UK to create single regulator for troubled water sector
"Having four separate regulators with overlapping and conflicting remits has created a merry-go-round that has failed customers and the environment," Reed said.
Earlier on Monday, an official report said Britain should overhaul water regulation to improve protection of the environment, investors and consumers. It also gave companies breathing space on sewage fines.
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Daily Mail
a minute ago
- Daily Mail
Will I get a Winter Fuel Payment? I'm confused whether I have £35,000 'taxable' income: HEATHER ROGERS replies
I am confused about how to calculate my taxable income for the purpose of the Winter Fuel Payment. Do I just add up all my pensions to get this figure, or do I deduct my tax allowance from this total to get the taxable income? I would be grateful for your advice. Heather Rogers replies: The Winter Fuel Payment is a tax-free sum of up to £300 given to eligible pensioner households to help cover heating bills. Until 2024-25 it was handed to almost all pensioners but last summer the Government announced it would only be given to those receiving pension credit or a similar benefit. It meant many pensioners who missed the threshold of claiming pension credit or other financial support by a just a few pounds did not receive a WFP last year. This caused considerable worry to those pensioners on low incomes, especially given rising heating bills. The Government has since relented a bit and now will make Winter Fuel Payments from 2025/26 to eligible pensioner households, but claw it back from individuals whose taxable income is over £35,000. This will be done through self-assessment if you fill in a self-assessment tax return, or through your tax code, or via a direct bill from HMRC. So what does all this mean in practice? What counts as taxable income? How will you know what you will receive or if you should actively claim a WFP? Let's look at who gets the benefit and how it works, then I will explain the clawback rules. Who will get a Winter Fuel Payment this year? Most people born before 22 September 1959 who live in England and Wales should receive a Winter Fuel Payment initially, unless they opt out. There are separate rules in Scotland which are here, and the system in Northern Ireland is explained here. You should receive the payment without needing to do anything if you meet the eligibility rules and are in receipt of: - State pension - Pension Credit - Universal Credit - Attendance Allowance - Personal Independence Payment (PIP) - Carer's Allowance - Disability Living Allowance (DLA) - Income Support - Income-related Employment and Support Allowance (ESA) - Income-based Jobseeker's Allowance (JSA) - Awards from the War Pensions Scheme - Industrial Injuries Disablement Benefit - Incapacity Benefit - Industrial Death Benefit You will not be eligible if you: - Live outside England and Wales - Were in hospital getting free treatment for the whole of the 'qualifying week' of 15 to 21 September 2025 and had been in hospital for 52 weeks including that week - Need permission to enter the UK and your granted leave says that you cannot claim public funds - Were in prison for the whole of the week of 15 to 21 September 2025 If you live in a care home, you can still receive a WFP but there are two restrictions. If they both apply to you, then you can't claim I'm afraid. Even if you can claim, the amount you can get is lower. The restrictions are: - If you receive one of the following benefits: Universal Credit, Pension Credit, Income Support, income-based JSA or income-related ESA, and; - You lived in a care home for the whole time from 23 June 2025 (or prior to that date) to the 21 September 2025. When will you hear from the Government - and what if you don't? You should receive a letter in October or November 2025 advising you if you are eligible for a WFP. However, you may not receive a letter if you have deferred your state pension. If you don't receive a letter and you think you are eligible you can claim the Winter Fuel Payment here. You can do this by post from 15 September 2025, or by phone from 13 October 2025. The deadline to make a claim for winter 2025 to 2026 is 31 March 2026. Ignore text messages pretending to be from the Department for Work and Pensions about making a claim for WFP. There are unfortunately widespread scams trying to harvest personal information from people. How much will you receive? The amount you receive is based on when you were born and your circumstances between 15 to 21 September 2025. This is called the 'qualifying week'. If you live alone, or no one else you live with is eligible for the Winter Fuel Payment, then it's quite straightforward. You will receive: - £200 if you were