It’s the season for giving. This Christmas, you might be thinking about how you could improve the security of your loved ones by gifting them money or assets. Read on to discover five potentially useful allowances that you might want to consider if your estate could be liable for Inheritance Tax (IHT). Some gifts are considered immediately outside of your estate for IHT purposes, and are known as “potentially exempt transfers”. They may be included in your estate when calculating IHT for up to seven years after they are given. So, if reducing IHT liability is one of the motivators for gifting assets, considering tax-efficient allowances could be valuable. In 2023/24, the nil-rate band is £325,000. If the entire value... Read More

Jeremy Hunt delivered his second Autumn Statement as chancellor on 22 November 2023. While the headline news was cuts to National Insurance rates for employees and self-employed workers, there may have been less attention-grabbing changes that could make your finances easier to manage. Read on to discover how ISA and pension changes might be useful to you. 1. ISAs are set to become simpler ISAs were launched in 1999 to promote saving and investing in a tax-efficient way. Statistics suggest they’ve achieved that goal – according to the government, in 2021/22, 11.8 million ISAs were subscribed to, with around £66.9 billion added to accounts. Yet, over the years, ISAs have become more complicated. New ISAs have been launched, including the... Read More

As inflation remains stubborn, and interest rates may have to remain higher for longer, recessionary concerns have grown around the world. Read on to discover some of the factors that may have affected your investment portfolio in October 2023. When reviewing short-term market movements, remember to focus on your long-term investment goals. UK After a slump in July, official data shows the UK economy grew by 0.2% in August with the Office for National Statistics (ONS) reporting that the service sector mostly drove this growth. Despite this positive news, concerns remain that the UK is heading into recession. Official figures indicated that the unemployment rate rose to 4.2% between June and August, up from 4% in the March to May... Read More

The health of the economy can affect your finances. A strong economy could lead to the value of investments rising, or the need to raise public finances may mean your tax liability increases. However, predicting how the economy will perform can be difficult as numerous factors can have an impact. When you think about what affects the economy, sunny weather and Taylor Swift concerts might not be the first thing that comes to mind. Yet, data shows they could both deliver an important boost to GDP. Here are just four examples of events that might influence economies. 1. Taylor Swift’s tour is projected to generate $5 billion of consumer spending in North America alone Taylor Swift’s current Eras Tour is... Read More

Planning for your death can be emotionally difficult, but it could be a huge help to your loved ones. Research suggests administering an estate after a loved one has passed away can affect mental health and finances. Read on to learn more about some of the steps you could take to help your family manage your affairs. According to the Exizent Bereavement Index 2023, more than half of people dealing with bereavement and administering an estate say it’s harmed their mental health. Furthermore, 28% said they suffered financial difficulties. This was driven by unexpected costs, Inheritance Tax (IHT) obligations, or pressure to distribute assets. In fact, just 1% of people said they found the probate process easier than expected. 6... Read More