High inflation over the last year has collectively cost savers billions of pounds in real terms, according to an Independent report. Have you considered the effect the rising cost of living could have on your wealth? While inflation may not reduce how much you have in your savings account, in real terms, the value may fall. As the cost of …
Figures suggest more families are gifting to avoid Inheritance Tax (IHT). While passing on assets to loved ones may seem like a clear solution, it isn’t always so simple. More estates are becoming liable for IHT as thresholds for paying the tax are frozen. The Office for Budget Responsibility predicts HMRC will collect £8.4 billion from IHT receipts in 2027/28, …
The latest release from HMRC shows it collected a record £16.7 billion in 2021/22 through Capital Gains Tax (CGT) – a 15% increase on the previous tax year. Cuts to a tax exemption could mean CGT receipts might climb even further. CGT is a type of tax you pay when you sell or dispose of certain assets. It may include …
Government changes to when pensions are taxed may mean you could save far more tax-efficiently for your retirement. If a potential tax bill influenced your current retirement date, it might be worth reviewing your plan. Previously, the Lifetime Allowance (LTA) affected the total pension benefits you could build up before facing a possible tax charge. In 2022/23, the LTA was …
Pension Awareness Week is an ideal time to assess your retirement goals and familiarise yourself with pension-related knowledge that could make a significant difference in securing your financial future. With a greater understanding of pensions, you can make informed, strategic decisions that lead to a comfortable and fulfilling retirement. TPD Wealth Management Ltd, a Stockport-based financial planning firm authorised and …
In today’s constantly evolving financial landscape, understanding the latest trends in the UK investment market and employing efficient estate planning strategies are critical components of a comprehensive wealth management plan. The art of striking the ideal balance between risk and reward while protecting your financial legacy is both a challenge and a key determinant of your long-term financial success. TPD …
Research suggests almost a third of households are already worried about meeting their mortgage repayments. Now, the Bank of England (BoE) has warned that millions of households could see a significant jump in their repayments by the end of 2026. Read on to understand if your finances could be affected and what your options are. According to a BBC report, …
Rising interest rates are placing pressure on household budgets, and some families are considering interest-only mortgages. While they could alleviate some of the challenges now, an interest-only mortgage could have implications over the long term. In response to high inflation, the Bank of England (BoE) has increased its base interest rate over the last 18 months. This has led to …
High inflation and rising interest rates aren’t just affecting households, they’re affecting the UK’s public finances too. Forecasts suggest the government may need to implement tax rises to avoid debt spiralling. According to the Office for National Statistics, at the end of July 2023, public sector debt was an eye-watering £2.57 trillion. That is the equivalent of around 98.5% of …
Reports suggest that the Conservative party will make scrapping Inheritance Tax (IHT) part of its manifesto pledge in a bid to secure the general election. Frozen tax thresholds meant HMRC raked in a record amount of IHT in the last tax year. Read on to find out more about the reports. While there have been reports that IHT would be …
