Finance in the News – w/c 14.09.20

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

FINANCIAL TIMES

“Your savings in the time of pandemic”
Whether you’re a super saver, debt slayer or big spender, finding the right deal on your finances is key.
“Record number of underperforming ‘dog’ funds”
List of 150 funds reveals the severe impact of pandemic on returns.
“Robo-advisers make slow progress gaining ground with investors”
Use of robos is highest among millennials and Generation X households.
“£2tn ‘at risk from pension tricksters’”
Consumer freedoms expose savers to greater risk of being scammed.
“Do you really need to buy a property now?”
The currently vibrant market is distorted by the mortgage and stamp duty holidays.
“How the wealth industry risks failing its clients”
Technology and processes must help bring people closer to their money.

THE TIMES

“As cash dies, should you give your six-year-old a bank card?”
Handing out pocket money is tricky in the digital age. Kenza Bryan looks at the cost and safety of apps aimed at children.
“Mortgage gulf grows wider for cash‑strapped buyers”
Getting on the ladder is hard when your savings earn nothing.
“Current accounts have the banks going into battle”
High street giants are queueing up to sweet talk us all into switching.

THE TELEGRAPH

“Legal tax loopholes for pensioners: how to pay less in retirement”
Pensioners cut spending in fear of running out of pension cash.
“Renters ditch London and flee to suburbia seeking more space”
Tenant applications in cities have dropped by 23%, but they are up in small towns and suburbs as renters seek more space for their money.
“Next’s dividend and negative interest rates could shape the market this week”
The FTSE 350 crept up 1pc last week whilst European and American markets fluctuated.

THE GUARDIAN / OBSERVER

“Want to buy shares online? Here’s how to get started”
Covid-19 pandemic pushes traditional savers to consider other options but there are golden rules.
“Reprieve for renters facing eviction in England and Wales”
Housing secretary offers lifeline in lockdown areas and announces Christmas ‘truce’.

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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.