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There has been plenty of speculation in recent months that the UK government would suspend the Triple Lock for State Pensions due to soaring inflation rates.
With State Pension increases possibly outpacing inflation by the start of the next tax year, and the government’s fiscal management leaving a lot to be desired, the future of the Triple Lock is in question ahead of the next General Election.
But what exactly is the Triple Lock, and how does it affect your pension? Here is a quick summary of what’s happening with the State Pension Triple Lock.

The UK government is facing criticism for ‘backtracking’ on energy efficiency targets for rental properties in England and Wales, but this news is likely to be welcomed by landlords who own older properties that may be expensive or difficult to upgrade.

Currently, any property to let in England and Wales must have an Energy Performance Certificate (EPC) with a rating of E or above, otherwise it cannot legally be let. Under previous proposals, new tenancies would be expected to have a rating of C or above by 2025, while existing tenancies were expected to comply with this upgrade by 2028.

Not having a valid EPC can incur a penalty of £5,000, which was due to be increased to a £30,000 penalty under the discarded proposals.

However, in his recent speech on Net Zero, Prime Minister Rishi Sunak announced that these proposals are now being scrapped, as it is believed to be too costly and difficult for most households to meet those targets in such a short timeframe. /.

Earlier this year, the government was reportedly discussing the abolition of Inheritance Tax (IHT) in the UK – which is catching more and more bereaved families in its net due to the nil rate band threshold freeze in place until 2028.
While only around 4% of deaths resulted in an Inheritance Tax bill in 2020–2021, this is expected to increase to 7% by 2032–2033, affecting 1 in 8 people.
The latest reports suggest that the Conservatives are looking to slash the IHT rate in the Spring Budget next March, which could be a prelude to abolishment – but how likely is this to actually happen, and how might it affect you?

According to HMRC, around 1.5 million companies paid Corporation Tax in the financial year up to 31st March 2022 – but only 7% of these exceeded the small profits threshold of £50,000 a year.

Though less than 100,000 companies are likely to face the marginal rate of Corporation Tax at 26.5%, which applies to profits between £50,000–£250,000, these will mostly be owner-managed companies keen to mitigate the increased tax.

As an example, a company with year-end profits of £200,000 will have a Corporation Tax bill that’s £11,250 higher this year than the previous year.

One approach that could help company owners to mitigate the impact of this tax increase is a self-invested personal pension or SIPP – and here’s how.

Did you know that you don’t have to take your State Pension when you reach State Pension age? The majority of workers may plan to retire as soon as they’re eligible, which is currently at 66 years old, but some may continue to work past this age.

If you put off claiming your State Pension, this means you are deferring it to claim at a later date. It will automatically be deferred if you don’t actively claim it.

Delaying your State Pension claim can be beneficial, as you could end up with a bigger pot and higher payments when you do decide to draw your pension.

However, deferring your State Pension may not be a good idea for everyone, as there are pitfalls to navigate – from tax implications to life expectancies.

Here, we look into what it means to defer a State Pension and the potential pros and cons you should consider when deciding whether to defer or not.

This year was the 50th anniversary of the introduction of Value Added Tax (VAT) in the UK, but despite being around for so long, many businesses still find managing this tax too complicated. Unsurprisingly, more registered businesses than ever are now receiving penalties from HMRC for inaccuracies in their VAT returns.

A new VAT penalty system for submitting returns or paying tax bills late came into force on 1st January 2023, replacing the old regime and also applying to nil or repayment returns. HMRC is now issuing correspondence to businesses that have incurred VAT penalties under the new system – some of which may not be aware of their errors.