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....". Another option for the over-55s is to take their 25 per cent tax-free pension lump sum to help cover university costs. ... [Read full article on Daily Express ]
Wednesday 16th of August 2017 08:47:00 AM
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Latest Finance News related to Tax-free

Inheritance tax: How death duty could hit YOUR family  image
Source : Daily Express [Read Article] Friday 18th of August 2017 04:24:00 PM
....Families have been urged to take simple steps to protect estates from the taxman. Mr Connor added: "There are a host of simple planning measures that can save a fortune in inheritance tax such as getting your will in order, keeping funds inheritance tax safe in your pension, moving your ISAs to inheritance tax-free options or just giving away your excess assets while you’ve still got at least seven more years on the clock. ...
Student finances: How to manage money at university  image
Source : Daily Express [Read Article] Wednesday 16th of August 2017 08:47:00 AM
....". Another option for the over-55s is to take their 25 per cent tax-free pension lump sum to help cover university costs. ...
Inheritance tax: The secret loopholes to help protect YOUR money from dreaded death duties image
....People can gift as much as they want to beneficiaries to bring estates below £325,000 and avoid inheritance tax provided they live another seven years after the gift. If you are in poor health, there is also a tax-free annual allowance of up to £3,000 to gift cash or assets to anyone of your choice, which can help bring down the value of an estate. ...
Lifetime Isa proving popular as young savers rush to snap them up image
Source : Guardian [Read Article] Saturday 5th of August 2017 06:00:04 AM
.... And investment firm Hargreaves Lansdown said it had opened more than 22,000. Launched in April, a Lisa lets you save tax-free for either a property or retirement. ...
Free childcare to DOUBLE for parents from September - Government announce image
Source : Daily Express [Read Article] Monday 31st of July 2017 03:13:00 PM
....The account can then be used to create a code for the free childcare. Working parents can also claim £500 for every three months towards the cost of care for children under 11, with tax-free childcare. ...
Tax raid on YOUR pensions: Shock as savers overcharged £26million in THREE months image
....” . Pension firm AJ Bell calculated that a single £10,000 pension withdrawal, which should be tax-free, would be taxed by £3,099. ...
‘I wonder if it’s worth getting up’: life in Corby, the debt capital of Britain image
.... “Work is the best way to raise living standards, and record numbers of people are now in employment,” said a government spokeswoman. “We’ve introduced universal credit, the national living wage and increased the tax-free personal allowance to make sure it always pays to have a job, and we’ve committed £45m to providing free debt advice for anyone with money concerns. ...
INHERITANCE TAX SHOCK: Government rakes in £5BN record high from Britain's dead image
.... An additional £100,000 of allowance can now be used to reduce the duty paid on a main home. By 2020 this extra allowance is to rise to £175,000, meaning a couple could pass £1million of inheritance tax-free. ...
'Disgusting and astonishing': how do the UK's top 1% view tax avoidance? image
....Whilst working for an investment bank that was part of a major UK bank, I was offered the choice to get paid via dividends from a Jersey-registered company but turned it down – which annoyed them, since they would have saved on employer’s national insurance. I think it’s okay to use ISAs [individual savings accounts which are tax-free] and put money into pensions, or put money in your spouse’s name to reduce your tax bill. ...
Inheritance tax grab: HMRC swipes MORE money in 'aggressive' raid on grieving families image
....Parents can gift £5,000 upon the marriage of a child while grandparents can gift £2,500 to a grandchild or great grandchild. You can also make tax-free marriage gifts of up to £1,000 to anyone else. ...
How to beat summer holiday childcare costs as prices soar 50 per cent image
Source : Daily Express [Read Article] Tuesday 25th of July 2017 08:11:00 AM
.... . “So it’s concerning that more than two thirds of employers are unaware of tax-free childcare, which will replace it. ...
PENSION WARNING: Savers accessing pots early falling into ‘disastrous’ tax trap image
....“Taking a lump sum in a single tax year is likely to result in paying more income tax than withdrawing money gradually. "And savers are giving up future tax-free investment growth in a pension in exchange for comparatively low-growth assets like cash, or illiquid property. ...
