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From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

New data shows that the Government has overtaxed pensioners by up to £30 million in recent months - March 19, 2019
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The latest figures from HM Revenue & Customs (HMRC) have revealed that the Government has repaid around £30 million to savers who were overtaxed on pension freedom withdrawals during the final three months of 2018. The new data adds to existing research, which shows that since the introduction of the pension freedoms in April 2015, … Continue reading New data shows that the Government has overtaxed pensioners by up to £30 million in recent months


Bereaved spouses may be paying unnecessary tax on ISAs - February 13, 2019
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A new Freedom of Information request has revealed that last year only 21,000 people took advantage of a tax scheme that allows a surviving partner to expand their ISA allowance to include funds from their deceased spouse’s accounts. It is estimated that 150,000 people a year inherit an ISA from a spouse, which means that … Continue reading Bereaved spouses may be paying unnecessary tax on ISAs


Simple paperwork error could see thousands of parents miss out on pension contributions - February 13, 2019
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The Chair of the Treasury Committee, Nicky Morgan MP, has highlighted that more than 200,000 parents may face a smaller state pension due to a simple error involving child benefit. In order to receive the full state pension, workers need to make a minimum of 35 years of National Insurance contributions. However, parents with children … Continue reading Simple paperwork error could see thousands of parents miss out on pension contributions


Financial illiteracy blamed for growing pensions tax take - January 17, 2019
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The Organisation for Economic Co-operation and Development (OECD) has revealed that the lack of knowledge surrounding the current pension freedom arrangements has allowed the UK Government to collect more taxes than anticipated. The OECD Pensions Outlook 2018 found that financial literacy, which affected pensions withdrawal behaviour, was at the heart of this increased tax take. … Continue reading Financial illiteracy blamed for growing pensions tax take


Proposed pensions dashboards will create informed retirement planning, according to Government - January 17, 2019
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Millions of taxpayers will be given access to information about their pensions via an online pensions dashboard under Government plans. The free tool will allow people to access information from most pension schemes in one place online for the first time and would: provide accurate, easy to understand, secure information show how much people have … Continue reading Proposed pensions dashboards will create informed retirement planning, according to Government


Over 50s would need £500,000 windfall to consider seeking advice - December 13, 2018
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According to the London Institute of Banking and Finance, the majority of over 50s would not consider consulting a financial adviser unless they had more than £500,000 in the bank. Women were more reluctant than men are to consult an adviser, according to the research. The average man set a limit of £499,171 for speaking to a specialist, while … Continue reading Over 50s would need £500,000 windfall to consider seeking advice


One in five Britons have no savings to fall back on - December 13, 2018
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According to a new study, three-quarters of people in the UK – from across various social and economic backgrounds – are worried about their current financial situation. The research, put together by Salary Finance, revealed that 20 per cent of the 2,000 people surveyed had no savings to fall back on in emergency situations. In … Continue reading One in five Britons have no savings to fall back on


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