Most Popular Resolutions for 2025
As we enter 2025, many people will be setting New Year’s resolutions. How serious they take them, and how long they last, depend on each person’s will and motivation, but many surveys report familiar themes. Some surveys show differences between different age groups. The differences reflect where they are in life and the issues and concerns they have to deal with. One survey showed that Gen Z’s (under 28s)…
Gifting for Inheritance Tax Purposes
Labour’s new policy on inheritance tax means that more estates could pay inheritance tax (IHT) in future. Whilst there are plenty of legitimate ways to reduce an IHT liability, there’s one which we often forget despite it being very simple. That’s giving money to your loved ones. Although gifting is simple, and might be something you already do without thinking, there are a few rules you should be aware…
Estate Planning for Blended Families
Blended families are formed when two people live together with children from previous relationships. They are increasingly common in the UK, and can work extremely well. However it is worth considering the estate planning implications. It is possible to accidentally leave family members without any inheritance due to a lack of planning or appropriate legal advice. If a will was written with a previous partner clearly this will need…
Retirement Living Standards
Pensions aren’t necessarily thought about much, until an individual is nearing their retirement age. However, the Pension & Lifetime Savings Association (PLSA) is trying to change this, with their Retirement Living Standards, which they hope will become as well known as the ‘5-a-day’ moniker. The idea is to help people have an idea of how much it was will cost them each year in retirement, which should, in turn,…
Is Marriage a Budget Winner?
Marriage might be an unlikely winner from Chancellor Rachel Reeves’ controversial first budget. Whilst there have been no changes to inheritance tax allowances, more assets, most notably unspent pension funds on death, will be included in estates for inheritance tax purposes in future. This means that unmarried couples who might not have seen the value in getting married previously might be tempted to tie the knot if it means…
Investing and the Budget
After all the noise and drama of the recent Budget, it is worth noting that the allowances and reliefs available for the core investment products that our clients use remain in place. ISA allowances and pension contributions remain intact. The dreaded Lifetime Allowance has not been resurrected, and rumours of the removal of pension tax-free cash or radical overhaul of pension relief were just nothing more than rumours. Every…
Estate Planning and The Budget
The headlines will focus on the government’s decision to charge inheritance tax on any unused pension funds or death benefits. This is only part of the story, and there are a number of changes in the budget which makes a review of potential inheritance tax liabilities more important than ever. These measures are forecast to bring in over £2.2 bn in tax by 2030. Pensions to come under IHT:…
How Much Tax does the Premier League Generate?
A study by EY based on 21/22 tax year showed that Premier League players and staff contributed £1.7bn in tax, with the Premier League and its clubs combined contributing £4.2bn in total during the year. £1.7bn is a significant amount of money from a small number of people. It was around 0.4% of the UK total for that year. HMRC figures shows it received a total of £731.1bn in…
Are Interest Rate Cuts Always Good News?
Cuts to interest rates have been a key financial news theme in 2024 and we don’t expect that to change in 2025. Many central banks across the world are looking to reduce interest rates as inflation figures slowly return to normal. It is often heralded as great news for mortgage borrowers, but what about investors? Financial markets love predictions, and interest rate cuts or hikes are often predicted well…
UK Job Market may be Stagnating
Competition for jobs in the UK has reached its highest level in three years, with more than two jobseekers per vacancy, according to new research from jobs site Adzuna. The report reveals a 0.5% drop in advertised vacancies, with 857,000 roles available in August, down from July. This indicates a potential stagnation in the UK jobs market. The decline in job listings has coincided with a rise in redundancies…
