Finance in the News – w/c 07.09.20

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

FINANCIAL TIMES

“Video wills: Leaving a legacy moves into 21st century”
Pandemic prompts new tech adaptations, but experts warn of pitfalls.
“Demand for high-end homes leaps in August”
Mini-boom in £1m-plus properties outside London.
“UK confirms plan to extend age for accessing private pensions”
From 2028 individuals will have to be 57 rather than 55 to draw from their retirement savings.
“Case for pensions tax rise to aid Covid recovery”
Think-tank head advises MPs’ committee looking at future tax options.
“Sunak must avoid the rabbit hole of huge tax rises”
The pet supply shortage could be just one symptom of rising inflation.
“High-energy investments to give your portfolio critical mass”
The nuclear sector will be a necessity in the future.

THE TIMES

“The child trust fund fees rip-off”
Children’s savings are bled dry by sky-high charges.
“There’ll be outrage, but it won’t stop a giant tax grab”
Tax doesn’t have to be fair, let’s get that idea out of our heads to begin with. This isn’t the playground, not everyone has to be a winner.
“Pensions, assets or income?”
Rishi’s tax options.

THE TELEGRAPH

“The commuter belt property hotspots seeing the biggest surge in demand after lockdown”
Lockdown has created a new wave of movers chasing larger homes and outdoor space, but where is top of their list?
“Legal tax loopholes for the self-employed: how to avoid tax if you work for yourself”
A quarter of a million freelancers are returning to employment, but there are ways to make up for lost income.
“Five funds the experts are buying to steer them through the next six months”
Britain, Japan and China are all regions worth punting on according to our experts.

THE GUARDIAN / OBSERVER

“Property UK house prices soar to record high despite Covid crisis”
Stamp duty cut and pent-up demand help push average property price past £245,000.
“Who am I? A bank security check that leaves you guessing your own name”
Confirmation of Payee was designed to tackle online fraud, but it’s leaving customers unable to transfer funds.

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Source: https://www.techlink.co.uk/

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.