HM Revenue & Customs – Latest stories from Nourish

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HMRC reintroduces debt collection powers amid rising tax debts and budget gaps, cracking down on unpaid taxes and large-scale fraud.

Stories involving HM Revenue & Customs

UK Child Savings & Unclaimed Funds

Recent articles highlight ongoing issues with UK children's long-term savings. Over 750,000 young adults haven't claimed their child trust funds, worth an average of £2,240. Meanwhile, junior ISAs remain a popular, tax-free way for parents to save for children’s futures, with advice on how to maximize returns.

HMRC Benefit Errors Prompt Inquiry

HMRC faces scrutiny after wrongly suspending child benefits for nearly 4,000 parents due to flawed Home Office travel data. Officials will be questioned over the costly mistake, which affected families including Ukrainian refugees and hospital patients. HMRC has promised to improve processes and safeguard against future errors.

UK Cuts Cash ISA Limit to £12K

The UK government announced a reduction in the annual cash ISA limit from £20,000 to £12,000 starting April 2027, excluding over-65s. The move aims to promote investment but faces criticism over its potential to discourage savings and increase complexity, with additional reforms to pension schemes and higher taxes on savings income.