Posted by: WealthIFA | May 4, 2012

Financial News Update we 04/05/2012

How have you been?

It’s been a hectic time of late on both the work and personal front but then, personally speaking, I prefer it that way as somehow more seems to get accomplished… Not sure why this is but I think it has more to do with having to focus on the task at hand rather than the sheer volume of things to do?!…

Looking at the headlines over the last few days, it was disappointing to see that the so called “promise” on Social Care reform has been delayed meaning the first step to addressing the current issue of how people fund their long term care, will now come at a later stage…how many more times can it be reprioritised (or is that de-prioritised)?

At the same time, as I have mentioned previously, the deadline announced to reclaim care fees has still not really made any headlines – how will anyone know a deadline exists if they can’t read about it?!

Essentially, if you wish to dispute care fees paid between April 2004 and the end of March 2011, you must register your claim with the NHS before the end of September 2012.

There has also been a bit of focus on inheritance tax and a relatively simple way to avoid it by placing life insurance policies in trust – this applies to both new and existing policies and is a non expensive way to potentially avoid the estate paying £40,000 of tax on every £100,000 of cover on death for those with estates over the current nil rate band of £325,000.

If you haven’t considered this already, then you probably should!

Oh well, looks like the grass needs cutting this weekend – does seem to have been a deluge of water over the last few weeks so everything seems that much bigger/longer…. don’t know about you but I am in agreement with what I was told a week or so back – this has to be the wettest drought I have ever experienced!!

Have a good weekend!

This Week …

Estate Planning

Placing life insurance policies ‘under trust’ could save Britons £448 million: http://bit.ly/JJraQP
Pressure increases on UK Swiss account holders via inheritance tax charge: http://bit.ly/J0scJH
HMRC: Highest tax rates hit more than four million http://bbc.in/KBo0mN

Long Term Care

New Deadline announced – Act now to claim unfair care home fees: http://bit.ly/JIO677
Long-term care costs to hit £38bn by 2025: http://bit.ly/JYUuES
As new deadline is announced, a family wins back £84000 care home fees from NHS: http://bit.ly/J2XPUJ
Bills delayed ‘to make room for Lords reform’ http://bbc.in/KZWYpF

Retirement

Over 50s will be forced to work 11 years longer to get a decent pension: http://bit.ly/IhRnWq

Investment

NS&I backs gold standard of advice: http://bit.ly/IW5TXg
UK economy will return to growth in second half, says CBI http://bbc.in/IZb6xv

Regards
Kieron

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