According to Legal and General the ‘Bank of Mum and Dad’ lent their children £6 billion in the UK last year.
For any of you that either have made, or have considered making gifts to your family, you will be aware how important it is to document these gifts as records would be called upon in the event of your death, however, it is also really important to document any loans.
The coronavirus crisis has transformed the fiscal landscape in the UK. Britain was on course for a budget deficit of £55 billion in the next tax year, but now borrowing could be as much as £200 billion as the government pledges to support our work force.
As you all know we have been advised to stay at home and do our best to keep everyone safe.
We wish to provide the best service we can to our clients during these times, and I would like you to know how we have planned to continue working on your behalf, adapted, to the current situation.
In 2017 we first heard that the £215 flat probate fee for all estates over £5,000 was to be dramatically increased.
Initially this was going to be as high as £20,000 for estates worth over £2 million, a 9,200 percent increase. The proposed fees were then lowered, with tiered fees of between £250 and £5,000 depending upon the estates value.
Its been calculated by Aegon that if a 22 year old has the prescribed personal and employer contributions paid in to their workplace pension scheme from now until retirement, they will have £106,500 less in their pension pots than they need to live as they are accustomed to.
