Autumn Budget 2017

Chancellor of the Exchequer, Philip Hammond, delivered his second Budget to Parliament on 22 November 2017.

In every Budget there are winners and losers and Autumn Budget 2017 was no different. In his keynote speech given to MPs in the Commons, Mr Hammond signalled that he will allocate funds to ‘invest to secure a bright future for Britain’, saying the Budget is about much more than Brexit. Continue reading

Living to 100

It has long been recognised that medical advances, combined with a greater understanding of the impact of our lifestyle choices upon our health, have led to an increase in life expectancy. Looking ahead, future generations are, on average, likely to enjoy much longer and healthier lives than their predecessors.

Estimates from the Office for National Statistics (ONS) show that, of the 797,000 babies aged below one year and living in the UK in 2013, 123,000 boys and 151,000 girls are expected to achieve their 100th birthday in 2113. This means that millions of people will spend over one-third of their life in retirement. With this in mind, it has never been more important to consider how you intend to fund your retirement.

An ageing population is putting our welfare system under significant pressure. A greater number of people not only need pension income, but also healthcare, incapacity support, and help within the home. There is, therefore, little reason to expect that a State Pension will provide anything other than the most basic of safety cushions when the time comes. If your retirement plans include holidays, visiting relatives and treating yourself on occasion, then it’s time to take control of your savings – and your future – and start building up your own retirement fund. The earlier you begin, the more scope you allow your savings to grow, so don’t put it off

For more information and guidance, talk to Gemini or your financial adviser.

Inheriting in the UK

Occasionally, the UK government amends the rules governing Inheritance Tax (IHT). Differing Governments will often take an alternative view in terms of how tax law should be created and applied. It was announced that there are to be further changes to how IHT applies to non-domiciled individuals – those who are domiciled outside of but have
interests inside the UK. Continue reading