Budget: Chancellor abolishes lifetime pension allowance saying ‘no one should be pushed out of the workforce for tax reasons’ March 15, 2023 Chancellor Jeremy Hunt has abolished the pension lifetime allowance and increased the annual tax free pension allowance by 50 per cent to £60,000 a year. The measure was one of several unveiled in the Budget and aimed at encouraging an estimated 3.5m people of pre retirement age back into the workforce. Hunt said: “Turning 50 [...]
Prudential: Insurance giant vows to stay listed on London stock exchange after posting uptick in profits on pivot to Asia March 15, 2023 Prudential today confirmed it intends to remain listed in the City following speculation the 175-year-old insurer had plans to switch the the London Stock Exchange for New York. A spokesperson for the insurance giant today confirmed to City A.M. the firm has “no plans” to exit the London Stock Exchange. It comes after Prudential today [...]
Pension explainer: The lifetime allowance and why it’s not just for wealthy savers March 14, 2023 Speculation is growing that the Chancellor of the Exchequer Jeremy Hunt is looking at increasing the pension lifetime allowance (LTA). The move is being interpreted as attempting to reverse the trend of early retirements and get more over 50s to consider re-joining the workforce. Mr Hunt is keen to bolster Britain’s workforce as he looks to deliver [...]
Budget: Hunt considering pension changes to encourage over 50s back to work March 14, 2023 The Chancellor is understood to be looking at increasing the pension lifetime allowance (LTA) in a move that is being interpreted as attempting to reverse the trend of early retirements. The PA news agency understands Jeremy Hunt is considering allowing workers to put more money into their pension pot before being taxed as part of [...]
Rules protecting consumers will mean fewer mortgage applications, finance leader warns March 10, 2023 A new consumer duty placed on financial firms could lead to lenders being more cautious and fewer people able to access a mortgage, the chief executive of trade association UK Finance has told an industry gathering. David Postings told UK Finance’s annual mortgage lunch in London that the measure is a “well-meaning idea”. He said: [...]
If you can’t afford your mortgage: What the FCA’s lender guidance means for borrowers March 10, 2023 Successive interest rate rises are increasing mortgage costs for millions of borrowers, according to both regulators, lenders and advisers. One of the main City watchdog shas estimated an extra 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind. The Financial Conduct Authority has issued final [...]
Londoners most at risk of being among the 350,000 UK borrowers who will struggle to repay their mortgage, regulator warns March 10, 2023 An extra 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind, according to the City regulator. This has been reduced from a previous estimate made last September that an additional 570,000 mortgage borrowers could become financially stretched by the end of June 2024, [...]
Use your Isa allowance to invest against the Chancellor’s ‘Budget raid’ on savings March 8, 2023 What are your options if you plan to use your Isa to buy stocks and shares. We explore the different assets and explain why it’s more important than ever to use your Isa allowance this tax year. More taxpayers than ever are falling into the higher rate tax bracket of 40 per cent. According to [...]
State pension: Government extends National Insurance top-up contribution deadline March 7, 2023 The government has confirmed the deadline for filling gaps in state pension National Insurance (NI) contribution records will be extended from 5 April 2023 to 31 July this year The April deadline applied to back payments from 2006, but concerns had been raised people were struggling to get through to jammed HMRC phonelines. The update [...]
Who wants to be a millionaire? Isa do! The fund and trust-based savings accounts that have made a mint since 1999 March 3, 2023 Savers who have ferreted away their annual tax-free individual savings account (Isa) allowance since the scheme was launched in 1999 would have seen some serious returns. While Isa millionaires, are few and far between there are some funds that have helped savers grow their Isa pots to over six figures. According to savings platform AJ [...]