Posted by: WealthIFA | February 26, 2010

Financial News Update we 26/02/2010

The Spanish are not happy this week, following proposals to increase the state retirement age from 65 to 67 (http://bit.ly/cNvaGc)… But I wonder, how long will it be before we see something similar?

Talking of changes, and before we look at the articles from the last seven days or so, I thought I would remind you of some significant ones coming up on home soil.

The new tax year brings not only, an increase in the minimum age from which we can access savings within a private pension pot (from 50 to 55) but also in the amount of time allowed to back date a claim for (higher rate) tax relief on Pensions, which will reduce to 4 years from April 6th.

So if you know of anyone who is either, aged 50 – 55 and thinking of retiring in the next few years, or is a higher rate tax payer and has NOT claimed higher rate tax relief via a tax return for their pension contributions over the last few years, it could well be worth mentioning!…

On the plus side, we will also see an increase in the amount that can be saved within an Individual Savings Account (ISA) from £7,200 to £10,200 per annum for those under 50.

Estate Planning

Parents see IHT benefits of equity release http://bit.ly/bjS803
STEP Event: Tax, Trusts & Estates Conference (London) http://bit.ly/baya6U

Long Term Care

Political standoff over long-term care http://bit.ly/c2VAed
Finding a solution to the problems of old age http://bit.ly/b3wFuW
LGA’s Lord Best set to delay Personal Care at Home Bill http://bit.ly/bYgvfE

Retirement

Employees offered pension alternatives http://bit.ly/9e7Cnv
Pensions are now obsolete – here’s what we need to do about it http://bit.ly/c8cavo
Pensions tax relief time limit to be cut http://bit.ly/9qXj8e
Today’s thirty somethings ‘must work to 70 to pay for their old age’ http://bit.ly/bsyiBa

Investments

Two kick-starts for a revival of investment trusts http://bit.ly/dtHvkh
Isa savers miss out on tax breaks http://bit.ly/alJFZF
Why should savers use a savings bond? http://bit.ly/9OF9b4

Have a good weekend!

Regards
Kieron

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