Today final day for borrowers to apply for payment holiday on mortgages, cards and loans March 31, 2021 Borrowers have until the end of today to apply for a payment holiday on products such as mortgages, personal loans and credit cards. Eligible customers who have not taken a payment holiday before, and those who have previously had a payment deferral totalling less than six months, have until tonight to apply. Payment holidays are [...]
Treasury mulls slashing higher-rate tax relief on pensions contributions March 20, 2021 The Treasury is reportedly considering huge cuts to tax relief on pensions contributions amid the spiralling cost of measures brought in during the pandemic. On 23 March, which has been dubbed “tax day”, the Treasury will announce new consultations on proposed taxation reforms, which could include reforms to pension tax. When people pay into their [...]
UK borrowers impacted by pandemic face rising mortgage payments, L&G warns March 17, 2021 UK borrowers who have suffered a drop in income during the pandemic could soon be paying thousands of pounds more in monthly mortgage repayments, according to the latest research. The survey by Legal & General Mortgage Club found that one in three borrowers are considering staying on their current lender’s Standard Variable Rate (SVR) once [...]
British family sells $10m Van Gogh to avoid rise in capital gains tax February 26, 2021 A British family are selling a Vincent Van Gogh drawing for a record breaking $10m (£7.1m) to avoid a potential rise in capital gains tax in next Wednesday’s budget. Thomas Gibson, a London art dealer, and his three sons have decided to sell the Van Gogh alongside seven other works, including art by Lucian Freud [...]
Chancellor Rishi Sunak ‘planning stealth tax rise’ on wealthy pensioners in next week’s Budget February 26, 2021 Chancellor Rishi Sunak 'planning stealth tax increase' on wealthy pensioners in next week's Budget
Moneysupermarket profit drops as demand for travel insurance and credit products falls February 18, 2021 Moneysupermarket, the financial services price-comparison platform, suffered a fall in profit and revenue last year as lockdown restrictions caused a drop in demand for insurance and credit products. Moneysupermarket, which also owns the advice website Moneysavingexpert, said profit after tax fell 27 per cent from £94.9m in 2019 to £69.3m last year. Group revenue was [...]
Japan overtakes UK as world’s second largest pension market February 16, 2021 The UK pensions market was overtaken in size by Japan in 2020, pushing the UK to third place. The United States retained its position as the largest pension market in the world, making up 62 per cent of worldwide pensions assets. Japan and the UK represented 6.9 per cent and 6.8 per cent respectively. The [...]
Ranked: Monzo tops list of best UK banks as digital services thrive February 15, 2021 Digital fintechs Monzo and First Direct provide better service to customers than traditional banks, according to a recent survey. Ipsos MORI conducted a review of around 1,000 customers from each of the 19 biggest personal current account providers in the UK to rank the best and worst banks. The findings are designed to compare the [...]
15 socially responsible investing ideas for your ISA February 8, 2021 Sustainable investment funds have exploded in popularity in the last few years, now holding more than $1 trillion of investors’ cash as the ‘Blue Planet effect’ made people rethink the impact of their choices on the planet. These funds have also proven themselves against their rivals – over the last 15 years, ethical funds have [...]
How the pros use ISAs to cut clients’ tax bills February 8, 2021 ISAs are more than just places to park some extra cash to grow tax-free. Used with a bit of sophistication, they can cut your tax bill by thousands of pounds. Professional financial advisers use ISAs for modestly wealthy clients up to those with multi-million pound portfolios. Why? Because they work. Here’s how to get the [...]