The Treasury expects inheritance tax receipts to soar by almost £1 billion by 2025/26, following the decision to freeze two key thresholds in last month’s Budget. The nil-rate band will continue at £325,000, while the residence nil-rate band remains at £175,000 until April 2026.
Elgin firm, Watson & Campbell, have joined forces with Lossiemouth’s Campbell & McConnachie Ltd, following the retirement of director, Wille Watson, after more than 40 years in the business. Watson & Campbell have closed their Elgin office. Scott Campbell is now based at the Shore Street premises, serving clients both virtually and face to face where necessary, trading as Campbell & McConnachie Ltd.
How much will you receive in 2021/22?
At just £175.20 a week in 2020/21 – or £9,110.40 a year – the full new state pension might not be enough for most people to retire on, but it is an important element to consider when planning for your retirement.
And might it be a problem for you in 2021?
We’ve all had enough on our plates over the last 12 months, without having to worry about things like inflation. But a surprise jump in December 2020 caused speculation as to whether it might surge when we properly come out of lockdown.
OTS proposal could trigger a spike in pension tax relief bills.
Higher-rate taxpayers who save into personal pensions and fail to claim extra tax relief could soon have it handed to them automatically under a new proposal.