Inheritance tax: Residence nil-rate band ‘valuable’ for families seeking to avoid IHT bill
INHERITANCE tax is levied on estates that are being passed on when a person has died so long as the value of the estate is above a certain threshold. Some particularly large estates may be able to qualify for what is known as the residence nil rate band .
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Interest rates: Bank of England base rate choice due next week - a rise may alter pensions
INTEREST rates have been notoriously low for some time now which has an effect on savings products and mortgages. The base rate set by the Bank of England impacts the rates set by regular financial institutions and next week the central bank will announce if they'll make any changes.
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Tax warning: An online sales tax will ‘impact low income households’ – you may carry costs
RISHI SUNAK and the wider treasury department are reportedly considering introducing an online sales tax. There are few details on how it would take shape but the aim of the tax would be to support physical retail stores which have suffered during the pandemic.
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Mortgage holidays may be extended beyond October according to FCA – details due next month
MORTGAGE holders and consumer credit customers have seen continuous support from the government and financial regulator in recent months. Payment holidays were provided to those who suffered financially from coronavirus and today the FCA have highlighted that plans are in motion to think beyond their deadlines.
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Pension income: Statistics from HMRC reveal a ‘clear sign’ of retirement uncertainty
PENSION withdrawals can be made through a number of varying methods thanks to pension freedom rules introduced in 2015. HMRC has released their "Flexible Payments from Pensions" figures for July 2020 which revealed that coronavirus has had a clear impact on retirement plans.
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Lloyds racks up losses of £602m – Impact of the coronavirus has been ‘profound’
THE boss of Lloyds has said the impact of the coronavirus has been "profound" as the bank took a bigger-than-expected hit that pushed it into a loss. Chief executive Antonio Horta-Osorio's bankers revealed that the business had taken a £2.4billion impairment charge in the second quarter for the loans it thinks might go bad.
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Seeing the doctor means more than a face on a screen, says ROSS CLARK
GIVEN the embarrassing failure of his "world-beating" test and trace app, one might have thought that Health Secretary Matt Hancock would ease back a little on his crusade to introduce more digital technology to the NHS - at least until he had got on top of the Covid-19 crisis.
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Mortgage application fraud is on the rise in the UK – follow this advice to avoid problems
MORTGAGE approvals have increased in recent weeks which bodes well for customers themselves and the wider economy. Unfortunately, mortgage application fraud is also on the rise according to new research but some of the biggest causes of this have been revealed which should help people avoid the problems in the future.
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