News

The Office of Tax Simplification (OTS) has published the first part of its inheritance tax (IHT) simplification review.

The report highlights a variety of issues with the current IHT system:

UK dividends are continuing to grow faster than inflation, according to the latest quarterly data from Link Asset Service.

Source: Link Asset Services, FTSE

The government has revived plans to raise probate fees in England and Wales.

A new, banded structure for probate fees in England and Wales is to be introduced, according to a written statement issued a week after the 2018 Budget by the Parliamentary Under Secretary of State for Justice.

The State Pension Age (SPA) became equal for men and women for the first time, at age 65, on 6 November 2018.

Like all legal documents, your will must meet certain requirements.

A will must be signed and witnessed to be valid. You must have two witnesses who can’t be beneficiaries or be married to a beneficiary. If your circumstances change – perhaps by having a child – you will need to update your will. Any changes must be signed and witnessed.

HMRC investigated almost one in four inheritance tax (IHT) returns in 2017/18, according to research published in September by UHY Hacker Young.

HMRC can impose penalties of up to 100% of the tax due on UK estates that underpay. These penalties apply even though it is often a family member who acts as executor after a relative has died. This is a stressful time, but executors have a legal duty to ensure all information is correct when applying for probate or filing an IHT return.

The Financial Conduct Authority (FCA) is warning consumers about investment scams that purport to invest in crypto-currencies.

The watchdog has seen a rising number of cases, with fraudsters often advertising on social media, claiming celebrities have made significant sums investing in digital currencies, such as Bitcoin and Ether. Consumers should be wary of such claims.

The amount of money invested in ethical funds has trebled over the past 10 years according to the Investment Association.

The growing demand has been backed by increased political pressure for fund managers and pension trustees to incorporate environmental, social and governance (ESG) factors as part of their investment process.

Those that support this responsible investment approach argue that this isn’t just about doing the right thing: it is about managing longer-term risks and generating sustainable returns.

Life expectancy has stopped increasing according to a report from the Office for National Statistics (ONS) issued in September, but we are still living longer than ever before.

It pays to be aware of your credit history to ensure no-one is applying for loans or credit cards in your name.

The three main credit reference agencies (CRAs) are Experian, Equifax and TransUnion. All will provide consumers with a copy of their credit report and you can apply online.

Lenders will use the information in these reports to determine whether or not to grant credit – and potentially what rate of interest will apply.

Your credit report will probably go back at least six years and include: