A policy of life assurance or capital redemption that has been issued by and IOM Insurance Company is considered an Isle of Man asset. Therefore, upon the death of the last surviving policyholder, an application to the courts in the Isle of Man must be made to obtain Probate before its value can be paid…
The amount you manage to save will decide the kind of life you’ll be able to live in retirement. That’s why it’s important to keep track of every penny. Find out how to make sure you’ve got eyes on all of your retirement income. Do you have some past pensions? You’ll usually get a new…
The State Pension will change in the new tax year – the amount you can get is increasing. Our guide to the UK State Pension changes explains what you need to know. Knowing what to expect from your future State Pension, and when you can expect to get it, can be an important part of…
HM Revenue and Customs has collected £3.9billion in inheritance tax (IHT) from April to September 2023. This is up £400million from the same period last year. With the current nil rate band (NRB) frozen until at least 2028, the IHT receipts are likely set to increase. The original forecast of the Office for Budget Responsibility (OBR)…
Get started by using these planning tips to help you feel more confident about life after work. Planning for retirement can feel complex and overwhelming. How long will your savings have to last and what sort of lifestyle would you like to enjoy? There is a lot to consider so it can be hard to…
Pension rules now make it possible to pass your pension plan on to your loved ones without paying the previous 55% ‘death tax’. These basic checks and steps can normally make sure your pension savings go to the right people in a tax-efficient way. Many people want to leave their assets to their children or…
In addition to traditional pension schemes there are a variety of other investment options which can be used to provide income in retirement. Individual Savings Accounts (ISAs) Some people might use money they have in an ISA as a source of income in retirement.For example, there are cash ISAs, which you can save into and…
When you retire, you won’t be paid to work anymore – so where might your money come from? There’s a good chance you could get it from multiple sources. And knowing what these sources might be could help you plan for retirement. Defined contribution or defined benefit plansSome of your money could come from a…
The Long-term outlook If the outlook for sterling is largely to be determined by the direction of interest rates, and rates are to be largely determined by inflation rather than the economic outlook, then what is the outlook for UK inflation? Recent data around both grocery and energy prices indicates that at least some of the…
On 18th July the UK government announced a consultation on pension taxation linked to the abolition of the Lifetime Allowance. It also considers other aspects of tax linked to pensions and proposes a significant change. Currently where pension member dies before age 75, benefits received by a beneficiary are generally outside the scope of income…