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Inheritance Tax review

In a surprise letter from the Chancellor to the Office of Tax Simplification (OTS) in January, Philip Hammond has asked for a review of Inheritance Tax (IHT), questioning if the UK’s system is fit for purpose and if there are opportunities to simplify it.

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What’s important to insure?

Be it the family home, a car, your pets, or perhaps the new 65 inch TV, how many of these were you asked if you wanted to insure them? And how many did you insure?

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Are directors exempt from Auto Enrolment?

There are few exclusions from Auto Enrolment responsibilities, but there are some scenarios whereby directors of a business may be exempt. Usually, this is because the director is not classed as a ‘worker’ and only firms who employ workers have duties under auto enrolment legislation.

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The Help to Buy ISA is working

Government statistics* issued on 11 January indicate that those saving for their first home using the Help to Buy ISA scheme get on the property ladder three years earlier than those who don’t.

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The order in which income is taxed

With multiple income types, tax rates and allowances, it’s difficult to truly understand your own tax position, so this article provides a guide to the order in which income is taxed.

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How do you qualify for the State Pension?

For men born on or after 6 April 1951 and women born on or after 6 April 1953, the State Pension changed on 6 April 2016 and is now considered to be far simpler. How much you receive is dependent upon your National Insurance (NI) record.

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Inheriting ISAs on death – minor rule change

Whilst new rules that allow the value of ISAs (Individual Savings Accounts) to be passed to a surviving spouse on death have been operational for a couple of years now, there remained a minor issue in the payment of tax under the regulations which affected a small number of savers.

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What happens if you breach the Lifetime Allowance limit?

In April 2016 the Lifetime Allowance was reduced to £1million – this is the limit set on the total value of accrued benefits from all your pension schemes which can be paid to you without triggering additional tax charges. You may recall we wrote about this subject in more detail previously which

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Becoming mortgage free

It doesn’t need to sound like a pipedream, but with careful planning it’s possible to pay off your mortgage much earlier than planned.

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Five signs of a scam and what to do

We don’t want you to fall victim to a scam, so it’s important to be aware of what to look out for and what to do if you have been caught out as scammers will resort to all sorts of means to get their hands on your pension.

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Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales No. 7208672. Armstrong Watson Financial Planning & Wealth Management is a trading name of Armstrong Watson Financial Planning Limited. Registered Office: 15 Victoria Place, Carlisle, CA1 1EW

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