Views

Our latest news, views and opinions for the business, financial and investing sectors, including personal finance.

New National Savings 3-year Bond Confirmed

In the Budget last month, the Chancellor also confirmed the new National Savings and Investments (NS&I) bond, which will have a three-year term and will offer an interest rate of 2.2%. The maximum investment limit, however, is low at £3,000.  The bond will be subject to a minimum investment limit…

Capital Taxes: Inheritance tax v Capital Gains Tax

Inheritance Tax (IHT) was formerly known as Capital Transfer Tax. It is worth knowing that the capital gains tax (CGT) liability on an asset is usually extinguished on death and the beneficiary inheriting the asset is deemed to acquire the asset at probate value. This can lead to a dilemma…

Deduction of tax on Unit Trust interest payments

Since the introduction of the Personal Savings Allowance with effect from 6th April 2016, 95% of taxpayers have no tax to pay on their savings income, including interest.   Because of this, the obligation on banks and building societies to deduct tax at source from payments of interest on accounts…

Banning Pension Cold Calling

The advent of the Pension Freedom rules introduced in April 2015 has unfortunately led to an increase in the number of scams seeking to deprive clients of their pension funds.   Following a campaign launched by a Derbyshire-based financial adviser and which was supported by a number of industry bodies…

Self-Assessment First-Timers need to Register

HMRC is urging first-time Self-Assessment customers to register for a Personal Tax Account. The changes to the taxation of investment income (including dividends and bank interest) mean that many taxpayers will now no longer need to submit tax returns but those who are basic rate taxpayers and who have more…

Autumn Statement: Old News, New News, Bad News

The Old NewsThe new Chancellor’s first (and last) Autumn Statement contained little to interest us from a personal finance perspective. As usual, the Government confirmed several changes that had already been announced some time ago, including:The rise in the standard personal allowance to £11,500 and the increase in the 20%…

FSCS Deposit Protection Limit set to increase

In July 2015, the level of Financial Services Compensation Scheme (FSCS) protection for depositors was cut by £10,000 to £75,000. The reduction was the result of the review requirements under the European Deposit Guarantee Schemes Directive (EDGSD). The Directive specified a minimum level of €100,000 or the local currency equivalent.…

Autonomy Wealth Director gains Fellowship of the Personal Finance Society

We are delighted to announce that Autonomy Wealth Director, Craig Evans has gained Fellowship of the Personal Finance Society (PFS), which is the highest qualification awarded by the Chartered Insurance Institute.Craig comments: "Although gaining Chartered Financial Planner status in 2009 was a milestone in my financial planning career, I am…

New Dividend Tax Rules

The new system of dividend taxation introduced on 6th April 2016 radically reformed the way in which dividend income is taxed. As ever, there are winners and losers but as the new system is completely different to the old one, it can take a bit of understanding.The old 10% tax…

Retirement Income: State Pension Top-ups still available

The cut in the Bank of England base rate to 0.25% in August reminds us that it is becoming ever more difficult to generate a meaningful income from cash deposits. The option for those already receiving the State Pension to buy up to an extra £25 per week remains available until 6th…