HMRC wins Rangers 'big tax case' ruling image
Source : BBC [Read Article] Wednesday 5th of July 2017 04:12:59 PM
Will I be taxed if I sell my house, which I rented out, and buy a new one to live in? image
....To work this out, you add 18 to the number of months you actually lived in the property, then divide this figure by the number of months you owned it. You then multiply the gain you made on selling the property by this fraction to arrive at the figure that tells you how much of the gain is tax-free because of private residence relief. ...
Property owners' £2.3tn windfall 'has created huge inequality gap' image
Source : Guardian [Read Article] Tuesday 20th of June 2017 05:01:01 AM
.... Wealth disparities would have “worrying consequences” for the living standards of younger generations, it added. Laura Gardiner, senior policy analyst at the Resolution Foundation, said: “Britain’s pre-crash property boom created a huge, unearned and largely tax-free £2. ...
Father's Day is a good day to cover your family’s future image
Source : Daily Express [Read Article] Wednesday 14th of June 2017 08:08:00 AM
....A 50-year-old man would pay from around £16 a month for £100,000 of life cover over a 15-year term to age 65. Just 16 per cent of dads have critical insurance cover, which pays a tax-free lump sum if you fall ill or suffer a serious illness such as cancer, a heart attack or a stroke. ...
PENSION CHAOS: Election leaves retirees in the dark over pension tax rules image
Source : Daily Express [Read Article] Monday 12th of June 2017 04:00:00 PM
....And anyone drawing their pension, but still wanting to save - for instance if they are also working - would incur a tax bill if they breached the new £4,000 annual limit. Under the rule changes, savers who have taken their 25 per cent tax-free lump sum and has not drawn taxable income can still save up to £40,000 a year. ...
Peer-to-peer lending promised 6%, but I’ve been left red-faced and in the red image
.... It’s because one of the firms that 10% of his money was lent to defaulted, leaving his account £128 in the red – a sum that his other investments at the platform have struggled to make up. In the week that Funding Circle, and several rival big-name P2P lenders gained full authorisation from the Financial Conduct Authority – which paves the way for them to start offering tax-free “innovative finance” Isas (see below) – his case is a reminder that P2P lending is not without its risks. ...
Tax on test: do Britons pay more than most? image
Source : Guardian [Read Article] Saturday 27th of May 2017 06:00:20 AM
....3%. Britain’s tax system is made up of income tax bands at 20%, 40% and 45%, plus national insurance contributions of a further 12%, with low earners benefiting from a tax-free personal allowance at £11,500, which is higher than most other countries. ...
What's better than a Buffett rule? Labor's Buffett rule by stealth | Greg Jericho image
....In 2014-15 there were two and half million people who earned between $80,000 and $180,000. They claimed an average of $416 on their tax affairs, but the 2,663 of them who were able to get below the tax-free threshold claimed an average of $20,482:. ...
General election 2017: Lib Dems pledge winter fuel cuts to protect pensions image
....A review by former CBI director-general John Cridland, who was appointed as the government's independent reviewer of state pension age last year, also recommended the triple lock be withdrawn. But as well as guaranteeing the triple-lock, Labour has promised to keep the winter fuel allowance, which is paid to all-over 65s and worth between £100 and £300 tax-free. ...
Shock chart reveals savers face 'dual onslaught' of misery wiping billions off cash pots image
....uk. It means households with the tax-free accounts are effectively receiving negative interest rates, which have sliced £4. ...
Greece will avoid default after bailout deal – but faces more austerity image
....With poorer out-of-work families often depending on them, news of a further drop was met with fury by union leaders, who immediately announced industrial action. The two-party coalition led by the prime minister, Alexis Tsipras, also agreed to broaden the tax-free threshold by effectively dispensing with tax breaks as of 2020. ...
Are you set to lose tax relief on YOUR pension after this General Election?  image
....Calls for joined-up retirement policies have intensified after the Government last month introduced the Lifetime ISA. It's feared the new saving account, which offers an alternative route to save tax-free for later years, adds to the maze of pension rules that many people already find too complicated. ...
