What is a Junior ISA?
A Junior ISA is a long-term, tax-free savings or investment account for a child under 18, that is opened by a parent or guardian on the child’s behalf. Each year, a maximum of £9,000 can be contributed to it. Any increase in its value is tax free as it is within an ISA wrapper, so at no point would tax need to be paid. If family members were to set…
Do you have a Will?
A Will is more than just a legal document. It is a way of ensuring that your wishes are respected after death. Without one, your estate will be distributed according to the strict rules of intestacy, which may not reflect your intentions. This could mean partners not legally recognised, or stepchildren or causes close to your heart receiving nothing. It can also lead to disputes between family members, adding…
The Bank of Mum & Dad
Acting as the “Bank of Mum and Dad” (BoMaD) has become a vital role for many parents and grandparents in the UK, helping children or grandchildren with major life milestones like buying a home, attending university, or starting a career. Recent research from estate agent Savills suggests that half of first-time buyers get help from ‘BoMaD’ with an average of £55,572 given in loans or gifts to children or…
State Pension Age Currently Under Review
The Department for Work and Pensions (DWP), led by Minister Liz Kendall, has initiated a review of the state pension age to assess its sustainability and fairness. This review could lead to an increase in the age at which individuals with sufficient National Insurance Contributions (NICs) can claim their state pension. Currently, the state pension age is set at 66 for both men and women. This is scheduled to increase…
Inheritance Tax Receipts Up Again
Ever more families are facing inheritance tax (IHT) bills as frozen thresholds push more estates into liability. HMRC took £1.5 billion in IHT receipts in the first two months of the current tax year, according to its latest data. This is an uptick of just under £100 million on the comparative period last year (a rise of 7%) and marks another consecutive increase for the Government from the duty, which…
Many More Homes Worth £1million+
One in every 42 homes – more than 700,000 – in the UK is now worth more than £1 million, according to new research from estate agency Savills. The vast majority of these – just under 350,000 – are in London while another 160,000 are in South East England. This means one in every 11 homes in London is now worth more than £1 million, a record high. However, other…
Make the Most of the New Tax Year
As we step into the new tax year, it’s the perfect time to review your finances and make the most of the valuable tax allowances and reliefs available. By taking advantage of these opportunities, you can ensure your hard-earned money is working as efficiently as possible for you and your loved ones. The government provides a range of tax-free allowances that can significantly reduce your tax liability if utilized…
Less than a Third of Gen X on track for Retirement
Generation X or ‘Gen X’ – the generation of adults born between 1965 and 1981, roughly 45 to 60 years of age now – is woefully unprepared for now looming retirements, according to a survey of 2,000 UK adults in December 2024. One of the most significant issues the cohort faces, according to the research from Get Britain Pension Ready, is that the group fell through the gaps in…
Is an Annuity the Right Option for You?
Annuity sales hit their highest level in a decade in 2024, with higher rates tempting retirement savers to swap their pension pots for a guaranteed income for life. Insurers sold 89,600 annuities last year, up 24% on the year before – and the highest level since 2013, according to trade body the Association of British Insurers. However, while sales are at their highest level in a decade, they remain around…
Are Cash ISAs still a Good Idea?
The Chancellor has been urged to slash the tax breaks available on cash ISAs in a bid to boost the economy and support London’s dwindling stock market. Cash ISAs are by far the most popular type of savings account in the UK, allowing savers to earn tax-free interest on contributions of up to £20,000 a year. Figures from HM Revenue & Customs show that around 18 million people currently…
