Latest Legal Articles from Forbes Solicitors

Financial Services

Key changes following the Chancellor's last pre-Brexit Budget

30 Oct 2018

The chancellor delivered his last pre-Brexit budget yesterday. Here is a summary of some of the announcements made that may affect you: Income Tax The annual personal allowance is the amount you can earn each tax year before you have to pay income tax. The personal allowance is increasing from…

State pension to start at age 70?

20 Apr 2017

Having previously been ruled out, reductions in tax relief for pension contributions are once again being discussed as a possible means of addressing the Chancellor's Budget deficit. Also being considered is an increase in the minimum age at which the State pension can be drawn. The…

Capital Gains Tax now raises more revenue than Inheritance Tax

22 Nov 2016

HMRC has recently published figures that show that in 2014/15 £6.9 billion of Capital Gains Tax (CGT) was paid by 220,000 individuals. This was a 22% increase on the previous year and compares to £3.8 billion Inheritance Tax paid during the 2014/15 tax year. CGT collection levels are…

Secondary Annuity Market plans scrapped

03 Nov 2016

The government has confirmed that it has scrapped its plans to create a secondary annuity market. The reason behind this is that they did not believe that sufficient consumer protection could be built into this market development. The government had consulted with the industry and regulators…

Bank of England Cuts Interest Rates

05 Aug 2016

The Bank of England Monetary Policy Committee has cut the base rate to 0.25%. But what does this mean for savers and investors? Interest rates on deposit-based accounts have been falling for some time. There has been a steady increase over the past two weeks in the number of providers offering…

Pension Scams

13 Oct 2015

Changes to pension rules have created new opportunities which the Government are calling "Pension Freedom". These changes have also created opportunities for financial fraudsters who have targeted a nationwide average of 9% of retired people according to a nationwide study by MetLife (1,006…

Summer Budget 2015

29 Jul 2015

Many of the measures contained in the Budget will have a significant impact, summarised below are the key implicaions to individuals. Inheritance Tax · An additional main residence Nil Rated Band is to be introduced with effect from April 2017. Buy To Lets ·…

ISA Rule to benefit Spouses

22 May 2015

New rules came into effect in April which grant people additional ISA allowances following the death of a spouse or civil partner. For deaths after the 3rd December 2014 the surviving spouse or civil partner will now receive the deceased's one-off ISA allowance. When a married or in a civil…

ISA Be So Lucky

25 Oct 2013

The 2013/14 tax year annual ISA allowance for a Cash ISA is £5,760. The 2013/14 tax year allowance for a Stocks and Shares ISA is £11,520. This amount is reduced by the amount saved in a Cash ISA during the 2013/14 Tax year. Junior ISA's (JISA's) are also available to any child who…

Financial Services Update

07 Oct 2011

Riding market volatility There were widespread predictions before the recent stock market decline that the economic problems in the US and the Eurozone would impact share and bond prices. So should private investors have been switching their investments into cash? In most cases the answer will be "…

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