It was inevitable that sooner rather than later Chancellor of the Exchequer Rishi Sunak would put the nation on red alert that taxes will have to rise to pay for the £190billion of support the Government has given the economy to steer it through lockdown and beyond.
Junior ISAs were made available from 1 November 2011. The Junior ISA is available for any UK-resident child (under the age of 18) who does not currently hold a Child Trust Fund (CTF) account.
Recent research on two thousand people, aged between 60 and 80 years of age, has revealed that 26% are willing to contribute money to support their grandchildren through a key life event.
Latest stats on the cost of higher education and implications for planning.
The RNRB, which is designed to protect the family home from inheritance tax (IHT), was £100,000 for deaths occurring in tax year 2016/17 and has been phased in gradually over four tax years at a rate of £25,000 per annum until it reached £175,000 in tax year 2020/21.
Traditionally parents would bequeath their assets to their surviving spouse and subsequently their children. But, as we live longer, there are increasing opportunities to use intergeneration financial planning which includes grandchildren and great grandchildren too.
Pension savers and investors have seen the value of their pots tumble due to the coronavirus epidemic – but there are ways to mitigate against future falls.