Firth & Scott Financial Services, Nottingham
'Your Money Matters' February 2015
  

Welcome to our first newsletter of 2015.  

 

Although it's over two months since the Chancellor's Autumn Statement (and there has obviously been a lot of press coverage on the announcements) I think it's important that we just have a quick look at the highlights.

 

And as we're approaching the start of the new tax year on 6th April also included in this edition is a reminder of the changes in the allowances that will become effective from that date.

Articles this Month
Autumn Statement
New Intestacy Rules
Tax Rates & Allowances
Autumn Statement

The main highlight I believe was the changes to residential stamp duty where from 3rd December 2014 the tax will be on a progressive basis, very similar to how income tax works.

 

Another major change was that spouses and civil partners are now able to inherit their deceased spouse's or partner's ISA allowances. Previously on the death of an account holder an ISA lost its tax-free status and this again is good news and allows funds that have been built up in a tax-free ISA account to remain tax-free within the family.


The Chancellor also announced that the tax treatment of pension annuity payments to descendants would be brought in line with the treatment of "flexi-access" withdrawals. So, if an individual dies before the age of 75 their surviving beneficiary's income would also be tax-free.


It was also announced that the basic state pension will be increased by 2.5%. The standard minimum income guarantee in pension credit will rise by the £2.85 per week cash increase in the basic state pension. As a consequence of this increase the full single tier state pension will rise to at least £151.25 per week when the new system comes into operation.


In respect of National Insurance Contributions although the various limits and thresholds will increase marginally from the 2015/16 tax year the levels of National Insurance Contributions payable stay the same for Employer and Employee contributions.


There are however marginal increases in Class 2 and Class 4 for the self-employed as well as Class 3 which are voluntary contributions.


Please don't hesitate in contacting your Financial Adviser here at Firth & Scott Financial Services Ltd if you wish to discuss how the changes in the Autumn Statement affect you personally.

 

Article written by Steve Hopkins FCII
New Intestacy Rules

Remember that although jointly held investments will typically form part of the Estate for Inheritance Tax, they will pass automatically to the survivor outside of the terms of the Will or intestacy.

It is only married couples and civil partners who will see any benefit from the intestacy changes. There are still no statutory rules that would give the growing number of cohabiting couples a right to a deceased loved one's estate.  The purpose of the changes is to simplify and improve the rights of married couples and civil partners, both with and without children. 
  
The new intestacy rules are a fall back provision which does give improved results for some but it is always advisable to control exactly who gets what by making a Will and keeping it reviewed. 

If you are concerned about the new rules and how they affect you, please don't hesitate in contacting your Financial Adviser here at Firth & Scott Financial Services Ltd and we will be only too delighted to discuss your personal situation and if needed recommend to you a local firm of Solicitors. 

Article written by Steve Hopkins FCII

  Business & Personal Financial Planning 

Wealth Management
Wealth Management Video

 

Mortgages & Protection Products
Mortgages & Protection Video

 

 

Our Fundraising for Maggie's during 2014
Presentation of monies raised at Maggie's, Nottingham
As I'm sure most of you will already know last year we set ourselves a target of raising a minimum of £5,000 for the Maggie's Cancer Care Centre at Nottingham City Hospital.  

 

We actually managed to raise a total of £6724.63 during 2014 with a variety of fundraising events, including a quiz night, a spring fashion show, a swimathon and a James Bond themed charity casino night. 

 

 

Tax Rates & Allowances

As we are approaching the start of the new tax year on 6th April 2015 here's a reminder of the changes in the allowances that will become effective from that date.


Please don't hesitate in contacting your Financial Adviser here at Firth & Scott Financial Services Ltd if you wish to discuss how the changes in the Autumn Statement affect you personally.

 

Article written by Steve Hopkins FCII


IMPORTANT NOTE 
 
This newsletter is designed to provide you with general information only and does not attempt to give you advice on any particular investment or to recommend any particular investment to you.  If you have any doubt as to whether a particular investment is suitable for you you should contact Firth & Scott Financial Services Ltd for advice.

 

Firth & Scott Financial Services Ltd are Independent Financial Advisers and are authorised and regulated by the Financial Conduct Authority.