Blow to savers as Premium Bond prizes are slashed by £7m image
Source : Daily Express [Read Article] Sunday 30th of April 2017 10:40:00 PM
.... The changes, including those made to Premium Bonds, will impact more than 21 million customers. Steve Owen, acting chief executive at NS&I, said: “We appreciate that savers will be disappointed but we believe that the new rates present a fair offer to customers who will continue to benefit from our 100 per cent HM Treasury guarantee on all holdings as well as tax-free prizes for Premium Bonds. ...
Tax raid postponed as ministers rush through finance bill image
Source : Guardian [Read Article] Tuesday 25th of April 2017 04:42:20 PM
....The decision to hold a snap election on 8 June means ministers are having to rush through legislation before parliament closes for business, and as a result ministers have effectively ditched the majority of the finance bill in a bid to ensure it gets through. Key measures dropped include a plan to slash the tax-free dividend allowance from £5,000 to £2,000 from April 2018, and a big cut in the amount that many over-55s can save into their pensions. ...
As newlyweds, what capital gains tax will we pay if we sell one of our flats? image
.... The 18-month rule is part of the “private residence relief” provisions that make the gain on a property you have called home – ie your main residence – free of CGT. To benefit from the tax-free gain you have to sell within 18 months of moving out. ...
PENSION CRISIS: Women LAGGING behind in huge pensions gap image
Source : Daily Express [Read Article] Wednesday 19th of April 2017 12:01:00 AM
....They need to start saving all they can as early as possible and resist the temptation to opt out of any workplace pension scheme, as this means they will not benefit from their employer’s contribution, she said. Savers should also regularly review how much they have in their other savings pots, such as tax-free Isas. ...
Should you resist Lisa … out to lure you into saving for a property or retirement? image
....You know you should save for retirement, and since the introduction of the Lifetime Isa there are more options than ever. Launched on 6 April the “Lisa” is similar to any other Isa, working as a tax-free wrapper around savings, and is available to everybody between 18 and 40. ...
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
.... 1. Large unnecessary withdrawalsThe first 25 per cent of a pension pot accessed is tax-free but after that any withdrawals are taxed as income in the year that it is taken. ...
Grieving relatives will get less money, following state bereavement benefit changes image
....However, from April 6 the Bereavement Support Payment will help for 18 months, with a maximum payout of just £9,800. The widowed partner will receive a tax-free lump sum of £2,500, or £3,500 if they have dependent children. ...
The early bird Isa investor catches the best returns image
Source : Daily Express [Read Article] Wednesday 12th of April 2017 12:01:00 AM
....New research suggests early bird investors could be £8,500 better off than those who left it until the last possible minute, as too many do. Your new expanded £20,000 tax-free allowance is now ready for use; here’s why it pays to get in early. ...
Lifetime ISA providers: Which banks offer a Lifetime ISA? image
Source : Daily Express [Read Article] Friday 7th of April 2017 04:51:00 PM
. Young people across Britain are rushing to open the new type of tax-free savings account which promises to help them on to the property ladder. ...
Greece agrees basic terms to unlock delayed bailout image
Source : BBC [Read Article] Friday 7th of April 2017 03:14:32 PM
.... . The main elements in the latest agreement are commitments to reduce spending on pensions from 2019 and to collect more income tax from 2020 by lowering the tax-free threshold. ...
Inheritance tax rules changes 2017: Don’t get caught out – what it means for YOU image
....From today (April 6), individuals will be able to claim an additional £100,000 residence nil rate band (RNRB) to offset the sale of a family home after a death. This will rise to £175,000 by 2020, meaning that an individual will be able to give away £500,000 tax-free in total. ...
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
.... Now an additional £100,000 of allowance will be introduced which can be used to reduce the duty paid on a main home. By 2020 this extra allowance is to rise to £175,000, meaning a couple could pass £1million of inheritance tax-free. ...
Lifetime ISA: Everything you need to know about the new LISA savings account  image
Source : Daily Express [Read Article] Wednesday 5th of April 2017 12:55:00 PM
....If you are buying outside of London, you can also use the Lifetime ISA for properties up to the value of £450,000, while Help to Buy has limits of up to £250,000 outside of the capital. Is it better to use a LISA or pension scheme to save for retirement?A benefit of the LISA is that all savings can be taken tax-free compared to pensions where only 25 per cent of savings can be taken before income tax must be paid. ...
