High-income parents may be failing to take advantage of a tax planning quirk which can save thousands of pounds a year in child benefit.
The amount of money being saved into Cash ISA Savings has dropped by a third, according to HMRC.
Official figures show that during the tax year of 2016 to 2017, the amount of money invested into cash ISA’s fell by just over £19.5 billion to £39.2 billion.
There was also a fall in the number of new cash ISA accounts being opened, with just over 1.6 million fewer accounts being taken out in the last financial tax year as the number fell to just over 8.5 million in total.
Working parents with children aged three & four years old can now claim 30 hours of free childcare each week.
The new scheme doubles the previous childcare entitlement of 15 hours free childcare and is funded for 38 weeks to coincide with school term time.
In total, an estimated 390,000 eligible working families can save on average of £5,000 per year on childcare costs under the plans.
Dying without a valid will… How intestacy rules can affect your beneficiaries…
It’s easy to assume your property and possessions will automatically go to loved ones when you die, but in reality, this is seldom the case.
Thousands of people die every year without making a will, without properly drafting one or where the execution of the will fails to meet certain legal requirements.
This results in a situation known as intestacy, where usually a family member picks up the pieces and takes on the often strenuous task of processing your estate.
If you die without making a valid will, your estate – including all your money, property and possessions will be divided according to the law and not your wishes. Those laws differ slightly between the countries in the UK, although the principles are similar.
There is a specific relief that relates to certain agricultural property situated in the UK, Channel Islands, Isle of Man and in the EEA (European Economic Area). Qualifying agricultural property can be passed without inheritance tax as a lifetime gift or upon death.
Inheritance tax on property is to be paid if the taxable value of the estate (with any gifts made by the deceased added on if they were made in the seven years prior to their death) exceeds the nil rate band. The rate of inheritance tax on property is currently 40%.