Money

Updated: 05:48 EST

Why would you stage a tax raid on the self-employed?

Why would you stage a tax raid on the self-employed and small businesses? That was the question that made me think the Budget attack wouldn't actually happen. But it did, and while wealthy company directors and highly-paid contractors will conjure up ways to claw the money back, Britain's backbone of self-employed workers and small businesses were collateral damage in a tax raid aimed at other people.

Motorists face a £2billion rise in car insurance premiums. Meanwhile, the NHS will be hit with an extra £6billion to cover the cost of any compensation claims against it in the courts.

Figures show that a fifth of those affected by a £3,000 cut to the tax-free allowance on dividends will be the over-65s, who have spent years saving for their retirement.

Star fund managers Woodford and Smith fight it out

Figures from retail investing company AJ Bell show Smith's Fundsmith Equity has edged out Woodford Equity Income to take top spot so far as investors' fondness for recognisable names shows no sign of abating. Following the two heavyweights in third was a less well known fund, Jupiter India, with another big name in fourth in the form of Nick Train's Lindsell Train Global Equity.

Some of the high profile brands that have shrunk in the last few years include Toblerone, Creme Egg, Quality Street, Tropicana juice and Birds Eye cod fishfingers.

Over the next five years, rents are expected to increase by around 20 per cent, a survey by the Royal Institution of Chartered Surveyors revealed.

Many older people think that a mortgage is not something available to them but some lenders will give you a mortgage well into your 80s.

Former Pensions Minister Steve Webb is This Is Money's Agony Uncle. This week, a worried member of the Tata Steel pension scheme wants to know if he can withdraw his savings now.

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MARKETS LIVE: London shares dip after Budget excitement  

Investor focus returns to results and data this session after yesterday's excitement surrounding the budget. There was little in the budget for the City, although the OBR  upgraded its forecast for GDP growth in 2017 from 1.4 per cent to 2 per cent as the UK economy continues to defy doom-mongers in the face of the looming Brexit process. However it was not enough to steady the pound, which on Wednesday notched up a fresh seven week low. Outside the UK, the major event takes place in Europe. The European Central Bank is not expected to raise rates.

The lowering of the tax-free dividend allowance to £2,000 is an additional levy on stock market saving in addition to the stamp duty, a long-standing burden on small investors.

The Bradford-based grocer reported a 49.8 per cent rise in pre-tax profits to £325 million and notched up like-for-like sales growth of 1.7 per cent in the year to January 29.

Figures published by the Office for Budget Responsibility (OBR), reveal that two taxes on the financial sector will provide the Treasury with an even larger windfall than expected.

Hard-up families are eating into their savings as inflation rises and splashing more on credit cards, according to Britain's top spending watchdog.

Billionaire SoftBank boss Masayoshi Son is keen to attract international investment into his so-called Vision Fund, and this deal is seen as key to this.

BUDGET 2017: Key points at a glance

Chancellor of the Exchequer Philip Hammond delivered an unspectacular Budget Statement today, mixing tax grabs on the self-employed and dividends with new spending on social care and financial help for small businesses. He also announced upgrades to the Office for Budget Responsibility's forecasts for GDP growth and some changes to education policy.

A tax raid on the self-employed was delivered in today's Budget, with national insurance hiked and a tax-free allowance slashed - in a move that critics said 'hammered' small businesses.

The Office for Budget Responsibility has upgraded its forecast for GDP growth in 2017 from 1.4 per cent to 2 per cent as the UK economy continues to be resilient.

Savers will still be able to shift pensions overseas tax-free if they and their pot are in the same country, both are within the European Economic Area, or the scheme they move to is run by their employer.

Worthless insurance policies you should never take out

Under plans announced in November by Philip Hammond, insurance premiums tax will rise from 10 per cent to 12 per cent in June. Insurers are preparing to add around £50 to the average policy. In some cases, it'll cost hundreds of pounds more to renew your deal. And if that wasn't enough, drivers last week found out the way accident payouts are calculated will change so that the seriously injured get more cash.

ASK TONY: Thomson lost my bag - and gave me just £100

My husband and I went on a Thomson Cruise & Stay holiday to the Panama Canal, Costa Rica and Colombia via Jamaica. We checked in two suitcases at Gatwick airport, but when we boarded the cruise liner in Jamaica, only one was waiting for us. The missing case contained all my husband's clothes, shoes, his wash bag, phone, Kindle charger, camera batteries, sun lotion and insect repellent.

In 2008, the famous American investor Warren Buffett bet $1m that a tracker fund would return more money for savers in a decade than highly paid fund managers.

Welcome to the new world of insurance. These days companies will flog you cover for almost anything; lost car keys, handbags, tickets and stone chips on your car windscreen.

Loughborough building society has launched a 'Buy for Uni' mortgage allowing students over 18 to purchase a home with the help of a parent, step-parent or grandparent.

Four in five of those polled said they had felt isolated and more than a third of that group had been a victim of fraud. This compares to about one in ten victims who did not feel lonely.