What time is the ISA deadline TONIGHT?  image
Source : Daily Express [Read Article] Wednesday 5th of April 2017 09:38:00 AM
. Time is running out to make the most of your tax-free savings because the current tax year ends when the clock strikes 12 tonight (Wednesday April 5). ...
New Isa offers free cash deal to young savers image
Source : Daily Express [Read Article] Wednesday 5th of April 2017 07:58:00 AM
.... . The money grows free of tax in the same way as a standard traditional individual savings account (Isa), allowing tax-free withdrawals provided you comply with the scheme’s rules. ...
Premium Bond winners to FALL in May: Savers warned as returns tumble image
Source : Daily Express [Read Article] Tuesday 4th of April 2017 04:21:00 PM
...."Commenting on the cuts, Steve Owen, acting chief executive at NS&I, said: “The new rates reflect current market conditions and allow us to continue to strike a balance between the needs of our savers, taxpayers and the stability of the broader financial services sector. “We appreciate that savers will be disappointed, but we believe that the new rates present a fair offer to customers, who will continue to benefit from our 100 per cent HM Treasury guarantee on all holdings, as well as tax-free prizes for Premium Bonds. ...
Investment ISAs: Chart shows how stocks and shares have returned £60,000 more than cash image
....However, consistently choosing stocks and shares over cash counterparts during the past 18 years would have given investors returns that are tens of thousands of pounds higher, analysis has showed. The tax-free accounts were first launched in 1999 and an investor who has used the full allowance each year would have put away a total of £101,520. ...
Welfare shakeup 'will push a quarter of a million children into poverty' image
....The shadow work and pensions secretary, Debbie Abrahams, said the cuts were a “new low for this Tory government”, urging the prime minister to scrap them if she wants to help the just about managing. The government said the new benefit was tax-free and simpler, claiming the system needed to be modernised to take into account the fact that many more women work. ...
Osborne’s huge tax giveaway starts for rich – as the poor are hit image
Source : Guardian [Read Article] Saturday 1st of April 2017 11:05:38 PM
....“The chancellor still has plenty of budgets to rethink the tax and benefits changes inherited from his predecessor, given their impact on the living standards of low- and middle-income households,” he said. The thinktank notes that other changes coming into effect in 2017, including a 30p rise in the national living wage from the beginning of this month and additional support through tax-free childcare from the end of it, as well as an extra 15 hours of free childcare from September, will provide some benefit to lower-income households. ...
Pension changes: Workers warned as tax perks SLASHED after April 5 image
Source : Daily Express [Read Article] Saturday 1st of April 2017 09:01:00 AM
....Affected people, typically workers still saving but drawing from their pension, will be hit with a tax bill if they breach the £4,000 annual limit. Savers who have taken their 25 per cent tax-free lump sum and has not drawn taxable income can still save up to £40,000 a year. ...
There’s no dodging death – but inheritance tax relief could save £1m image
.... Note that this can also be done if the first person in a couple to have died did so before 6 April 2017, even though RNRB wasn’t available at that time. This means that by 2020-21 couples could escape IHT on up to £1m of their wealth, which they can pass on tax-free to their children or grandchildren, because each spouse or civil partner will have a nil rate band of £325,000, plus a RNRB of up to £175,000. ...
‘Cruel’ benefit cuts put pressure on grieving families image
Source : Guardian [Read Article] Saturday 1st of April 2017 05:59:17 AM
....A major shake-up of the system around benefits for bereaved families means that the maximum amount parents will be entitled to claim in the future is being slashed. Instead of getting a one-off tax-free lump sum of £2,000, followed by £5,852 a year before tax for up to 20 years (depending on their child’s age), bereaved parents will receive tax-free payments of just £9,800 in total – spread over only 18 months. ...
