A new tax year has started, here’s what you should be doing April 5, 2023 Savers have welcomed in a new tax year, starting Thursday 6 April. These include putting savings into tax free accounts such as Isas; the annual contributions limit for Isas will remain frozen in the 2023/24 tax year, from April 6, at £20,000. Sarah Coles, head of personal finance at financial services provider Hargreaves Lansdown, said: [...]
Capital gains tax allowance changes to hit half a million investors’ profits as tax year begins April 4, 2023 Investors are being warned to be aware of the halving in the tax free amount of profit they can make when selling valuable assets, such as shares or a second home. Wealth manager Nutmeg said investors were likely to be caught out by capital gains tax (CGT) changes coming in on 6 April. After then [...]
Succession – planning that is – and why you don’t need to be as rich as Logan Roy to secure your family’s financial future March 31, 2023 Rivalry and revenge are rife within the Roy family – the dysfunctional clan that returned to screens this week in the Sky series‘Succession’. Camilla Stowell, head of private and commercial clients at Coutts said: “The drama uncovers how emotional conversations about intergenerational wealth and succession planning can be. “However, in reality the process can be [...]
Broadband, mobile bills and council tax rises threaten ‘awful April’ for householders already facing cost of living crisis March 31, 2023 Households battling the cost of living crisis are facing an onslaught of price hikes that could leave the average family hundreds of pounds a year worse off. From April 1, millions of people will face increases to their broadband, mobile, water and council tax bills. Most local authorities are putting up council tax by 5 [...]
Pensions, Isas, child benefit limits and inheritance tax: Your ten point end of tax year checklist March 29, 2023 In five year’s time the annual income of another 2.1 million taxpayers will fall into the higher rate tax threshold, a rise of 47 per cent, according to the Office for Budget Responsibility (OBR). The threshold has been frozen since April 2021 – and is expected to stay frozen until April 2028 while the threshold [...]
Tax year end: Six ways to invest a £100,000 bonus March 28, 2023 Next week marks the end of the 2022/23 tax year, with midnight on 5 April the deadline for using available tax-free savings and investment allowances. Last December saw city workers awarded bumper bonuses and seven in ten City workers still expect their bonus to be as large as – if not ‘larger’ or ‘significantly larger’ [...]
Junior Isas and the £100k children’s savings club: As savings deadline approaches parents reminded to use their tax free allowance March 28, 2023 Around 40 children had Junior Isa pots worth £200,000 or more at the end of the 2020/21 tax year, according to HM Revenue and Customs (HMRC) figures. And around 500 had savings pots worth £100,000 or above, the figures indicate. The rounded figures were released after a freedom of information request made on behalf of [...]
Dating, DIY and Netflix: Brits stop spending on love and luxury due to cost of living crisis, Nationwide says March 24, 2023 The value of households’ spending on subscription services, home improvements and dating fell annually in February, according to analysis by Britain’s biggest building society of its members’ outgoings. The volume of dating transactions fell by a third (33 per cent ) in February 2023 compared with the same month in 2022, also falling by 7 [...]
Lump sum or regular saving, investing for children and how to go green: Your Isa guide to making the most of this year’s tax-free allowance March 24, 2023 With just under three weeks left until the end of the tax year, savers may still be considering how to use their annual tax-free Isa allowance. You can use your allowance whether you are looking at setting up a regular savings plan, or investing a lump sum, or even considering putting some cash aside for [...]
UK house prices: Growth down while rents soar by their highest in seven years March 22, 2023 Private rent paid by tenants in the UK rose 4.7 per cent in the 12 months to February 2023, up from 4.4 per cent in the 12 months to January 2023, according to the Office for National Statistics which also reported that house prices increased 6.3 per cent in the same period. Annual private rent [...]