born between 22 September 1945 and 21 September 1959 - £300 if you were born before 22 September 1945 If you live with someone else who is eligible for the Winter Fuel Payment then it gets a bit more complicated. You'll receive: - £100 if you and the person you live with were both born between 22 September 1945 and 21 September 1959 (they'll receive £100 as well) - £100 if you were born between 22 September 1945 and 21 September 1959 but the person you live with was born before 22 September 1945 (they'll receive £200) - £200 if you were born before 22 September 1945 but the person you live with was born between 22 September 1945 and 21 September 1959 (they'll receive £100) - £150 if you and the person you live with were both born before 22 September 1945 (they'll receive £150 too). If you or your partner receive one of the benefits below, the WFP will be made in one lump sum of £200 or £300 and won't be split between individuals. The benefits are: - Pension Credit - Universal Credit - Income-based JSA - Income-related ESA - Income Support If you live in a care home, providing you qualify and the restrictions explained above don't apply, then you'll receive: - £100 if you were born between 22 September 1945 and 21 September 1959 - £150 if you were born before 22 September 1945 Any WFP you receive will not affect your other benefits. When will you receive the WFP? Most payments will be made automatically in November or December 2025. As explained above, you should receive a letter which will explain: - How much you'll receive - Which bank account it will be paid into - this is usually the same account as your state pension or other benefits If you don't receive a letter or the WFP has not been paid into your account by 28 January 2026, contact the Winter Fuel Payment Centre. How do you calculate 'taxable income' for WFP? The WFP itself is not taxable so doesn't form part of the calculation for taxable income. The payment you receive will only be clawed back if your annual taxable income is over £35,000. If your income is over £35,000 but your partner's isn't, then only the higher earner will have theirs clawed back. Taxable income is calculated gross, before deducting any personal or tax-free allowances and it includes all income on which tax is payable. So, in answer to your question, do add up all your pensions, but do not then deduct your tax allowances from this figure when you are working out if you are above or below the £35,000 income limit. Taxable income includes: - State or private pensions - Interest from bank accounts or other investments that are not Isas - Dividend income - Rental income - Self -employment income - Wages - Taxable benefits such as Jobseekers' Allowance It does not include: - Capital gains - Income from Isas whether in cash or stocks and shares - Benefits which are not taxable (more information on taxable and non-taxable benefits can be found here). HMRC will claw back the amount you receive if your total taxable income for 2025/26 exceeds £35,000. It will either send a simple calculation and deduct it from your tax code, or if you don't have any income subject to PAYE it will send a bill. If you fill in a self-assessment tax return then you can pay back the WFP with your tax. HMRC has said no-one will have to register for self-assessment if their WFP has to be clawed back. Can you just opt out if the clawback is too much hassle? You can choose to opt out of receiving the WFP altogether. You will need to contact the Winter Fuel Payment Centre before 15 September 2025. You can also opt in again if your circumstances change. To still get a payment for 2025/26, contact the Winter Fuel Payment Centre by 31 March 2026. Ask Heather Rogers a tax question Heather Rogers, founder and owner of Aston Accountancy, is our tax columnist. She is ready to answer your questions on any tax topic - tax codes, inheritance tax, income tax, capital gains tax, and much more. If you would like to ask Heather a question about tax, email her at taxquestions@ Heather will do her best to reply to your message in a forthcoming monthly column, but she won't be able to answer everyone or correspond privately with readers. Nothing in her replies constitutes regulated financial advice. Published questions are sometimes edited for brevity or other reasons. Please include a daytime contact number with your message - this will be kept confidential and not used for marketing purposes. If Heather is unable to answer your question, you can find out about getting help with tax here, including sources of free professional advice if you are elderly and/or on a low income. You can also contact MoneyHelper, a Government-backed organisation which gives free assistance on financial matters to the public. Its number is 0800 011 3797.
