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…
£1.4 billion in Forgotten Child Trust Funds
The Government has released data showing that a huge £1.4bn is currently sat unclaimed and unused in Child Trust Funds (CTFs). CTFs were made available to all children in Britain born between 1 September 2002 and 2 January 2011. Parents were issued a voucher for £250 or £500 to be paid into the CTF at outset, but if it hadn’t been used after 12 months the government simply opened up…
August House Sales Up on Last Year
House sales in the UK were 5% higher in August 2024 compared to the same month in 2023, according to figures from HM Revenue & Customs (HMRC). An estimated 90,210 homes were sold across the UK, reflecting this increase, though the number was slightly down—by less than 1%—from July 2024. The housing market’s resurgence has been aided by recent reductions in mortgage rates as the autumn season begins. Several…
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…
