Newsletter June 2019
Savers withdraw £25.62bn through pension freedoms
The total amount of withdrawals made using pension freedoms since April 2015 has risen to £25.62 billion.
People aged 55 and over have benefitted from more choice when it comes to accessing their pension savings from 2015/16.
Talk to us at Herts & Essex Financial Services Ltd about accessing your pension. http://www.handefs.co.uk/our-services/pensions
Inheritance tax receipts projected to double by 2030
Taxpayers in the UK are set to pay a total of £10 billion a year in inheritance tax by 2030, according to Canada Life.
The most recent data from the Office for National Statistics shows that the Government collected £5.2bn in inheritance tax receipts in 2017/18 – an increase of around £1.38bn compared to the same time ten years earlier.
Contact us to discuss estate planning. http://www.handefs.co.uk/our-services/estate-planning
Over-50s support introducing new tax break for downsizing
Nearly three-quarters (73%) of people over 50 would support a stamp duty break for people who downsize their home, research from Saga claims.
In a survey of 2,000 people, 25% of over-50s said they were struggling to afford the cost of moving house.
Talk to us about downsizing. http://www.handefs.co.uk/our-services/mortgages
FCA consults on plans to change mortgage advice rules
Homeowners could soon benefit from more choice when it comes to choosing a mortgage, if plans from the Financial Conduct Authority (FCA) are approved.
The FCA is consulting on several proposals after conceding its own regulations are damaging competition and resulting in borrowers overpaying for mortgages.
It hopes to change its own rules to make it clear that tools which allow customers to search and filter available mortgages are not necessarily giving advice.
We at Herts & Essex Financial Services Ltd can arrange mortgage advice. http://www.handefs.co.uk/our-services/mortgages
source: PracticeWeb June 2019
Herts & Essex Financial Services Ltd
Bancroft, Hitchin Tel: 01462 458863