ISA 2017: Can I move my ISA money into a different ISA account? image
Source : Daily Express [Read Article] Thursday 30th of March 2017 05:17:00 PM
. If you already have money in an ISA, you can move it into another ISA account in a bid to get a better return on your tax-free savings. ...
Older savers taking big market risks to trump inflation image
Source : Daily Express [Read Article] Wednesday 29th of March 2017 08:25:00 AM
.... . The rush into stocks and shares is likely to intensify over the next week as the annual tax-free Isa season draws to a close, with the end of the tax year just a week away, at midnight on April 5. ...
Is an Isa the best home for your nest egg? image
Source : Guardian [Read Article] Saturday 25th of March 2017 07:00:03 AM
.... During the current tax year you can put £15,240 into an Isa and leave it there forever, and the interest or capital gains are free from tax. In extreme cases, some husband-and-wife couples have been able to build up £1m in Isas, with all the money they generate being tax-free. ...
Pensions mistakes of the past must be avoided, says John Cridland image
....". He added that the Winter Fuel Payment, a universal benefit of between £100 and £300 tax-free to help pay heating bills, may need to be means-tested in the future. ...
Kenya starts selling bonds via mobile phones image
Source : BBC [Read Article] Thursday 23rd of March 2017 12:39:55 PM
.... . For as little as $30, Kenyan mobile users can now lend to the government and get paid a tax-free interest of 10% every six months. ...
Investment ISA 2017: Returns of 15 per cent SMASH cash equivalents  image
Source : Daily Express [Read Article] Wednesday 22nd of March 2017 02:57:00 PM
. Savers who opted for a investment version of the tax-free accounts in April 2016 would have seen a stocks and share fund grow by a massive 15. ...
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
.... . Patrick Connolly, certified financial planner at Chase de Vere, said the Money Purchase Annual Allowance is designed to stop people recycling pension contributions thereby doubling up their tax relief: “However, it does not apply to 25 per cent tax-free cash withdrawals. ...
MP warns of housing strain caused by holiday lets image
Source : BBC [Read Article] Tuesday 21st of March 2017 05:22:50 PM
. Illegal sub-letters and property magnates are taking advantage of Airbnb and similar-style sites to rake in tax-free cash, an MP says. ...
Eight tax changes savers should watch out for from April 2017 image
Source : Daily Express [Read Article] Tuesday 21st of March 2017 01:47:00 PM
....     Corporate bond funds change to paying gross interest. The Personal Saving Allowance (PSA) allows basic rate taxpayers to earn up to £1,000 in savings income tax-free, while higher rate taxpayers can earn up to £500. ...
Britons pay almost £2billion in extra inheritance tax over next five years image
Source : Daily Express [Read Article] Wednesday 15th of March 2017 12:01:00 AM
....Inheritance tax receipts will surge despite the new main residence allowance coming into force on April 6. This lets families pass on an additional £100,000 in property value to children or grandchildren tax-free, rising steadily to £175,000 by 2020. ...
Britons pay almost £2billion in extra inheritance tax over next five years image
Source : Daily Express [Read Article] Wednesday 15th of March 2017 12:01:00 AM
....Inheritance tax receipts will surge despite the new main residence allowance coming into force on April 6. This lets families pass on an additional £100,000 in property value to children or grandchildren tax-free, rising steadily to £175,000 by 2020. ...
Isas back in favour after tax allowance hike image
Source : Guardian [Read Article] Saturday 11th of March 2017 07:00:28 AM
. A new tax-free Isa allowance that comes into force next month will allow wealthy couples to put more than £70,000 beyond the reach of HMRC. ...
Budget 2017: tax on dividends will be a raid on 2 million small investors image
.... From next month the total amount you can save each year into all Isas will increase from £15,240 to £20,000 (see below). The chancellor announced he was slashing the tax-free dividend allowance from £5,000 to £2,000 from April 2018. ...
Hammond went where Osborne feared to tread with tax on self-employed image
Source : Guardian [Read Article] Thursday 9th of March 2017 04:41:03 PM
....But Osborne knew that however rational, raising self-employed national insurance could be too easily caricatured as a raid on the bank account of “white van man” – a tax on entrepreneurship. Treasury advisers vainly argued after Philip Hammond’s speech on Wednesday that the measure should be considered alongside the abolition of Class 2 national insurance contributions (NICs), announced by Osborne in his final budget last spring; and the increase in the tax-free personal allowance, due to come into effect next year. ...
