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.... . A new study by Investec Wealth & Investment shows that financial considerations play a major role at this age, with growing numbers choosing to marry to secure better financial rights on death or divorce, or improved inheritance tax benefits. ... [Read full article on Daily Express ]
Wednesday 20th of September 2017 09:31:00 AM
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Latest Finance News related to Inheritance

Why you should check your finances before getting married in later life image
Source : Daily Express [Read Article] Wednesday 20th of September 2017 09:31:00 AM
.... . A new study by Investec Wealth & Investment shows that financial considerations play a major role at this age, with growing numbers choosing to marry to secure better financial rights on death or divorce, or improved inheritance tax benefits. ...
Over-55s take out £8m a day from their homes image
Source : Guardian [Read Article] Saturday 16th of September 2017 06:00:04 AM
.... For example, most now allow customers to make occasional repayments (typically up to 10% of the initial loan per year) without early repayment charges. Meanwhile, drawdown facilities, whereby a pot of money is set aside for you to draw from when you need to, and inheritance protection – the ability to ringfence a guaranteed minimum amount of housing wealth to leave to loved ones – are features of about half the current deals. ...
Should first-class train travel be abolished? image
Source : Guardian [Read Article] Monday 11th of September 2017 08:00:00 AM
....“Yep,” I’d say, cracking open a can of beer. These days, I am usually to be found skulking in second – exiled, as it were, from my inheritance – and feeling resentful. ...
Report slams distribution of government's £9bn childcare spending image
Source : Guardian [Read Article] Thursday 31st of August 2017 05:00:22 AM
....Powell proposes replacing the tax-free childcare with more progressive childcare support, with universal free early education from ages one to five. She said: “Ministers should scrap tax free childcare and reverse their inheritance tax giveaway, refocusing this investment to close the pre-school attainment gap forever. ...
How to avoid inheritance tax: How Grandparents can help first-time buyers image
Source : Daily Express [Read Article] Wednesday 30th of August 2017 03:16:00 PM
.... And Grannies and Granddads in Yorkshire are most likely to help younger family members financially. Gifting cash can also help older people avoid inheritance tax on their estate. ...
How to avoid Inheritance Tax: Expert warns HMRC to hit families HARDER this year image
....The rise so-called death duty is down to the more aggressive approach by the taxman, according to Sean McCann, chartered financial planner at NFU Mutual. He said: “It’s clear that the taxman is cracking down hard on inheritance tax by looking more closely at people’s estates and challenging claims for reliefs. ...
Grandparents gift grandchildren over  £37billion for holidays, education and first homes image
....A further third are considering giving a financial gift in the future, while others prefer to lend the money instead, according to new research from Saga. Many say they view the gift as an early inheritance and would rather see their relatives enjoy the money, helping them cover education costs, holidays, driving lessons or even a deposit on a first property. ...
Inheritance tax: How death duty could hit YOUR family  image
Source : Daily Express [Read Article] Friday 18th of August 2017 04:24:00 PM
....Millions of Britons have not taken any steps to protect their wealth from death duty, research by Drewberry Wealth revealed. More people are paying inheritance tax at a eye-watering rate of 40 per cent amid rising house prices and stock markets. ...
Inheritance tax: Shock poll reveals pensioners' DESPAIR at not leaving more to children  image
. And around half of over 65s are saddened they won't be able to leave their loved ones an inheritance that will offer more security, found a report by Remember A Charity. ...
Inheritance tax: The trick that allows grandparents to avoid death duty image
Source : Daily Express [Read Article] Wednesday 16th of August 2017 04:05:00 PM
. The inheritance tax threshold has been frozen at £325,000 since 2009, hitting more bereaved families with the levy at a stinging rate of 40 per cent. ...
Student finances: How to manage money at university  image
Source : Daily Express [Read Article] Wednesday 16th of August 2017 08:47:00 AM
.... Grandparents can contribute too. "They can gift up to £3,000 each year with the money instantly falling out of their estate for inheritance tax (IHT) purposes," Haywood said. ...
