The pound slipped in value against both the US dollar and the euro last month, with markets reacting to concerns over economic growth and interest rate expectations. Unfortunately, these shifts are not just abstract market movements, when the pound falls it has a tangible impact on individual finances. A weaker currency affects everything from the …
The State Pension is due to increase by 4.7% next April after the latest Office for National Statistics (ONS) figures were published on 16th September. The ONS data confirmed the latest annual wage growth of 4.7% would be the deciding figure under the State Pension Triple Lock. This uplift, while lower than some recent past …
The Government is weighing up potential reforms to the way capital gains tax (CGT) is applied to property. Reports suggest one option under discussion is whether to alter the generous tax treatment of primary residences, particularly those at the higher end of the housing market. At present, private residence relief means homeowners do not pay …
Ever more families are facing inheritance tax (IHT) bills as frozen thresholds push more estates into liability. HMRC took £1.5 billion in IHT receipts in the first two months of the current tax year, according to its latest data. This is an uptick of just under £100 million on the comparative period last year (a …
Inheritance tax (IHT) receipts have hit another record high according to the latest figures from HM Revenue & Customs (HMRC). HMRC collected £8.2 billion from April 2024 to March 2025, a £750 million increase on last year’s record. Data from HMRC, released on 23 April, revealed IHT receipts continue to soar, with higher receipts during …
Financial scams are a rising problem in the UK, with more than £1.17 billion in financial losses in 2023, according to banking body UK Finance. UK Finance’s most recent figures suggest over £570 million was stolen in the first half of 2024. Almost everyone knows a friend or family member who has been a victim …
Annuity sales hit their highest level in a decade in 2024, with higher rates tempting retirement savers to swap their pension pots for a guaranteed income for life. Insurers sold 89,600 annuities last year, up 24% on the year before – and the highest level since 2013, according to trade body the Association of British …
One in every 42 homes – more than 700,000 – in the UK is now worth more than £1 million, according to new research from estate agency Savills. The vast majority of these – just under 350,000 – are in London while another 160,000 are in South East England. This means one in every 11 …
Blended families are formed when two people live together with children from previous relationships. They are increasingly common in the UK, and can work extremely well. However it is worth considering the estate planning implications. It is possible to accidentally leave family members without any inheritance due to a lack of planning or appropriate legal …
Marriage might be an unlikely winner from Chancellor Rachel Reeves’ controversial first budget. Whilst there have been no changes to inheritance tax allowances, more assets, most notably unspent pension funds on death, will be included in estates for inheritance tax purposes in future. This means that unmarried couples who might not have seen the value …
