Business

Panic selling has seen Brits fork out a Capital Gains Tax (CGT) bill of more than £1 billion as they raced to sell off assets, property and shares.Fears that the Chancellor Rachel Reeves would push up the CGT charged on the profits made on asset sales saw many thousands of people embark on a mass sell-off to protect their wealth.As a result, the government raked in more than £1bn between July and November, which was up by more than £200m on the same period last year, according to figures from HM Revenue and Customs (HMRC).Experts said the trend was fuelled by “indiscriminate panic” and “uncertainty” among wealthy investors over the government's budget plans.Ahead of the Budget, there was speculation that CGT ncould be increased from a typical rate of 20 percent to bring it into line wit...

Six mortgage predictions for 2025 - from interest rates to first-time buyer schemes (Image: Getty)As 2024 comes to a close, experts are turning their attention to what 2025 might bring for the housing and mortgage markets.While the year began with challenges, the latter months saw some relief as the Bank of England reduced interest rates twice - the first cuts since 2020.However, with inflation rising and expected to increase further next year following Chancellor Rachel Reeves’ Autumn Budget, the Bank may take a more cautious approach to rate cuts in order to maintain economic stability.This could mean mortgage holders may not see as much of a reduction in their monthly repayments as previously anticipated, leaving those with variable or tracker mortgages still under financial pressure...

More than three million people can expect an income boost in April as the Personal Independence Payment (PIP) rate rises by 1.7 percent.Chancellor Rachel Reeves unveiled the plans during October’s Autumn Statement, offering much-needed relief for those struggling with persistently high living costs.PIP is a benefit distributed by the Department of Work and Pensions (DWP) to people who need extra help day-to-day due to long-term illness, disabilities, or physical or mental health conditions.There are two components to PIP: a daily living part for those who need help with everyday tasks, and a mobility part for those who need help moving around. Each comes with two rates: a standard rate and an enhanced rate.Whether people get one or both parts and how much they get depends on how difficu...

Brits have been warned they could lose their inheritance with just one mistake this Christmas.One in five people take family members out of their wills after a falling out, and one in three would simply because they don’t like them, according to research.Lime Solicitors also found that one in six would disinherit someone if they didn’t visit them enough and one in four if they isolated themselves from the family.Debra Burton, partner in inheritance disputes at Lime, says: “The most common reason people exclude relatives from their will is due to personal feelings and animosity.“With so many family members coming together in close proximity, Christmas celebrations can often bring unresolved tensions to the surface.“If these tensions develop into something more serious, those who have wri...

Nationwide's move to suddenly block key "lifeline" accounts has raised alarm, leaving numerous Britons effectively "cut off". The banking giant is among several UK banks axing trust accounts – these allow a third party nominated by the account holder to handle their financial affairs.These accounts are crucial, especially for disabled individuals and those with learning challenges, enabling their assets to be overseen by someone they trust. Specifically, these funds do not influence means testing for benefits and qualify for tax cuts, providing a critical resource for care-related costs.For recipients of personal injury settlements, trust accounts ensure they can manage their compensation without jeopardising their entitlement to means-tested welfare. Post-pandemic trends have seen high...

That window of opportunity has now gone and it's a bleak outlook for the huge number of pensioners who won't benefit from her pledge.Pension Credit is a means-tested top-up that lifts a single person income’s to £218.15 a week or £332.95 for couples.A successful claim acts as a gateway to an additional £3,900 in additional state support, including help with heating costs, council tax and housing benefit.Crucially, only people who can claim Pension Credit now get the Winter Fuel Payment, worth up to £300 a year.In a desperate bid to quell fury over her decision to scrap the payout, Reeves said she'd launch a campaign getting more people to claim Pension Credit.That was a necessity as around 760,000 cash-strapped pensioners who were entitled to receive Pension Credit weren't claiming in M...

Brits have been issued an urgent warning that getting a pay rise of £2,000 could actually make you worse off by a whopping £12,000.Under the current system, high earning working parents face a steep drop-off point where a £2,000 salary increase to £102,000 per year can result in a £12,000 loss.Due to peculiarities in the tax system, earners receiving between £100,000 to £102,000 can already face a staggering marginal tax rate of 600%.A parent with two children who receives a pay rise pushing them over £100,000 a year post-pension contributions would lose the £12,570 tax-free Personal Allowance entirely and forfeit tax-free childcare.A parent with two young children who earns £99,000 and then receives a £2,000 bonus or pay rise, bringing their income to £101,000, would face a staggering ...

Pensioners have been given yet another dire warning as Labour could hike the retirement age to 70 before their time in office is over, an expert has warned.The state pension age is currently 66 and set to rise to 67 between 2026 and 2028, and again to 68 between 2044 and 2046.However, alarm bells are now ringing over the possibility that the current Labour government could move to accelerate this increase, allowing them to rake in an extra £6 billion a year.Kevin Mountford, finance expert and co-founder of Raisin UK, warned that it "wouldn't be surprising" to see Keir Starmer's party proposing to up the pension age to 69 or 70.He told the Express: "While the planned rise to 67 years by 2028 is already in motion, there’s now speculation about the Labour government potentially acceleratin...

The Department for Work and Pensions has confirmed that some Universal Credit payments due between December 25 and January 2 will be paid earlier to ensure recipients have financial support over the Christmas period. Payments due on Christmas Day will now be made on December 24, while those due on January 1 will be paid on December 31.This follows previous announcements of revised payment dates for State Pension and other benefits, including Personal Independence Payment and Carer's Allowance. HM Revenue and Customs has also rescheduled payments for Tax Credits and Child Benefit, reports the Daily Record.Minister for Social Security and Disability, Sir Stephen Timms MP, said: "While a time of joy for many, the Christmas period can be overshadowed by financial worry for others, particula...

Former TD Ameritrade chairman and CEO Joe Moglia unpacks fears over a government shutdown as lawmakers disagree on the continuing resolution on ‘The Claman Countdown.’ Americans traveling around the country during the holidays could face longer wait times at airports if a partial government shutdown occurs, the head of the Transportation Security Administration (TSA) warned on Thursday. Congress and the Biden administration face a deadline of midnight on Friday to agree on a spending measure to fund the government, or else a partial government shutdown will begin. When partial shutdowns occur, government workers in non-essential stay off the job, though many essential workers continue to carry out their work for the duration of the shutdown without pay.TSA Administrator David Peko...