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Defined benefit (DB), sometimes also known as Final Salary pension schemes continue to be a hot topic in the business and financial worlds as an increasing number of people seek to transfer their pensions from a DB scheme. Recent figures suggest that more than four out of five (83%) of financial advisers in the UK have seen an increased demand for such transfers over the last twelve months, with over half (54%) describing it as a ‘significant increase’. Additionally, 71% of UK advisers said they expected the demand to increase further over the coming year.
A recent report has suggested that the ‘Bank of Mum and Dad’ will be lending their children over £6.5 billion this year in order to help them onto the property ladder. The projected figure is around £1.5 billion higher than the £5 billion loaned by parents to their offspring in 2016, demonstrating an increase of 30% and meaning that more than one in four property transactions in the UK in 2017 will involve parents.
Tax promises have unsurprisingly been a key part of the election campaigns, with both Labour and the Conservatives delivering pledges not to increase VAT should they be in power following the vote on 8th June. With Theresa May currently on course to remain Prime Minister and increase her parliamentary majority, the attention of many has turned to her lack of commitment to what will happen with other taxes such as income tax and National Insurance.
The market reaction to Theresa May’s decision to call a snap general election to take place on 8th June was, thankfully, relatively minor. After reaching a record high in March 2017, the FTSE 100 dropped by 3% following the Prime Minister’s surprise announcement last month. Compared to the negative reactions experienced following both the 2012 Eurozone crisis and the Chinese economy concerns at the start of 2016, this was reasonably slight.
Your retirement should be something you look forward to: a time when you can reward yourself for the years of hard work you’ve put into your career, your family and anything else you’ve spent time and effort on throughout your life. But retiring successfully can be trickier than it might first seem. So, whether you’re looking to leave the world of work behind in the near future or have already done so, read on to find out our top tips for a fulfilling retirement.
It will come as a surprise to nobody that retirement is one of the biggest lifestyle changes you’ll ever experience. But as your priorities shift and the free time available to you increases, what you might not be as aware of is the way in which your spending habits are likely to alter too.
The Office for National Statistics (ONS) recently confirmed that inflation calculated by the Consumer Prices Index (CPI) rose from 1.8% in January to 2.3% in February, a figure above both the Bank of England’s own target of 2% and the figure of 2.2% predicted by many financial commentators. This rise will obviously have an impact on how far the money in your wallet is likely to go, but what about the money in your nest egg?
By now, you’ll undoubtedly be aware of HMRC’s ‘Making Tax Digital’ (MTD) project. The aim of the project is to modernise the entire tax system by requiring all businesses to manage every element of their tax affairs online by 2020.
With both property prices and the cost of living continuing to rise, as well as low interest rates making it difficult to save, the ‘Bank of Mum and Dad’ is increasingly becoming a partnership with the ‘Bank of Gran and Grandad’. If you have grandchildren, it’s only natural that you’ll want to provide for them in some way as you move towards your retirement years. But what’s the best way of supporting the younger members of your family in the long term as well as the short term?
Despite the claims of Brexit and the debate on triggering Article 50, it is impossible to start this commentary anywhere other than in Washington where, on January 20th, Donald Trump was inaugurated as the 45th President of the United States.
It is remarkably difficult to find a news outlet that has a neutral view of ‘the Donald:’ however, we’ll do our best in this commentary to stick to the facts and let you form your own opinions…
The beginning of a new calendar year should serve as a timely reminder that we’re only three months away from the end of the current tax year. It might feel at the moment as though there’s plenty of time until the beginning of April, but ensuring you make use of the remaining months before they disappear is always a good idea. Here are our top four tips for ways to make the most of this tax year whilst you can.
According to recent research, the introduction of pension freedoms has led to many thousands of people taking out large sums from their retirement funds, then leaving it earning them next to nothing in low interest