Welcome to the latest edition of Money Matters. The news has recently been full of stories about Brexit, Article 50, inflation and how some key announcements from Spring Budget 2017 could impact on our finances. It can be very confusing with the number of conflicting viewpoints given, so in this issue we aim to bring some clarity to these topics.
Brexit has created an air of uncertainty, and no one really knows what’s coming next or what it could all mean in the long term. The implications of Brexit and its impact on markets is a significant investment planning challenge over the coming years for all investors. Brexit is overshadowing all other investment planning issues and highlighting the need for solutions which can provide protection and the possibility of strong returns. So the road to Brexit has reached another milestone, but what could it mean for UK investors?
On 6 April 2017, a new additional main residence nil-rate band (RNRB) was introduced, which allows for less Inheritance Tax to be paid in situations when a family home is left to children, grandchildren or certain other ‘qualifying beneficiaries’ – including stepchildren and foster children. We consider why some people could miss out because they’ve assigned their sibling to inherit their family home and not a direct descendant.
On the second anniversary of the pension freedoms reforms that took effect from April 2015, some retirement savers say they are still confused by the rules and want no more changes. The changes of April 2015 represented a complete shake-up of the UK’s pensions system. There are now more options for using a private pension pot, enabling some people aged over 55 to have greater freedom over how they can access their retirement pot.
We strive to provide stories that are informative and inspire you to look at your financial plans in a proactive way. To discuss any of the articles featured in this issue, please contact Helen Howcroft on 020 7713 9356.