Personal Finance News
Latest personal finance and money news, comment and information on your savings and investments, pensions, tax, protection, property and mortgages from the PWS Southport Team.
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IHT receipts for April to October 2020 were £33 million higher than for the same period last year. October 2020’s receipts were also up 17% compared to October 2019. This could be due to the Covid-19 pandemic. What it does show is that many families who have not done any planning may have paid tax they might not have needed to.
A report claimed thousands of older women have not received their full state pension entitlement. In a follow-up report, Lane Clark Peacock LLP (LCP) summarizes their findings since then. A vital message is to encourage a much wider group of women to check their state pension is correct.
As well as reviewing the operation of capital gains tax (CGT), the Chancellor asked the Office of Tax Simplification to consider “opportunities to simplify the tax”.
What changes could emerge and what could this mean for financial planning strategies for our clients?
Should I invest my money or pay off my debts? You may have some spare money some surplus income. Either way, you might be thinking about what is best to do with this.
Is it better to invest or repay your debts early? Paying off your debt could mean means reduced stress, and a greater ability to withstand personal emergencies, recessions, and depressions. Investing means building a pot which could provide you with a lump sum or income in the future.