Short summaries of articles we think you will find useful from some of the weekend’s broadsheets.
“Reinventing the retirement home”
Properties for the over-65s have a chequered past but the business model is undergoing a makeover.
“MPs and peers call for suspension of loan charge”.
Johnson and Hunt urged to scrap the ‘retrospective’ tax if elected Tory leader.
“Fund industry floats new structure for illiquid assets”
Proposal follows liquidity crunch at Neil Woodford’s flagship equity fund.
“With prices hitting a six-year high, should you invest in gold?”
There is a downside to holding the precious metal despite its popularity.
“Your financial mid-life MOT: is it time for a tune-up?”
As the years roll by your priorities change — and so should your financial planning.
“How should we prepare financially for our first baby?”
From estate planning to considering your child’s surname, parents need to weigh up legal matters.
“‘Funds are in a dream world where Woodford never happened”
Fund managers’ fees, their holdings, their unquoted assets, their governance — everything has been under the spotlight in the wake of the Woodford saga. But a month has passed since it blew up and, frankly, it is business as normal.
“Over-55s are ‘overtaxed and overcharged’”
Four years after new pension freedoms were introduced, the over-55s are paying too much tax and too high fund charges on their pensions, according to a report.
“Freeholders demand a crackdown on rip‑off managing agents”
Campaigners think the regulation of managing agents who are letting down homeowners is overdue.
“New app-only Lifetime Isa launches, paying 27% more interest than rivals”
The app – best known for its “round up” function – will pay customers 1.4% in interest each year. As with all Lisas, first-time buyers will also benefit from a £1,000 annual Government bonus if they deposit £4,000 in a tax year.
“Watchdog cracks down on ‘casino’ investments that lose money in 66pc of cases”
City watchdog the Financial Conduct Authority (FCA) is cracking down on high-risk investments that let people gamble with money they do not have.
“In your late 50s or early 60s? Here’s your perfect financial plan”
One of the most common dilemmas for people of this age is how to best fund your lifestyle once you have stopped work. The average age of people retiring from the workforce is currently around 58, according to official figures. But over the next few decades this is forecast to rise considerably.
“Block on withdrawals from Neil Woodford fund extended”
Thousands of investors will remain locked in for at least another 28 days.
“Pensions: why self-employed people should mind the gap”
A third of Britain’s self-employed have no provision for retirement – here’s how they can fix that.
“Saver falls into a £10,000 tax trap over his pension withdrawal that almost scuppered a house purchase”
A Norfolk pensioner took a much larger than usual sum from his pot in order to help his son with a deposit to move house.
He withdrew £50,000, expecting to be taxed £10,000 – but HMRC took £20,000, leaving him far short of the cash he wanted to give his son.
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As tax year end approaches, there is still time to make use of your available reliefs and allowances.
This tax year end planning checklist covers the main planning opportunities available to UK resident individuals and will hopefully help to inspire action to reduce tax for the 2023/24 tax year and to plan ahead for 2024/25.
As tax rate band thresholds are changing, understanding the impact on high rate taxpayers and the economy is crucial.
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