Telegraph
a minute ago
- Telegraph
Banned Octopus advert falsely tells customers they can buy a £500 heat pump
Octopus Energy has been ordered to take down an advert claiming it could install heat pumps for as little as £500 after the watchdog ruled it was misleading. The online advert boasted that households could heat their homes without gas by switching to a heat pump 'from as little as £500'. But the Advertising Standards Agency watchdog said the advert 'was likely to mislead' because it omitted 'material information' and did not provide enough evidence that a typical consumer could have a heat pump installed by the company for £500. Octopus Energy has been a key player in the Government's drive to reach net zero, which has involved pushing households to switch from gas boilers to heat pumps, even after Labour quietly ditched the Conservatives' target to have 600,000 fitted each year. The company, led by chief executive Greg Jackson, sells its own brand of heat pumps and runs a research and development facility in Slough to make them cheaper and easier to install. However, the EUA said claims that a heat pump could be installed for as little as £500 were exaggerated. It added that the campaign neglected to highlight eligibility criteria for the Government's Boiler Upgrade Scheme, which offers grants of up to £7,500 to households fitting a heat pump. The ASA upheld both complaints – finding that in September, when the advert was running, only 6pc of heat pump sales had been made at or below the price claimed in the ad. Though the figure had risen to 24pc by December, the ASA concluded the price 'did not reflect what a significant proportion of consumers were likely to pay at the time the advert appeared'. The standards body also criticised the advert for not stating that government funding was subject to eligibility criteria, or that the £500 figure included the Boiler Upgrade Scheme grant. Octopus Energy denied that the advert was misleading, and claimed to have used a predictive model based on energy performance certificates to underpin the claim made in the advert. The company accused the 'fossil fuel lobby' of pressuring the standards body to 'undermine the clean energy sector'. However, Mike Foster, of the EUA trade body, said it was counterproductive for energy companies 'to make misleading claims because it is part of a wider green agenda'. He added: 'Consumers should not be misled into buying a product or choosing a supplier, and this is especially relevant with new technologies or ones that they are not familiar with, such as heat pumps. 'It doesn't matter how big a company you are – the rules apply to everyone. Indeed, larger companies should be taking the lead in behaving properly.' An ASA spokesman said: 'Rulings like this one provide clarity for advertisers on how to promote new, greener technologies such as heat pumps in a way that treats people fairly and in terms that they will understand. 'This forms part of a wider cross-sector project that aims to shine a regulatory spotlight on green claims so that there is a level playing field for business.' Rebecca Dibb-Simkin, of Octopus Energy, said: 'We disagree with this ruling – 13pc of all heat pumps sold by Octopus during the campaign were £500 or less, exceeding the ASA's guideline of 10pc. 'This clearly has the fossil fuel lobby worried, which is why they are relentlessly pressuring the authorities to undermine the clean energy sector.'
Reuters
a minute ago
- Reuters
Porsche trims outlook as tariffs add to 'storm' of challenges
BERLIN, July 30 (Reuters) - Volkswagen's embattled luxury brand Porsche (P911_p.DE), opens new tab cut its full-year profitability target on Wednesday after the EU's trade deal with U.S. President Donald Trump and reported a 400-million-euro ($462 million) hit from tariffs in the first half. The burden of tariffs on car imports to the United States only added to Porsche's woes, as it undergoes a costly restructuring while facing weakness in its key market China and a sluggish transition to electric cars. "We continue to face significant challenges around the world. And this is not a storm that will pass," Porsche CEO Oliver Blume said. Taking into account the newly agreed tariff of 15% from August 1, the German carmaker expects group sales this year in the range of 37 to 38 billion euros, in line with its previous forecast, and a return on sales of between 5 and 7%, down from a previously expected 6.5-8.5% range. Countermeasures such as price adjustments are included in that outlook as Porsche seeks to mitigate the damage, the company said. Group figures released last week showed Porsche's operating profit collapsing by 91% year on year in the second quarter, to 154 million euros. ($1 = 0.8655 euros)