Savers urged to use THIS simple trick to beat dividend tax changes image
Source : Daily Express [Read Article] Thursday 9th of March 2017 04:32:00 PM
....One of the most effective ways and easiest ways of protecting dividend income is to use your stocks and shares ISA. Shares held within the tax-free wrapper are protected from dividend tax, the allowance stands at and rises to £20,000 from April 5. ...
Hammond seems to be expecting business rates storm to just blow over image
Source : Guardian [Read Article] Wednesday 8th of March 2017 07:42:51 PM
.... But he sounded like a politician who has calculated that the twice-a-decade storm over business rates will blow over eventually and the “medium term” can mean whatever the government wants it to. If the tax raid on self-employed people seemed very un-Conservative, so did the cut in the tax-free allowance on dividend income enjoyed by wealthy investors in shares. ...
Budget 2017: Tax-free dividend allowance slashed image
Source : BBC [Read Article] Wednesday 8th of March 2017 06:04:27 PM
....Businesses owners who pay themselves in dividends on top of a small salary will be hit by a change announced in the Budget. From April 2018, the total amount of dividends that company directors and shareholders can receive tax-free will fall from £5,000 to £2,000. ...
What the 2017 budget means for you image
Source : Guardian [Read Article] Wednesday 8th of March 2017 05:18:09 PM
.... Income £11k. 2016-17 The tax-free threshold was £11,000, meaning he paid no income tax as his earnings were within the current personal tax allowance. ...
Philip Hammond breaks manifesto pledge with budget tax grab image
Source : Guardian [Read Article] Wednesday 8th of March 2017 04:05:32 PM
.... “The manifesto is not the place you should be looking for it; you should be looking for it in the legislation,” the spokesperson said. The policy change comes alongside a cut in the tax-free threshold for dividends, which the Treasury believes encourages high-paid individuals to set themselves up as companies artificially. ...
Self-employed hit by national insurance hike in budget image
Source : Guardian [Read Article] Wednesday 8th of March 2017 02:24:49 PM
....“The most significant remaining area of difference is in relation to parental benefits, and I can announce today that we will consult in the summer on options to address the disparities in this area as the FSB [Federation of Small Businesses] and others have proposed”. Hammond also announced that he was addressing similar benefits enjoyed by people who are directors and shareholders, by cutting the tax-free allowance on the dividends they take out of their companies from £5,000 to £2,000 from April next year. ...
Budget 2017: What it means for you image
Source : BBC [Read Article] Wednesday 8th of March 2017 02:09:53 PM
....Director shareholders will see a tax break reduced on the dividends they receive. The tax-free dividend allowance - which was only introduced last year - will be reduced from £5,000 to £2,000 from April 2018. ...
Budget 2017: Blow for pensioners as tax-free dividend allowance SLASHED image
Source : Daily Express [Read Article] Wednesday 8th of March 2017 01:44:00 PM
....” . How to beat dividend tax  • Use your ISA allowance now Unlimited dividends can be withdrawn from an ISA tax-free, so keeping taxable investments in the accounts is even more important. ...
Isa savers frozen out as rates hit a new low image
Source : Daily Express [Read Article] Wednesday 8th of March 2017 08:13:00 AM
. Experts warn this could slow the traditional rush to take out a tax-free individual savings account before the tax year ends on April 5. ...
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
....An additional £100,000 of allowance will be introduced which can be used to reduce the duty paid on a main home - but only if the property is valued at more than £350,000 and less than £2million. By 2020 this extra allowance is to rise to £175,000, meaning a couple could pass £1m of inheritance tax-free. ...
Budget 2017: Hammond to tell us the Brexit vote could have been worse image
....Part of the Treasury’s response to that report was to highlight how it was “cutting taxes for millions of working people”. There have indeed been successive rises over recent years to the tax-free personal allowance – the amount someone can earn without having to pay income tax. ...

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