HMRC is urging Britons to check if they’re missing out on unclaimed savings wrapped up in Child Trust Funds. In September last year, almost 430,000 people still had yet to claim the cash, worth an average of £2,000 each. Child Trust Funds are tax-free savings accounts designed for long-term saving. They were established for every […]
The launch of Chancellor Jeremy Hunt’s flagship “UK ISA” is due to be delayed – and could even only come into effect after the next general election. Mr Hunt announced the new ISA product during the Spring Budget, which would award savers an additional £5,000 allowance on top of the current £20,000, to invest in […]
A petition calling for the basic state pension to be increased to the new state pension amount is gaining ground. The Parliamentary petition has had over 6,000 signatures with the campaign branding the current policy “unfair”, as the full basic state pension is £156.20 a week compared to the full new state pension of £203.85 […]
New Bank of England figures have revealed an alarming surge in mortgage arrears which has triggered fears of a rise in repossessions. The value of outstanding mortgage balances with arrears is over 50 percent higher than it was a year ago. At the same time, the proportion of mortgages that are in arrears is at […]
A pensioner lost £96,000 of her savings to a scamming cold caller who persuaded her into a “pension review”. In 2014, Davina Frost received a phone call from an unregulated introducer, Portia Financial, who said she could end up with a larger and easier-to-manage pension following a review. She was then convinced to transfer her £96,000 defined […]
The UK is moving to having a residence-based regime for inheritance tax starting in April 2025. In Chancellor Jeremy Hunt’s Budget last week, he announced large-scale reform to tax relief for non-domiciliaries. In 2023 inheritance tax receipts accounted for just 0.91 percent of all HMRC tax income. Inheritance tax (IHT) is applied to estates valued […]
Pet owners could be paying too much for their furry friends’ medicines, a watchdog has warned. The Competition and Markets Authority (CMA) is launching an official investigation into the vet market after an initial review raised “multiple concerns”. Among the issues, it found consumers may not be given basic information like price lists and prescription […]
Banks are being given extra time to stop scammers in their tracks before sending payments, according to new draft legislation revealed on Tuesday. This means that payment service providers like banks will have more time to get in touch with customers, the police and others when they suspect fraud before a payment is sent. The […]
Britons are being urged to “take action” and claim Child Benefit if they’re eligible for it, following changes announced in the Spring Budget. Doing so can prevent the risk of missing out on thousands of pounds extra per year and a boost to their state pension. With Child Benefit changes potentially benefitting 485,000 higher earners, experts […]
Three in four councils are set to turn the screw on residents with a Council Tax rise of more than £100 a year from April 1. The vast majority will be pushing up the figure by 4.99 percent, however hundreds of thousands of struggling families and pensioners face hikes of around 10 percent. The average […]
