Views

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

Guide to later life care

Have you thought about the cost of care in later life? One of the biggest challenges of the 21st century is Britain’s ageing population. There is continually much talk about later life care in the media, and it’s a subject that is going to be one of the biggest social…

Beating the Child Benefit Tax Trap

As a reminder, where one parent earns above £50,000, a “high income child benefit tax charge” is levied on that earner with the effect that there is a 1% tax charge for every £100 that their income exceeds £50,000. By the time income reaches £60,000, the charge is equal to…

Why Make a Will?

Ahead of Will Aid in November, we look at the rules that apply on intestacy: where someone dies without making a Will, and some of the key reasons why it’s worth making a Will.  In England and Wales, the rules on intestacy were amended in October 2014, so that when…

Deferring the State Pension – is it worth it?

With the decline in active membership of final salary pension schemes and with its inflation-based increases, the state pension is becoming a more important part of retirement income for many clients reaching retirement. Of course, some clients have stopped working some years before state pension age (SPA) and here our…

Lasting Powers of Attorney – Registration Fees to fall

On 1 April 2017 the registration fee for a lasting power of attorney (LPA) or enduring power of attorney in England and Wales will reduce from £110 to £82. The fee for a repeat application to register an LPA will also fall from £55 to £41. According to the Office of the…

Pension Transfers in Ill Health – HMRC lose appeal in legal case

In the case of Mrs Staveley deceased, Mrs Staveley owned a “section 32” pension plan which she transferred into a personal pension plan with AXA. At the time the transfer occurred Mrs Staveley already knew she was in serious ill health and following her death shortly afterwards, HMRC claimed inheritance…

Small firms expect shift in retirement ages

The third Interim Report of the 2016 Smaller Firms Pension Survey, conducted by the Association of Consulting Actuaries, has found that over the last two years there has been a big shift in firms’ expectations of the typical retirement age of employees over the next decade or so as State…

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…

New Mothers missing out on State Pension Credits?

Since the High-Income Child Benefit Tax Charge was introduced in 2013, whereby families with a person earning over £50,000 are taxed on their Child Benefit, many mothers have chosen not to claim Child Benefit.Under the current National Insurance system, a parent – usually a mother – receiving Child Benefit for…

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%…