Pension scams claim more victims
A rising tide of pension scams is an unwelcome consequence of the ‘pension freedoms’ introduced in 2015. Because people can now get access to their whole pension fund if they wish once they reach age 55, it is worth fraudsters’ while to try and persuade them to transfer this money to dodgy investment schemes. Such frauds, where victims have lost all the money they had in their pension fund, are reported in the Press almost every week. Mostly, they involve investment in schemes or companies that transfer your money to the fraudsters.
Dividend tax changes cause confusion
In his Spring Budget, Chancellor Philip Hammond reduced the tax-free dividend allowance from £5,000 a year to £2,000 with effect from April 2018. The change came only a year after his predecessor George Osborne had changed the way dividends are taxed and introduced the £5,000 allowance.
First rise in UK interest rates
Thursday 2nd November is a historic date: the Bank of England raised its key interest rate from 0.25% to 0.5%. This is the first time for ten years that the Bank has raised interest rates. Its last move was to cut the rate from 0.5% to 0.25% after the referendum vote to leave the EU in June 2016.
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