A couple of years ago, inheritance tax (IHT) grabbed the headlines, with one national newspaper running a high profile campaign for its abolition. But, once Alistair Darling had announced in the 2007 Pre-Budget Report that the nil-rate band (currently £325,000) would be transferable between married couples and civil partners, IHT began to fade from view.
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There are now two really tax efficient ways to give grandchildren – or even people who are not related to you – a valuable nest-egg for the future.
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Have you ever considered what would happen to your family finances if you or your partner were to become seriously ill, or even die?
Take the example of a young married couple with two children. The husband earns £40,000 a year and the wife earns £8,000 a year working part-time. They have a recent joint mortgage on their property worth about £130,000. One day the husband is killed in a traffic accident. How would the family fare?
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School fees increased by an average of 5.90% in 2009, according to the Independent Schools Council. Termly fees ranged from an average of £3,358 for day schools to £7,748 for boarding schools, although there was quite a range depending on the actual schools chosen (*1).
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In his April Budget, the Chancellor announced an increase in the contribution limits for individual savings accounts (ISAs). The lateness of the Budget and, probably, the tightness of government finances, meant that the increase was staggered:
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If you have a one-year bank or building society bond about to mature, you may find that your money is going to be automatically transferred to an account paying minimal interest. For example, Northern Rock pays just 0.25% on its matured bonds (*1). Some deposit takers will roll over your investment into a new bond for the same term, but give you the option of withdrawing penalty-free within a month.
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The government has reduced the tax relief on pension contributions for people with high incomes. This has implications for many people – not just the high earners directly affected.
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If your company’s year end is 31 December, now is the time to start considering whether and how you should draw out your profits. In 2009, there is a new set of factors to consider alongside the normal issues:
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The way we live is changing and for most people it is becoming more complicated. For example, ‘boomerang kids’ are much more common – those are adult children who leave home and then return, typically when times get tough. Nearly a third of men and a fifth of women aged 20 to 34 live with their parents, according to government figures (*1).
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On 1 October 2009, the NMW will rise by 7p to £5.80 an hour for anyone aged 22 or over. That equates to £232 a week for a 40-hour week or £203 for a 35-hour week.
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Miss the Halloween date and you must file via the internet, which has a cut-off date of 31 January 2010.
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