State pension CHAOS: Savers fearing poverty and many don't even KNOW when they can retire image
....Many savers are worried they won't have enough pension to support their retirement, according People's Pension research. Almost four in 10 people believe they could have to keep working part-time, while a quarter said they could have to downsize their property or rely on inheritance to support themselves financially. ...
New pension research: Is this really a golden era for retirement? image
Source : Daily Express [Read Article] Sunday 13th of August 2017 10:29:00 AM
....Younger savers also need to save under their own steam, but many are pessimistic, with more than half of today’s workers saying they will not build a big enough pot to maintain their desired lifestyle in retirement. Huge numbers expect to work part-time or downsize to a smaller property to make ends meet, while an alarming number are relying on an inheritance, according to research from The People’s Pension. ...
Inheritance tax: The secret loopholes to help protect YOUR money from dreaded death duties image
. The amount raked in by HMRC through inheritance duties hit a record high last year, as the tax threshold remains stuck at the same level since 2009. ...
Is it a bad idea to buy a property in London if it's not home for life? image
....Q I’m 26, living in London, and on civil service salary of £34,500, and after I’ve completed my graduate scheme, I should be on £50,000-plus in a couple of years. I’m fortunate to have £110,000 in cash – from savings and inheritance – to put towards the purchase of a property. ...
Downsizing: The disadvantages of moving to a smaller home image
Source : Daily Express [Read Article] Sunday 6th of August 2017 10:41:00 AM
.... . Dean Mirfin, group and technical director at Key Retirement, says equity release customers can remain in their property as owneroccupiers until they either die or go into care: "The interest on the money you borrow rolls up and is repaid from the proceeds of your house sale, with any surplus going to your family as an inheritance in the usual way. ...
The Guardian view on Grenfell and the housing crisis: no more excuses | Editorial image
.... Take the universal problem of older people in houses that are bigger than they need. There is no incentive to downsize when there is no inheritance tax on a primary residence but there is 10% stamp duty on a house valued – as many family homes in London are – at over £1m. ...
INHERITANCE TAX SHOCK: Government rakes in £5BN record high from Britain's dead image
....9billion for the tax man in the 2016/17 tax year. And in the current 2017/18 tax year, inheritance tax receipts have already increased by 22 per cent. ...
How much do YOU pay in tax? Hardworking British families hit with £24k tax bill last year image
....Hardworking families are being taxed almost as much as the typical average salary and are hammered with a staggering number of levies. On top of income tax and national insurance, households are hit with council tax, fuel duty, VAT, as well as stamp duty, fuel duty and inheritance tax. ...
Why not fund the welfare state with a 100% inheritance tax? | Abi Wilkinson image
....Politics is a funny business, though, and the inevitable reduction of every complex issue into a simple binary conflict (or, very occasionally, a three-way tussle) means you can often find yourself in possession of some unlikely allies. While arguing against the dementia tax on the basis that it creates perverse incentives and fails to spread the financial burden among all those who can afford to pay, I found that the most common objection seemed to be against dipping into inheritance at all. ...
Secure your worldly wealth: Tips to make sure you pass your wealth to the right person image
.... “On any sale the mortgage would be paid off first, then your loan, before any equity is divided between child and partner,” he adds. Matter of trust You also have to be careful when leaving money to your child after you die, because their inheritance could be subject to attack in any divorce proceedings. ...
Your state pension in Dorset: £124,000. In Glasgow? £38,000 | Patrick Collinson image
.... The most under-taxed store of wealth in the UK is property, largely owned by an older generation. There are myriad ways to access it – capital gains tax, inheritance tax or even land value tax. ...
Pension transfers are now worth more than the average home image
Source : Daily Express [Read Article] Monday 19th of June 2017 12:00:00 AM
....More than 800 financial advisers took part in the survey. Common reasons for transferring included the ability to take a more flexible income in retirement, inheritance considerations and to take money earlier. ...
