The value of lump sum mortgage repayments in the UK increased notably in 2022, reaching almost 6.5 billion British pounds in the third quarter of 2023. That includes both home purchase loans and remortgaging. Quarterly mortgage lump sum repayments (house purchase loans and remortgaging) in ...
Previously, anyone withdrawing benefits from their pension fund above the LTA of £1,073,100 (or the applicable fixed protection amount) was subject to a tax charge. This could be either 55% or 25%, depending on whether they were taking a lump sum or income. The Spring Budget in March...
The HMRC recently wrote to me stating that just over £100 of income tax was owed and it would be taken in instalments. However, it was then taken as a lump sum from my salary, but this was OK. This amount was then deducted from my next 2 months salaries. Therefore, they have eit...
Capital gains tax and me I’ve paid CGT. I wasn’t even very wealthy at the time. Certainly my annual income was no great shakes. I began investing 20-odd years ago with a biggish lump sum that I’d originally saved up as a house deposit. ...
Life insuranceis another important part of planning for later life. It provides alump sum to beneficiariesto cover mortgage costs, funeral arrangements and other expenses you might leave behind in the event of your death. More than two-thirds of survey participants (67%) said they had a life...
It applies whether you’ve begun to draw an income using a drawdown plan or taken a taxable lump sum amount from your fund. It impacts the answer to the question of ‘do I have to pay tax on my savings in the UK?’ because the more you save, the more tax you may have to pay,...
Nutmeg is a UK based investment platform offering users both a mobile app and desktop system. The platform is a robo advisor and suggested to be the UK’s largest provider with a lump sum of £1.7 billion worth of funds invested for in excess of 70,000 customers. ...
Another option if your state pension age is earlier than 6 April 2016 is to take the money you accumulate through deferring as a lump sum. To qualify for a lump sum, you must defer for a minimum of 12 consecutive months. Interest equivalent to 2% above base rate is added to the paymen...
tax (which would be used to fund the EU’s COVID-19 coronavirus stimulus package) indicated that its form, and the rate at which it would be charged, are far from settled: “Depending on the design, whether a lump sum or a fee proportional to firms’ size, or a portion of a tax ...
If you’re due a large severance payout from your employer, it may be tempting to use that cash to pay down a large chunk of your mortgage, put a lump sum into your pension, or pass on some money to family members. However, Beck cautions against making such moves until you’re settl...