Finance in the News – w/c 03.02.20

Short summaries of recent articles we think you will find useful from some of the UK’s broadsheets.

FINANCIAL TIMES

“Have you been mis-sold pension transfer advice?”
Regulatory clampdown on financial advisers transferring final salary-style pensions leaves consumers in the dark.
“The best deals on interest-free overdrafts”
40% charges will be common for those who go into the red.
“Relief for trustees over relaxation of new regulation”
Consultation addresses some concerns but new rules will still lead to increased transparency and red tape.
“Wanted: bright ideas on how to tax the wealthy”
Ahead of the Budget, chancellor Sajid Javid has some tough choices to make.
“Latin and Greek have no place in the investment world”
The industry needs to mind its language and adopt plain English.
“Patience is the best tonic for my portfolio”
Fevertree is my latest purchase — but why didn’t I hold on to Avon Rubber?

THE TIMES

“HMRC: We’ve rewritten the rules on child benefit — now pay us £5,200”
A startling example of how Britain’s complicated child benefit rules are catching out families.
“Don’t let a bad tax code break you”
Errors by HMRC can cause financial distress. Here’s what to do if you’ve been affected.
“Should you invest in VCTs?”
Meet one high flyer who saved £30k in tax.

THE TELEGRAPH

“Revealed in pounds and pence, the true cost of being a landlord”
Property investors are spending thousands of pounds every year on maintenance, turning potential profits into losses.
“Inside story: the booming debt crisis among Britain’s elderly women”
The number of elderly women getting into problem debt has surged over the past decade – while it has dropped among older men.
“Investors have ditched these five ‘recommended’ funds – should you exit too?”
Millions of pounds have been withdrawn from popular funds often promoted by fund shops’ “best-buy” lists. Investors are turning away from poor performing portfolios but it is always worth considering if one should follow the crowd.

THE GUARDIAN / OBSERVER

“Personal insolvencies jump to nine-year high in England and Wales”
Experts blame insecure employment, universal credit delays and Brexit uncertainty.
“Thousands trapped in limbo by post-Grenfell fire safety standards”
Mounting confusion about cladding has forced many to rent – or live in unsaleable homes.
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Other News

Age at which you can access your private pension plan raised

The British government has announced plans to raise the age at which pension pots can be accessed from 55 to 57.

Basic principles of inheritance tax

Inheritance tax (IHT) was introduced by the Finance Act 1986 to replace capital transfer tax and applies for transfers made on or after 18 March 1986.

Using Trusts as Part of an Inheritance Tax Planning Strategy

There is a common misconception that trusts are only used by the wealthy. However, they are accessible to all and can be a useful tool as part of a wider inheritance tax planning strategy. There are various reasons why a trust may be set up; some can be written into your Will and others can be set up independently. Here we explain what trusts are, what they do and the different types of trust available.