Taxman has his sights on Bank of Mum and Dad as complex rules increase  image
Source : Daily Express [Read Article] Wednesday 14th of June 2017 08:15:00 AM
....The Bank of Mum and Dad is busier than ever helping the younger generation climb onto the property ladder or pay for university tuition fees. However, new research shows that almost half of parents and grandparents fear incurring a hefty inheritance tax (IHT) bill because they fail to understand increasingly complex rules. ...
Spain's top anti-corruption prosecutor quits over Panama link image
Source : Guardian [Read Article] Thursday 1st of June 2017 01:21:08 PM
....Spain’s top anti-corruption prosecutor has resigned following weeks of pressure that culminated in an admission that he holds a stake in an offshore company in Panama. Manuel Moix stepped down “for personal reasons” on Thursday, shortly after it emerged that he has a quarter-share in a company in the Central American tax haven that was apparently set up as part of an inheritance from his parents. ...
Labour plans inheritance tax raid: Jeremy Corbyn sets his sights on YOUR inheritance image
.... At the same time, those age 65 and over are sitting on record levels of property wealth. However, anyone banking on an inheritance to get on in life could see their hopes dashed if Jeremy Corbyn's Labour Party wins next week's election, as it is planning an inheritance tax (IHT) raid. ...
Tax on test: do Britons pay more than most? image
Source : Guardian [Read Article] Saturday 27th of May 2017 06:00:20 AM
.... Chris Burke of Spectrum IFA, who calculated the figures for us, says homeowners also pay an annual tax on the value of their property, currently around €900 on a home valued at €300,000, so slightly less than typical council tax rates in the UK. However, he says that inheritance tax has shifted enormously in recent years, having been raised to 19% during the financial crisis but now starting at just 1%. ...
The financial benefits of getting married in retirement image
Source : Daily Express [Read Article] Tuesday 23rd of May 2017 07:53:00 PM
....The number of people over the state pension age who are cohabiting is rising rapidly but they could face a financial sting in the tail, according to a new report from insurer Royal London. They are missing out on valuable tax allowances, state pension rights and inheritance tax benefits that could ultimately cost them tens of thousands of pounds. ...
Nationwide profits hit by low interest rates image
Source : BBC [Read Article] Tuesday 23rd of May 2017 07:20:53 AM
....". Mr Garner also revealed that Nationwide will stop offering car insurance to new customers from next month, will wind down its commercial lending business and will stop offering inheritance planning advice. ...
The tax that pensioners should pay to fund care image
Source : Guardian [Read Article] Saturday 20th of May 2017 05:59:17 AM
.... The older generation have benefitted from spectacular – and largely unearned – increases in the value of their property. Why should younger working people, through income tax, pay for the galloping costs of elderly care when they can’t even dream of affording to buy a home themselves? Doesn’t it make more sense to instead take the money out of the congealed wealth sitting in property? And, indeed, there can be no justification for the state protecting the inheritances of the well off by taxing hard-pressed working people. ...
RBS settlement has left business couple feeling 'gutted' image
Source : BBC [Read Article] Thursday 18th of May 2017 01:48:53 PM
.... The costs are horrendous," she said. The case was initially funded by a large inheritance, but the couple then turned to a litigation funder, which invested in the case in the hope of securing high returns if the case was settled. ...
Labour reveals 'fat cat' tax pledge aimed at reining in excessive pay image
.... Those proposals, which were not included in last week’s leaked draft manifesto, will be published in a separate document. Money for a series of giveaways will come from reversing corporation tax and inheritance tax cuts and a proposal to hit City transactions with a “Robin Hood tax”. ...
Five minute guide to ever-increasing inheritance tax  image
Source : Daily Express [Read Article] Sunday 7th of May 2017 12:01:00 AM
. Britons are set to pay a punishing £5 billion in inheritance tax (IHT) this year, against just £3. ...
