves Lansdown has warned.

The Treasury is set to allow pensioners to withdraw small personal pensions as cash.

The government has proposed to include the provision and coordination of debt advice as one of the official statutory duties of the Money Advice Service (MAS).

The Treasury has extended its proposal to introduce a lower rate of inheritance tax (IHT) where people leave a charitable legacy of 10% or more on death.

The Treasury has delayed reform to the statutory residence test while it assesses the wide variety of views it has received from the industry.

The Tax Incentivised Savings Association (TISA) has welcomed Treasury proposals which will give investors affected by the failure of financial firms the opportunity to use compensation to top up their ISAs beyond the current subscription limits.

The Treasury is expected to close a loophole that allows wealthy individuals to avoid paying stamp duty on expensive property transactions in draft legislation for the Finance Bill today.

The 50p tax rate is ineffective in raising revenue and encourages young wealth creators to hide their money abroad, a think tank has said.