There has been a welcome change recently for non-domiciled widows, who have previously been liable to Inheritance Tax (IHT) on their spouse’s death. Whilst assets can usually pass between spouses without IHT, there has always been a hidden trap where the deceased was domiciled in the UK and the survivor was domiciled in another country.
More than half of younger workers aged between 25 and 34 plan to save more into a pension in 2013 compared with 26% of 45 to 54-year-olds according to a new survey by the National Association of Pension Funds.
Interest rates on cash savings are at an all-time low. Currently, it is difficult to get much over 2% gross for a no-notice account, whilst inflation (RPI) is stubbornly high at 3.2% and shows no signs of abating. This means that savers face a falling standard of living as inflation erodes the purchasing power of their cash.
The end of the tax year is looming on Friday 5 April, but there is still time to save tax for 2012/13.
There is a widespread perception that pensions are a waste of money, with reasons mentioned including poor investment returns, high costs, complex rules and difficult to get your money out.
We are delighted to welcome Leah Thorne as part of the team to lead our client services. Leah has extensive experience of client liaison and delivering high quality administration.