Inheritance tax: Four in five over-55s at risk of brutal death bills image
Source : Daily Express [Read Article] Friday 5th of May 2017 04:06:00 PM
....Rising property prices, on top of increased pension wealth, mean the baby boomer generation is in a position to pass on significant assets to their loved ones. Estates liable for inheritance tax face an average bill of nearly £175,000 each, according to pension provider Prudential. ...
Parents '10th biggest mortgage lender' image
Source : BBC [Read Article] Tuesday 2nd of May 2017 09:52:41 AM
....Last year, it suggested that parental financial support made the Bank of Mum and Dad the equivalent of the 10th biggest UK mortgage lender, and this ranking has not changed. The proportion of property transactions that they are involved in has also been relatively static from a year earlier - but parents' gifts, loans or inheritance values have risen to an estimated average of £21,600 this year compared with £17,500 a year ago. ...
Pensioners will carry on hoarding cash if state won’t step in image
Source : Guardian [Read Article] Saturday 29th of April 2017 04:00:03 PM
.... They must also dig deep to provide financial support, possibly for as long as they are alive. This trend lies behind the Tory promise to raise the inheritance tax threshold for couples to £1m by 2020. ...
Trump under fire over 'huge tax cut for the rich' image
Source : Guardian [Read Article] Wednesday 26th of April 2017 06:35:17 PM
. The Trump administration unveiled what it called the biggest tax cuts “in history” on Wednesday, in a move that will simplify the US tax system, slash taxes for businesses large and small – including Trump’s own – eliminate inheritance taxes and set the president on a collision course with Congress over the likely $2tn-plus cost of the proposal. ...
Reform property laws to reduce inequality | Letters image
Source : Guardian [Read Article] Wednesday 26th of April 2017 05:59:37 PM
. Ian Jack engagingly highlights the massive inequality being created by the inheritance of property (Property feeds the roots of inequality in Britain, 22 April), but does not say what can be done about it. ...
Family matters image
Source : BBC [Read Article] Sunday 23rd of April 2017 12:51:12 AM
....But those older, wealthier, generations are increasingly seen as the ones likely to provide a secure future. Of those people born in the 1970s, 75% have either received or expect to receive an inheritance. ...
With a whiff of sulphur, George Osborne was gone – but for how long? | Polly Toynbee image
.... If he was genuinely a fiscal-rectitude iron chancellor, he would have pursued that goal. Instead, he gave out a mammoth £40bn in tax cuts to business and the better-off, in needless capital gains cuts and in this month’s new £1m inheritance tax threshold. ...
£400BILLION: That’s the amount grandparents are going to pass on to the younger generation image
. Royal London surveyed more than 5,600 people from the older, middle and younger generation of adults to find out about their plans and expectations for receiving an inheritance. ...
Older people due to pass on property ‘wealth mountain’ worth £400bn image
....According to research by the insurers Royal London about 4 million of the 17 million people aged 25 to 44 are in the “fortunate position” of being in line to inherit from grandparents who have bought property. The firm surveyed more than 5,600 people from the older, middle and younger generation of adults to find out about their plans and expectations for receiving an inheritance. ...
Five pension tax mistakes that could hit YOUR nest egg image
Source : Daily Express [Read Article] Friday 14th of April 2017 06:01:00 AM
.... This can mean paying more tax on a number of fronts. Once in the bank any returns are subject to tax and deposits also count towards your estate for inheritance tax purposes. ...
Probate fees plan is daft as well as devious | Letters image
Source : Guardian [Read Article] Tuesday 11th of April 2017 05:52:06 PM
....This plan is daft as well as devious. Probate fees are not, as you put it, “payable when claiming inheritances”. ...
Having enough money is key to happy retirement image
Source : Daily Express [Read Article] Sunday 9th of April 2017 12:01:00 AM
.... . Equity release may reduce their inheritance, but Henry says that his sons were happy for them to go ahead: “They are both in their late 40s and said it’s your money, you should use it to enjoy life more. ...
