It’s said that Inheritance Tax (IHT) is the most unpopular tax of all. Yet if you thought the tax is just for the rich and famous, you may need to think again, as your estate may be more exposed to it than you might think.
All too often people die without a will in place, which means their estate cannot be passed to the people they would want it to. Worse still, if no one can be found, the estate could even go to the Treasury. The reason for this is that an estate without a will becomes subject to ‘intestacy rules’. As such, the assets within that estate have to be distributed in a specific way, which may bypass the individuals the deceased would want to receive them. Read on to learn more about intestacy rules, and why they could jeopardise the financial security of those closest to you.
With speculation that the Government could be planning a major tax grab to replenish the nation’s coffers, it’s no surprise that some are calling October’s Autumn Statement the ‘Halloween horror’ budget. It’s not all doom and gloom though, as an Independent Financial Adviser (IFA) could help you prepare financially for any announcement that’s made on the day.
Big hearted staff at AFH Wealth Management have smashed their target of raising £24,000 for the Motor Neurone Disease Association (MNDA) three months early – and they won’t be taking the pedal off the metal anytime soon!
In this month’s commentary our Chief Economist, Colin Warren, looks at some of the major policy proposals of Donald Trump and Kamala Harris, and evaluates their potential economic and financial market impacts.
The Government is looking into historic underpayments of the State Pension that could affect hundreds of thousands of Britons. This means many pensioners that received less than they should have done could now be able to claim back payments, which could be as high as £10,000 or more.
While pensions offer a tax-efficient way to save for your retirement, care needs to be taken when you access them. While pensions offer tax advantages while you’re building them, they can be subject to potentially significant tax charges when you draw money from them.
According to the media in August 2024, the number of Britons whose pensions will not provide the retirement lifestyle has risen. Data from Standard Life reveals that the number of people with pensions that is unlikely to provide the standard of living they want increased from 35% to 38%, when compared to 2023.
While an important benefit of pensions is the tax relief they offer, another is the growth potential they can offer over the long-term. One reason for this is ‘compound growth’, which can help to boost the value of your retirement fund and turn your dream retirement into reality.
