How will the measures affect your finances? More than usual seemed to be at stake for last month’s Budget: we waited with trepidation for further news on the eye-watering economic costs of the pandemic, while still coming to terms with the human cost.
Guarding against accidental inheritance. Soaring house prices around the UK over the last 20 years mean it’s possible to leave a substantial windfall to the people or causes closest to our hearts.
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.
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.
The number of people seeking to divorce their spouses boomed last year, with many couples forced to spend long amounts of time with their partners during various coronavirus restrictions.
Indeed, those googling Citizens’ Advice divorce guidance increased sharply since last April, during the first national lockdown, and rose by 25% year-on-year in September 2020.