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…
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…
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:…
Have you sorted your LPAs?
A legal power of attorney (LPA) allows you to appoint someone you trust to make decisions on your behalf if you become unable to do so. It is a really important piece of financial planning, as it should provide continuity in the event that you are unable to make important decisions. We’ve summarized below the key reasons for creating a POA and the main types available. Reasons to Create…
What is Fiscal Drag?
It’s never been more important to use all of your tax allowances. The latest data from HMRC shows that their total revenues from tax receipts and National Insurance Contributions were £827.7bn from April 2023 to March 2024, up £39.1bn on the previous year. It has increased by a striking 83% since the Conservatives came into government in 2010, when it was £453bn. Inflation over the same period has only…
What might the Labour Government mean for your Finances?
Now we know that Labour will be in government for the next five years, we’ve reviewed their Manifesto promises to see what might be in store from a personal and business finance perspective. How closely they stick to it and what else might be in store will only be revealed in the forthcoming months, but we’ve checked what was published just weeks before they came into power. In May,…
Pensions and Politics
Pensions have been a big topic in UK politics for some time, nevermore so than in an election year. That’s no surprise to us given their crucial role in the financial security of millions of citizens, but not everyone is as interested and engaged in pensions as we are! Here’s a quick summary of why pensions have been at the forefront of UK politics in recent years. The UK…
How to Protect yourself from Financial Crime
As the world becomes more and more interconnected and we routinely use digital means of making payments, it is more important than ever to be aware of the risks this can present. From identity theft and fraud to cybercrime and money laundering, criminals have many different ways of targeting unsuspecting victims and obtaining their hard-earned cash. So, what can you do to be more resilient in the face of…
Things are looking up!
We’ve been through a difficult period in the last few years, to say the least. Thanks to factors ranging from the Covid-19 pandemic to Liz Truss’s catastrophic Mini-Budget, along with soaring interest rates and inflation rising to a 40-year high, people in the UK have been put under unprecedented and sustained financial pressure. But interest rates have been left on hold in the last few months and whilst the…
Is this the Peak for Savings Rates?
This month, the Office for National Statistics (ONS) reported that inflation had fallen to 3.4% in the twelve months to February 2024. This is down from 4% in January and means that inflation is at its lowest point in two and a half years. The impact of getting closer to the Government’s 2% inflation target could then mean the Bank of England’s MPC (Monetary Policy Committee) decide to reduce…
