The latest release from HMRC shows it collected a record £16.7 billion in 2021/22 through Capital Gains Tax (CGT) – a 15% increase on the previous tax year. Cuts to a tax exemption could mean CGT receipts might climb even further.

CGT is a type of tax you pay when you sell or dispose of certain assets. It may include property that isn’t your main home, some investments that are held outside of an ISA, or personal possessions that are worth more than £6,000.

Previously, the annual exempt amount – the threshold up to which you can generat...

A will provides a way to state who you’d like to receive your assets when you pass away. While you don’t need to work with a solicitor when writing a will, doing so could help you avoid mistakes.

Will Aid is taking place in November and may be the perfect time to write your will while supporting good causes.

Every year, participating solicitors volunteer to waive their usual fee for writing a basic will. Instead, they invite clients to make a voluntary donation to Will Aid. The donations support a variety of charities, including Age UK, ...

Creating a financial plan is just the first step to reaching your goals. While you may have carefully set out what you need to do, financial reviews are still essential. 

Often, it’s advised that you review your financial plan once a year or following major life events. Over the next few months, you can read about why reviews are a part of your financial plan and the times when you might want to make changes.

Here are three reasons why you shouldn’t skip reviews. 

1. You can use your review to check you’re on track to meet your goals

E...

Inflation continues to be a challenge for economies around the world, but figures released in June suggest the pressure is starting to ease. Read on to discover some of the factors that influenced investment markets during June. 

Remember, you should take a long-term view when investing, as markets can experience short-term volatility. If you have any questions about the market or what movements mean for you, please get in touch. 

UK

Inflation in the UK remains stubbornly high – it was 8.7% in the 12 months to May 2023.

In response to ...

Investing in property is often seen as a savvy way to boost your long-term wealth. But, if you’re thinking about becoming a landlord, there are three taxes you need to factor into your plans to avoid an unforeseen bill. 

Property prices have steadily increased in recent decades, so it’s not surprising that people are considering property investments. Even after short-term downturns in the market, such as the one that followed the 2008 financial crisis, property prices have recovered. 

The average UK house price at the start of 2013 was a...

Trusts can be an incredibly useful way to pass on wealth and preserve assets. Yet, there’s a common myth that they’re only valuable for very wealthy families. Read on to discover why a trust may make sense for you.

A trust is a legal arrangement that you could use to pass on assets.

The trust would be set up so that a person or people, known as the “beneficiaries”, would benefit from the assets. A trustee would manage the assets on behalf of the beneficiaries. You can choose to name more than one trustee. 

You could place a range of ass...

After more than a decade of low interest rates, many people will be pleased to see the amount their savings are earning is starting to rise. Yet, it could mean you need to pay a tax charge. 

Interest from saving accounts may be liable for Income Tax. When the average interest rate was below 1%, you usually had to have a substantial amount held in cash accounts to face a tax charge. However, as interest rates rise, you could unexpectedly cross the tax threshold.

So, read on to find out when you need to pay tax on interest and how you coul...

Inheritance Tax (IHT) is often controversial – you may have heard of it referred to as “the most hated tax in Britain”. Yet, despite the coverage it receives, it’s often misunderstood. Common myths about IHT could mean you’re needlessly worrying about a potential bill or failing to take steps that could allow you to pass on more wealth to your family.

Read on to discover seven common myths about IHT and better understand if it’s something you need to consider as part of your estate plan. 

1. “Inheritance Tax makes up a large portion of H...

Spending too much money in retirement is a common fear. Yet, some retirees struggle with the opposite challenge – they spend too little. Read on to find out why and what you can do if you’re too frugal in retirement.

Underspending once you give up work may be more common than you think. It’s easy to see why some retirees adopt this approach. As many retirees are responsible for managing their income and ensuring it lasts, there is a real danger of overspending and facing a shortfall in your later years. 

In fact, interactive investor’s T...