Property’s equity can help your loved ones image
Source : Daily Express [Read Article] Sunday 9th of April 2017 12:01:00 AM
.... . Many see it as an advance on their inheritance, allowing them to put the money to work today, when grandchildren are starting out in life and need cash to clear debts or purchase their first property. ...
What is probate? Is there anything I can do to avoid rising probate fees? image
Source : Daily Express [Read Article] Thursday 6th of April 2017 05:39:00 PM
.... . “Although this approach may be beneficial in saving probate fees on the first dying it may not always be beneficial from an inheritance tax point of view or, if the first dying spouse would prefer that the particular asset pass to someone other than their surviving spouse. ...
Inheritance tax rules changes 2017: Don’t get caught out – what it means for YOU image
. Under the old rules, properties valued at £325,000 or less were exempt from inheritance tax. ...
Truss’s plan to increase probate fees may not be legally enforceable image
Source : Guardian [Read Article] Thursday 6th of April 2017 05:00:32 AM
. Government plans to raise £300m by increasing probate fees – payable when claiming inheritances – may not be legally enforceable, a parliamentary committee has said. ...
New inheritance tax rules: How to avoid death duty with new allowance  image
Source : Daily Express [Read Article] Wednesday 5th of April 2017 03:19:00 PM
. From April 6, the inheritance tax allowance will become more generous for higher value homeowners, helping people to pass on more of their wealth to loved ones. ...
There’s no dodging death – but inheritance tax relief could save £1m image
. A new inheritance tax (IHT) allowance is being introduced this month, available to people who want to pass on their home to family members. ...
Cash in the pocket image
Source : BBC [Read Article] Friday 31st of March 2017 09:16:50 PM
....Couples who are married, or in a civil partnership, will now be able to pass on £850,000 in total without paying tax, an amount that will rise to £1m by 2021. How does inheritance tax work?. ...
As tenants in common, could we specify that our children inherit our property? image
....Q My husband and I are considering severing our joint tenancy and becoming tenants in common. We would be doing this to protect our children’s inheritance. ...
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Measures to ensure your plans are as safe as houses image
Source : Daily Express [Read Article] Wednesday 29th of March 2017 08:50:00 AM
.... . You should also understand what you are signing up to and involve family members in your decision, as their inheritance may be reduced as a result. ...
London now 'cheaper to live than New York and Tokyo', plus Viagogo snubs MPs image
....6 times annual salary, official figures show. How a £1 million inheritance slipped from our family’s grasp. ...
Why becoming a tax haven would be bad news for Britain image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 06:30:42 PM
.... The simple fact is that wealth does not trickle down, even in tax havens. Almost without exception these places have no taxes on wealth, so inheritance taxes and capital gains taxes are absent. ...
The last call for savers to cash in on tax relief image
Source : Daily Express [Read Article] Wednesday 22nd of March 2017 12:01:00 AM
.... . Ed Monk, associate director for personal investing at Fidelity International, said that although most cannot afford to pay in such large sums, some do find extra money becomes available as they get older: “Earnings may be higher, mortgage costs lower, children have become financially independent or you may get a windfall from an inheritance. ...
Millions of older people may miss new inheritance tax break image
Source : Daily Express [Read Article] Tuesday 21st of March 2017 09:51:00 PM
. From April 6, the new family home allowance will allow homeowners to pass on an additional £100,000 in property value free of inheritance tax (IHT), rising steadily to £175,000 by 2020. ...
How a £1 million inheritance slipped from our family’s grasp image
Source : Guardian [Read Article] Saturday 18th of March 2017 07:00:32 AM
.... But soon after her death her family were shocked to find that Sybil had changed her will in 2012, leaving the bulk of the money – believed to be more than £1m – to a local £11,000-a-year private school. A bitter dispute between the family and Manchester High School for Girls since then is just one of a growing number of battles, many involving legacies to charities, that have ballooned as soaring property values have pushed up the value of inheritances. ...
