HMRC has confirmed it uses AI to monitor taxpayers’ social media activity and spending patterns, saying that the aim is to identify potential tax evasion and ensure compliance. HMRC said staff will use AI to identify suspected tax evaders and send out “automated nudges” asking them to pay what they owe. Critics say this raises…

Wealthy parents in the UK are increasingly donating to charity to mitigate inheritance tax (IHT) liabilities. A study by Rathbones shows that 53% of high-net-worth parents, with average assets over £3m, have raised their charitable contributions in the past two years. Gifts to charity are exempt from IHT, and donating at least 10% of an…

Economists polled by Bloomberg expect the UK economy to have returned to growth in June after two consecutive months of declines, predicting that Office for National Statistics (ONS) data due this week will reveal growth of 0.2%. This comes after the economy contracted by 0.3% in April and 0.1% in May. The experts also expect…

The closure of Britain’s last coal plant in 2024 has been attributed to carbon taxes rather than renewable energy advancements. The Government doubled the carbon tax in 2015, significantly impacting coal’s viability. Sir Jim Ratcliffe, CEO of Ineos, argues that these taxes are “killing manufacturing” and increasing reliance on imports. Experts argue that these taxes…

The Financial Conduct Authority (FCA) has announced that stricter regulations for electronic payment firms will come into force in May 2026. The new rules say companies must separate customer funds from their own, ensuring refunds in case of firm failures. The City watchdog says firms will face annual audits by qualified auditors, monthly reporting, and…

Missed mortgage payments fell by 4.4% in Q2, according to a report by credit manager Pepper Advantage which also found that direct debit rejections were down 5.1%. This marks the first quarter since the pandemic where both have declined. The analysis also shows that new loans were down 3.2%, with this driven by the end…