Short summaries of articles we think you will find useful from some of the weekend’s broadsheets.
“Your state pension: are there missing years in your contributions?”
Hundreds of thousands of UK workers risk using inconsistent information to plan retirement.
“What next for investors in Woodford Equity Income?”
Neil Woodford’s flagship fund will remain suspended for at least another month.
“Shake-up of rules on inheritance tax proposed”
Seven-year rule’ on passing on assets should be cut to five years, independent review advises.
“Fines for late self-assessment tax payments rise sharply”
Pool of people at risk of penalties is bigger than ever.
“Old Money: Should the wealthy pay more tax?”
Some billionaires are surprisingly receptive to the idea of a ‘wealth tax’.
“Passing knowledge to the next generation of investors”
I’ve polished my strategy through my daughters’ portfolio.
“Parents game the mortgage system as school fees rise”
Relatives are pretending to foot bills to get around bank rules.
“Inheritance tax report: live for five years and pay nothing on gifts”
Family members should be allowed to give away as much money as they like, tax-free, as long as they live for five years — not the current seven, according to a major report.
“The stay-put generation: they don’t move, they improve”
The cost of moving means many homeowners are deciding to borrow more and improve their existing properties.
“One missed gas bill cost me a house’: the price of confusion over your credit score”
Borrowers who have high credit scores are still being turned down for loans because of the opaque and confusing way in which the credit rating industry works.
“This inheritance tax loophole allows unlimited gifts – take advantage before it’s axed”
The OTS, an independent advisory body, has called for a radical overhaul of death duties.
“Don’t sign on the dotted line: warning over HMRC letters that could trigger tax penalties”
HM Revenue & Customs is sending out letters to tens of thousands of individuals with overseas investments and bank accounts – even if they do not owe any tax – which if signed could mean higher penalties as part of future investigations.
“My wife is buying her own property. Is she liable for stamp duty?”
She has never owned a property before, but I did once before we were married.
“Boris Johnson’s cynical ‘sin-tax’ freeze is a glimpse of what’s to come”
The Tory leadership favourite likes to talk about representing the poorest while filling the coffers of the powerful.
“I am 38 and in debt but I have £150k in my pension, so can I get at that early?”
Steve Webb replies.
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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.
It was recently revealed in the media that the amount we need to enjoy a ‘moderate’ retirement has increased by £8,000 per annum, a 38% increase, in just one year.