Pension tax warning: Savers in 'last chance' to use extra relief allowance before April 5 image
....Savers are being urged to take advantage of carry forward rules to contribute to pensions before the current tax year ends. Ed Monk, associate director for personal investing at Fidelity International, said: "Of course you’ll need the money to do this in the first place, but the years before retirement are often exactly when such large sums are available, thanks to typically higher earnings, lower costs once the mortgage has been paid, children have become financially independent and possible windfalls from inheritance. ...
‘Our ability to save is non-existent’ – people respond to UK budget image
....Low returns mean McDermitt has given up on a cash Isa in favour of a stocks and shares Isa with a provider called Moneyfarm, but she suggests there is little incentive to save. “The personal savings allowance for most is a bit of an empty gesture and taxes such as inheritance tax seem so excessive, and unfair for families who’ve worked hard to provide a legacy for their next of kin. ...
Lack of pension equality for same-sex couples 'is sexual discrimination' image
Source : Guardian [Read Article] Wednesday 8th of March 2017 12:05:48 PM
....The case is being heard alongside claims by a retired part-time judge over his accumulated pension rights. Supporting the claim, the equal rights campaigner Peter Tatchell said: “It is appalling that John has to go to court to remedy this clear-cut discrimination against same-sex couples in pension inheritance rules. ...
Budget will hold no big surprises on spending or tax, chancellor says image
Source : Guardian [Read Article] Wednesday 8th of March 2017 06:33:22 AM
.... In April the personal allowance will rise to £11,500, and the basic rate limit will be increased to £33,500, meaning that the effective threshold for the 40p rate becomes £45,000. Inheritance taxOsborne’s inheritance tax giveaway, which will allow estates with gains from property sales to pass on an extra £175,000 tax-free on top of the existing £325,000, is another costly item for the chancellor to endorse. ...
Budget 2017: Philip Hammond urged to change inheritance tax rules image
Source : Daily Express [Read Article] Tuesday 7th of March 2017 02:28:00 PM
....Unused annual gifting allowances from the previous tax year can be carried forward to the current tax year. Passing on wealth before death can help people avoid the stinging 40 per cent rate of inheritance tax on assets outside the £325,000 threshold. ...
Hammond urged to tackle 'catastrophic' effect of rising inflation image
Source : Guardian [Read Article] Monday 6th of March 2017 01:13:37 PM
. Philip Hammond is being urged to scrap cuts to inheritance, corporation and income tax in order to plough money into benefits, as figures reveal the extent to which living standards are going to be squeezed by rising inflation. ...
Simplify the tax system and the ‘economy will be more efficient’ image
Source : Daily Express [Read Article] Monday 6th of March 2017 08:33:00 AM
. The body wants the Government to do away with capital gains tax, stamp duty, council tax, business rates and inheritance tax. ...
Budget 2017: No 'spending sprees', Hammond warns image
Source : BBC [Read Article] Sunday 5th of March 2017 02:20:28 AM
....Also on the Marr show was Labour shadow chancellor John McDonnell, who said the National Living Wage should be increased to give workers a "pay rise". He said this, along with reversing changes to disability benefits and a cash injection for the NHS, could be funded by reversing £70bn in corporation, capital gains and inheritance tax cuts. ...
£220,000: the price super-rich will pay to keep their privacy image
Source : Guardian [Read Article] Sunday 5th of March 2017 12:04:29 AM
.... The tax is set to rise again in April 2017 to £220,350. From then the government will close a loophole that let non-doms avoid inheritance tax if they owned property via an offshore structure. ...
Five-minute guide to the new 'death tax' coming into force next May image
Source : Daily Express [Read Article] Sunday 5th of March 2017 12:01:00 AM
....6million will pay £8,000, rising to £12,000 up to £2million. Estates worth £2million or more will pay a stinging £20,000, on top of an inheritance tax bill that could be as much as £670,000. ...

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