Category: Business

There is a perception that Inheritance Tax only affects the wealthiest in society, however, this is not the case anymore. One in every 25 estates pay inheritance tax, although the proportion of families affected is higher due to higher house prices and the freeze on inheritance tax thresholds. For those that are picking up the ‘death tax-tab’, figures suggest the average bill could increase to £239,000 this 2023/24 tax year, with over 30,000 families having to hand over part of their inheritance to the taxman. This is a steep 11.5 percent increase from the £214,000 average paid just three years ... Read more

Prices for food, feedstuffs, and beverages (FFB) will rise over the course of 2024, with the production of coffee and cocoa forecast to fall by nine percent and 13 percent respectively for the 2023/24 crop season, research suggests. After three years of extreme volatility, commodities prices are set to broadly stabilise in 2024, despite the many geopolitical headwinds impacting the global economy at the moment, the Economist Intelligence Unit (EIU) has said. Their new whitepaper – the Commodities Outlook 2024 – has stated that this holding pattern for commodities prices in 2024 will ensure markets remain volatile in the short ... Read more

Premium Bonds continue to be a popular choice for savers as it is Government back and the prize draw means Britons could win up to £1million each month. As the draw pick is random, anyone could be picked, even those with little savings. On X, one user celebrated as they has won at least £5,000 over the years, even whilst just holding £150 at the time. One post went viral, with other one million engagements and it stated: “Someone just won £50,000 for holding a £125 premium bond for less than 2 year’s. “Let me start paying attention to my ... Read more

The age at which we can expect to retire should be clear cut, but instead it’s shrouded in confusion and getting more complicated by the day. Nobody understands it anymore. I went out for a drink with friends last night and they started talking about when they would be able to retire. Not one of us could name the date when we would start collecting our state pension. Including me, embarrassingly. I knew when I was in my 20s and 30s, and retirement was a distant prospect. Last night, I couldn’t stick a fork in this moveable feast. So I’m ... Read more

After conducting some research on the Government, one woman wondered if she would be able to inherit her partner’s state pension. The 69-year-old woman has been living with her partner for 30 years and has already started collecting her own state pension. As her husband turned 65, she wondered whether she could inherit his state pension once he passed away as they are not married. She wanted to know if she needed to enter into a civil partnership as a way to qualify for the extra cash when her partner passed away. Conscious she would never receive the state pension ... Read more

The days when most pensioners bought an annuity at retirement to pay them a guaranteed income for life have gone for good. Today, most retirees leave their pension savings in drawdown, allowing them to carry on growing as stock markets rise. While this can bring rewards, it also has dangers. Drawdown is riskier than buying an annuity, because neither your capital nor the income it generates is guaranteed. If you make too many withdrawals too soon, or the stock market crashes at the wrong time, it could wipe out your pension pot. Earlier this year, we reported that the typical ... Read more

Nearly half of all scams reported to Nationwide during the summer involved shoppers being tricked into buying fake or non-existent products, the building society has said. Far from being limited to the festive season and Black Friday sales, people are falling victim to fake sellers throughout the year, according to new data. Between July and September, purchase scams made up 45 percent of all scams reported to the building society. The scam happens when consumers are tricked into buying an item they think is from a legitimate seller, but it does not exist and never arrives. It is a type ... Read more

New research has named Turkey as the best place to retire in Europe. The decision is based on numerous lifestyle factors such as affordability, healthcare, and earning potential. Experts at Property Guides named the country an exceptionally cheap place to live, particularly for those looking to live along the Mediterranean. British retirees will find that their UK pension goes two to three times as far as in Spain or France. What’s more, the country also has an exceptionally low crime rate and the cheapest cost of living of all the European countries analysed. READ MORE: Skiplagging for cheap flights – ... Read more

Close Brothers Savings has launched a new three-year Fixed Rate Cash ISA paying 5.15 per cent interest, earning an “excellent” Moneyfacts rating. The account is aimed at savers with more sizeable sums to invest as it requires a minimum deposit of £10,000 to open. However, savers can expect to see sizeable returns. To give an example of the interest the pot can amass at its current rate, a £10,000 deposit is estimated to earn £515 over the course of a year. The account is now taking a “prominent” position in the top tables, according to Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk. She ... Read more

Britons are being urged to “shop around” as new research shows millions of savers are missing out on high-interest accounts. According to a new analysis by Paragon Bank of CACI data, nearly one in six new fixed and instant access savings accounts opened in the 12 months to August 2023 offered a rate of 1.5 percent or less, equating to 1.8 million accounts. By value, £28.3billion was placed in newly opened fixed and instant access accounts earning 1.5 percent or below, with £26.5billion of that placed in instant access variants. CACI compiles the savings deposits of 35 leading providers of ... Read more