Personal tax

The Treasury has signalled its intention to act against those who do not comply with the UK’s tax laws.

HM Revenue and Customs (HMRC) has announced the new interest rates that will be charged for and paid on late and overpaid taxes.

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.

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