Newsletter September 2020
Help-to-buy equity loan scheme gets two-month extension
The Government has extended a loan scheme which is designed to help those who are struggling to save for a mortgage deposit.
Buyers who use the help-to-buy equity loan scheme now have until 28 February 2021 for their new-build homes in England to be finished.
Talk to us at Herts & Essex Financial Services about property taxes. http://www.handefs.co.uk/
Video-witnessed wills become legal in England and Wales
The witnessing of wills over video-conferencing platforms in England and Wales has been temporarily legalised, the Government has confirmed.
The law still requires a will to be made “in the presence of” at least two witnesses to be legally valid, while the use of video should be a last resort.
Wills witnessed through windows are already considered legitimate in case law as long as witnesses have clear sight of the person signing it.
Get in touch for estate planning advice .http://www.handefs.co.uk/our-services/estate-planning
Bank of England: economic recovery from pandemic will “take time”
The UK is unlikely to see a quick, ‘V-shaped’ recovery from the economic effects of the coronavirus pandemic, with GDP set to remain below pre-COVID levels for more than a year.
According to forecasts from the Bank of England, weaker spending and difficult financial conditions mean GDP will not exceed its level in the last quarter of 2019 until the end of 2021.
Speak to us at Herts & Essex Financial Services about your finances.
Pension savers pause tax-free withdrawals during lockdown
Coronavirus caused significantly fewer people to take tax-free lump sums from their pension pots in April 2020, compared to the same time last year.
Retirement savers with personal pensions or self-invested personal pensions can take lump sums of cash from their pension pots from the age of 55, with 25% of the withdrawal tax-free while the rest is taxable.
Contact us for expert financial advice. http://www.handefs.co.uk/our-services/pensions
Source: Practiceweb September 2020