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MT Financial News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Government clarifies Help to Buy ISA scheme - September 14, 2016
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Thousands of first-time buyers have raised concerns about their Help to Buy ISA after it was clarified that the government’s bonus could not be used as part of a deposit. When the scheme was launched by the former chancellor George Osborne he said it would provide state support to help buyers get on the property … Continue reading Government clarifies Help to Buy ISA scheme


Personal Savings Allowance – What you need to know - September 14, 2016
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From April 2016 more than 95 per cent of the UK’s population no longer pay tax on their interest from savings as the result of the introduction of the Personal Savings Allowance (PSA). Prior to the introduction of the PSA, for every £100 of interest earned, basic-rate taxpayers paid £20 in tax, while those on … Continue reading Personal Savings Allowance – What you need to know


Pension freedoms see retirees cautiously dip into pots - September 14, 2016
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New research following last year’s launch of pension freedoms has shown that many British workers reaching retirement are far more cautious than previously predicted. When the scheme was launched in April 2015, the then Pensions Minister Steve Webb joked that pensioners could use their pot to buy whatever they liked, including a Lamborghini – leading … Continue reading Pension freedoms see retirees cautiously dip into pots


Bank warns of possible negative interest rates - August 19, 2016
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With the Bank of England Base Rate falling to a quarter of a per cent, NatWest has written to approximately 850,000 of its business customers warning that interest rates may imminently go negative. The effect would be that businesses would be charged to hold funds with the bank. However, one of the possible reasons for … Continue reading Bank warns of possible negative interest rates


Home ownership amongst under-45s collapses - August 19, 2016
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The proportion of under-45s who own their own home has suffered a sharp downfall in the wake of the global financial crisis in 2008, whilst ownership rates amongst older people have remained the same or increased. The rate of home ownership amongst under-45s was 64 per cent in 2003-4, whilst the overall rate of home … Continue reading Home ownership amongst under-45s collapses


Total pension savings up on back of Auto-Enrolment but many firms are missing their staging dates - August 19, 2016
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Figures published recently by the Prudential have shown a significant increase in the total amount put away by UK workers towards their pension pots, despite many firms missing their auto-enrolment staging dates. UK workers’ pension contributions last year amounted to more than £9.3 billion – a 17 per cent increase on the 2010/11 tax year … Continue reading Total pension savings up on back of Auto-Enrolment but many firms are missing their staging dates


Brits ineligible for state pension to receive letter from government - July 14, 2016
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More than 100,000 people are set to receive a letter from the government informing them that they are unlikely to receive the new flat-rate state pension. Earlier in the year, the Work and Pensions select committee had called on the government to act urgently to let the large number of people who will not receive … Continue reading Brits ineligible for state pension to receive letter from government


How will Brexit affect personal finances? - July 14, 2016
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On 23 June 2016 the UK’s electorate took the decision to leave the EU. This decision has left many people wondering how it will affect their finances in future years. Whilst it is impossible to give a definite answer there are certain things that are already becoming clearer, despite the overall picture remaining very uncertain … Continue reading How will Brexit affect personal finances?


‘Stingy’ ISA rates for loyal customers - July 14, 2016
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Research by consumer group Which? has revealed that many loyal bank and building society customers are experiencing “woeful” interest rates from their ISAs. The group analysed 212 ISAs from 21 UK providers to assess what rates they had on offer. The Which? survey found a significant number of ISA rate cuts over the last six … Continue reading ‘Stingy’ ISA rates for loyal customers


What happens if you inherit an ISA from your spouse? - June 9, 2016
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The rules governing ISAs mean they cannot be opened or held on a joint basis, including with spouses. But many couples will divide their joint savings between them, opening an ISA each to take maximum advantage of the personal tax-free savings limit, which this year is £15,240. However, where a couple may have effectively been … Continue reading What happens if you inherit an ISA from your spouse?


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