News

The Inheritance Tax consequence of co-owning a home

The case of Margaret Vincent v HMRC (TC07432) concerns a married couple who co-owned their home with the wife’s brother, the brother’s right to occupy the family home and whether this constituted an interest in possession in the property. This point was crucial to determining the value of the brother’s…

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Bank of England to cut interest rates?

The central bank’s base interest rate currently sits at the lowly figure of 0.75%, but recent comments suggest others are considering cutting rates, a move they last made in the wake of the Brexit referendum. Implied market chances of a cut later this year are now 70%. Two Monetary Policy…

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Does the high-income child benefit charge apply?

The high-income child benefit charge (HICBC) applies to claw back child benefit from either the claimant or his or her partner where at least one of them has an income of £50,000 or more. The charge is perhaps one of the more unfair tax charges in that the person who…

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Has a cautious approach to investing cost you money?

It’s natural to want to protect your wealth by choosing less risky investment propositions. However, being overly cautious could actually end up meaning you don’t achieve better returns. Whether you’re using an Individual Savings Account (ISA) to start investing for the first time or reviewing your pension investments, risk plays…

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Equity Release: Weighing up the pros and cons

The number of homeowners using Equity Release to unlock wealth tied up in their property is on the rise. Yet, research suggests that it’s an option some still don’t fully understand. It could mean some are making a decision that isn’t right for them and their goals. First, what is…

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How does inflation affect your pension income and lifestyle?

When setting out your retirement finances, understanding what you can sustainably afford to withdraw is essential. One of the key elements to this is longevity; how long will you need to draw on your pension for? But another, related challenge to managing pension income that you may have overlooked is…

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January Newsletter – Happy New Year!

Welcome to our first newsletter of the year! We hope you had an enjoyable festive break with family and friends. I would like to take this opportunity to wish you and your family a very prosperous Happy New Year! Tax Year End (Important) The months leading up to the tax year…

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Mileage allowance payments – what is NIC-free?

Employees frequently use their cars for work and may be paid a mileage allowance by their employer for doing so. Employers are generally familiar with the rates that can be paid tax-free; however, it is easy to assume (wrongly as it happens) that the same rules apply for National Insurance…

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The impact of the election on investments

After seemingly flatlining in the last few months, markets improved since the election and not just on the near landslide UK election outcome. Boris Johnson has the majority to “get Brexit done” and remove some of the uncertainty that has held back business activity.  Many of us independent financial advisers…

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Can landlords claim a deduction?

Landlords are able to claim tax relief for expenses that are incurred wholly and exclusively for the purposes of the property rental business. However, some expenses have both a private and a business element. Where this is the case, is any relief available? Business element separately identifiable If it is…

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