An interim warning from the UK's Pensions Commission highlights that 15 million Britons aren't saving enough for retirement. Issues include low-paid and self-employed workers, gender and ethnic pension gaps, and risks from pensioner freedoms.
HMRC has launched a campaign to contact 21-year-olds with unclaimed Child Trust Funds, tax-free savings accounts set up by the Labour government in 2005. Over 6 million CTFs were created for children born between September 2002 and January 2011, with average balances of £2,200. More than 750,000 accounts remain unclaimed despite two-thirds of recipients being over 18 and entitled to access their money.
HM Revenue and Customs has confirmed it will appeal against a London tax tribunal ruling that would cut VAT on public electric car chargers from 20% to 5%. The tribunal found last month that VAT should have been charged at the lower rate, potentially saving drivers hundreds of pounds annually. The appeal maintains a disparity where home chargers pay 5% VAT while public chargers pay 20%, with the Treasury currently collecting £85m/year from the difference, projected to rise to £315m by 2030.
