State pension to start at 70?
Having previously been ruled-out, reductions in tax relief for pension contributions are once again being discussed as a possible means of addressing the Chancellor’s Budget deficit. Also being considered is an increase in the minimum age at which the State pension can be drawn. The Government currently spends some £100 billion annually on State pensions […]
Probate tax
The Government has announced that the cost of obtaining probate of deceaseds’ estates is to be changed and will in future be linked to the value of the estate. At present, the fee is £155 when applications for probate are made by solicitors, and £215 when made by other people. In future, there will be […]
State pension offer
A Government offer enabling savers to boost their State pension by making a lump sum payment to secure additional income of up to £25 per week, will expire in June. The offer has been available since 2014, when it was introduced to enable people who lost out as a result of the replacement of the […]
Should I stay or should I go?
Occupational pensions have been in the news recently for a number of reasons. First, the near collapse of the BHS pension scheme. Then the Government plan to make it easier for employers who are struggling to maintain pension promises to water down their pensioners’ benefits. Add in the fact that the terms on which employees […]
Time to review your Will?
Until 2007, it was standard advice to people whose estates would potentially be liable to pay inheritance tax to include in their Will a trust into which part of the value of the estate would pass. In most cases, this is no longer appropriate. The reason for the trust was that no inheritance tax is […]
Year-end tax planning
Year-end tax planning The tax year end is approaching and calls for a review of personal finances: Pension contributions The maximum pension contribution on which tax relief can be claimed in any one year is £40,000, but if funds are being withdrawn under a flexible drawdown arrangement, then the limit reduces to £10,000 and is […]
Bank of England loose cannon
In the past the Bank of England has usually confined its public utterances to periodic pronouncements from the Governor,and has disdained to engage in populist discussion. However, its chief economist, Andy Haldane, has recently broken cover, with results which do little to enhance the Bank’s reputation. Last Autumn, Mr Haldane admitted that he did not […]
HMRC’s ‘snooper computer’
Parents wishing to give their children the benefit of a private education face startling costs. The average fee for a boarding school is over £30,000 a year for a single pupil, and for day pupils over £17,000. Then there are the costs of extras such as clothing and equipment. After school, the costs of university […]
Independent advice
The British Steel Pension Scheme is closing and members have been asked to choose between either moving their rights into the government’s Pension Protection Fund or transferring into a new British Steel scheme. However, many members have been advised to consider a third alternative, namely requesting a valuation of their rights with a view to […]
School fees planning
Parents wishing to give their children the benefit of a private education face startling costs. The average fee for a boarding school is over £30,000 a year for a single pupil, and for day pupils over £17,000. Then there are the costs of extras such as clothing and equipment. After school, the costs of university […]
