income

The gap between the UK's richest and poorest households has reduced in recent years but lower income families are still more likely to pay a higher proportion of indirect tax, according to figures published by the Office of National Statistics.

Average income from private pensions has tripled compared to the growth in state pensions since 1979, claims a pensions report from Clerical Medical.

The current system of trusts for taxation purposes is being modernised in a bid to provide greater consistency between income and capital gains tax (CGT) in relation to trusts, and a new test will be put in place from 2007 to test UK residency, says HMRC....

UK workers who put off starting retirement investing until their 35th birthdays risk spending the first 15% of their working day for the rest of their working lives just to build up a retirement income equal to two-thirds of current average income.

Average incomes of baby-boomer high net worth individuals (HNWs) is expected to fall by 35% in retirement, according to research published by Tulip Financial Research.

THE LIBERAL DEMOCRATS is attempting to overturn the new Sipps pensions tax break for the rich which is expected to cost the Government £2bn a year within four years, says this morning's Times newspaper.

Isa sales vastly improved in April compared with the previous month to rise by almost a third, but total funds under management are struggling to hold their ground as a result of lower institutional sales.

Pensioners are choosing to release equity from their homes to maintain their lifestyles after retirement as fewer people need the funds to boost their income, says research from Key Retirement Solutions.

Pensioners may have seen their incomes rise by close to a third in the past decade, but council tax has clawed this back and then some, according to figures published by Key Retirement Solutions.

Members of money purchase pension schemes are far less aware of potential future benefits than those expecting retirement income linked to final salary, according to consultant Watson Wyatt.