magazine archive
magazine archive
Personal Finance
How to protect yourself from the capital gains tax raid
Thursday 07 Nov 2024Chancellor Rachel Reeves announced an astonishing £40 billion of tax rises in her maiden budget, and yet, despite that, there will be relief in some quarters that things didn’t turn out worse. Capital gains tax is one of the areas where the Reeves’ raid was not as bad as feared, as there had been...
What lower inflation means for your personal finances
Thursday 24 Oct 2024The CPI measure of inflation for September came in at 1.7% according to the latest set of figures produced by the Office for National Statistics. This is the first time in three years the inflation reading has dipped below the Bank of England’s 2% target, and against the backdrop of a painful...
The case for and against buying an annuity
Thursday 10 Oct 2024Here’s a sentence you won’t read very often: the annuity market witnessed a significant boom in the last tax year. Data from the FCA shows annuity sales rose by almost 40% in 2023/24, marking a sharp reversal in fortunes. Ever since pension freedoms were introduced in 2015, annuities have been...
Lifetime ISAs are becoming more popular – but beware the exit charge
Thursday 03 Oct 2024Lifetime ISAs have gained popularity, with an additional £732 million being deposited into these accounts last year, according to government data. Recent data reveals a 43% increase in contributions to Lifetime ISAs in 2022/23. The total savings reached a record £2.4 billion that year, nearly...
VCTs get the green light from the Treasury
Thursday 26 Sep 2024If you pick up a newspaper this month, you are almost guaranteed to read about the taxes the new chancellor is planning to hike, or the tax reliefs she is looking to axe. But one set of tax reliefs we know is here to stay are those supporting venture capital trusts. The Treasury has just confirmed...
Five ways retirees can cut their investment tax bill
Thursday 19 Sep 2024Many retirees rely on income from a mix of pensions, investments, and property. While retirement may bring lifestyle changes, the tax rules remain the same as if you were employed. This means income from investments or pensions is taxed just like any other earnings. If your total income exceeds £...
Is Labour going to limit pensions tax relief?
Thursday 12 Sep 2024If you’ve been tuned out of the political narrative over the summer, you might not have heard the government is facing a £22 billion black hole in its finances and a ‘painful’ Budget lies ahead. Then again, if you’ve got a smart phone, you’re probably up to speed. There is plenty of speculation...
Five sneaky ways you could be hit with tax on your savings
Thursday 05 Sep 2024Cash interest rates have risen, more people are being pushed into the next tax bracket and millions of people are expected to pay tax on their savings income this year. While lots of people are using ISAs to protect their money from tax or organising their savings to cut their tax bill, there are...
The best and worst performing investments of the cost of living crisis
Thursday 29 Aug 2024It’s now three years since the cost of living crisis began to grip the nation. In August 2021, CPI inflation jumped to 3.2%, up from 2% in July of that year. It then climbed all the way up to a peak of 11.1% in October 2022 before gradually, and painfully, falling back to current levels. Consumers...
Seven steps to reduce your inheritance tax bill
Thursday 22 Aug 2024The death tax is dubbed Britain’s most hated tax, but only around one in 20 estates pay it. Those numbers are rising, along with the amount of money HMRC is raking in each year. If you’re concerned that your estate might have to pay inheritance tax (IHT) when you’re gone, there are things you can...