Over 40s underestimate cost of living in retirement by 50%

Over-40s believed they would need to have pension savings worth £244,000 to live a comfortable lifestyle in retirement, which includes going on inexpensive holidays and social activities. But this would mean an income of £13,300 per year - more than £5,000 short of the £18,600 per year actually needed to achieve a comfortable retirement.

You have until April 5 to use all or part of your cash Isa allowance of £15,240 for this tax year. Interest is automatically tax-free and does not affect your tax code.

The increases are small, but the rates are higher than at any time in the past ten months. Atom Bank has raised its deals and now pays 2 per cent for one year.

MARKET REPORT: Funeral provider Dignity dives

There were some 590,000 deaths in 2016, higher than expected after an increase the previous year. The funeral services provider said a lower death rate and increasing competition could see business slow in 2017. The group has seen its market share slip from 12.3 per cent to 11.8 per cent, despite acquisitions and new site openings. Dignity conducted 70,700 funerals in the year and sold 49,000 pre-arranged funeral plans.

David Stevens, boss of car insurer Admiral,said the average motorist could expect a premium rise of 15 per cent or around £75 - meaning policy costs will have soared by a quarter in just two years.

Booming demand in America and a successful rollout of an in-store cash management system helped security firm G4S boast turnaround results.

With 13 airports suitable for private planes, there were more than 78,000 arrivals and departures last year, with growth driven by the demand for flights to Russia.

An announcement - which was sneaked out an hour after the Budget - shows that nine bosses will pocket 6.6m shares worth £15.9m at today's prices if long-term targets are hit.

David Cumming has been with Standard Life for 18 years and runs its top-performing UK Equity Recovery fund. Yesterday Standard Life revealed he was leaving 'to pursue other interests'.

The Government is setting up a panel to consider transferring tax relief for decommissioning fields and equipment to new owners rather than see them shut down by the oil giants.

Barclays new head of investment banking, ex-JP Morgan Aussie Tim Throsby, 50, who arrived in post in January, has been busy reinvigorating his new unit, according to the Wall Street Journal.

Rupert Murdoch's 21st Century Fox said it 'welcomed' a Government review into its £11.7bn deal to buy the 39 per cent of Sky it does not already own.

Harrison, 52, bought 14,622 shares for 541.66p on Tuesday - at just over £79,200. The stock closed at 563p last night - making his holding now worth £82,321.

Bentley EXP12 Speed 6e Concept revealed

Bentley, the legendary British marque, known for its big-engined grand tourers, took the wraps off the stunning EXP 12 Speed 6e Concept at the Geneva Motor Show today. It's a luxury all-electric sports car that could handle a 310-mile long blast across Europe. The chopped down steering wheel has two buttons on the top of each stump - one is for extra electric boost while the other is a speed limiter (top right) - just don't get them mixed up. The interior is awash with fine leather, wood (bottom right) and carpets - it feels as opulent as a Bentley should.

Top 10 apps to help you manage your money

Do you find the idea of sorting out your finances boring, or even overwhelming? It doesn't have to be this way. Whether its making your cash last, getting into investing, or putting money aside for a rainy day, we've done the legwork for you and picked the top 10 money apps we think you need in your life.

How much can you make from your old mobile? 

If you've managed to keep hold of an older model, and it's one collectors are searching for, you could be in luck. But even if the phone is only a few years old, it may be worth around £500 if selling it online.

Letting agents clamp down on criminal money launderers

The checks, on where both renters and their landlords get their cash and their identities, are being brought in under European legislation designed to clamp down on illegal money laundering through property.

Annual house price inflation slowed to its weakest rate in nearly four years in February as the property market continues to show signs of cooling.

Leasehold has been a traditional part of the housing market, but there are areas where 'urgent reform may be need', the Government has said.

Peugeot 3008 SUV takes the 2017 Car of the Year title

On the same day PSA announced it was going ahead with the takeover of the Opel-Vauxhall business in Europe, the carmaker also managed to bag one of the most prestigious awards in motoring.

Very few practical family cars can be described as handsome, but this new 'five-door gran turismo' model from Volkswagen is one of the best looking do-it-all motors on the market today.

The 170mph-plus Honda Civic Type R will be manufactured at Honda's UK factory in Swindon for markets worldwide, including Japan and the USA.

Why does PSA Group want to buy Vauxhall?

Today marks the end of 92 years under American ownership for Vauxhall. The PSA Group secured a £1.9 billion deal to take it out of the hands of General Motors. But why has the Vauxhall / Opel and PSA Group deal happened and what does it mean for the future of the car company, its employees and its customers?

Does my fixed rate savings deal have a cooling off period?

You open a fixed rate savings deal at 1.5 per cent, but then the bank ups its offer just two days later to 2 per cent. So can you just swap to the new better rate? We reveal why that's unlikely.

I’ve just got engaged, do I need insurance for my ring? 

Is my engagement ring covered on my home insurance or do I need to buy a separate policy? I've heard different things and I've not yet found the answer. If I do need to buy a standalone policy, what's the best way to choose one?

How to use your old pension allowance

The ability to use previous year's pension saving allowances is particularly useful for those nearing retirement. But the 2017 tax year will see the pension system once again get a little bit less generous. That's because the amount permitted using 'carry forward' will fall after April 5.

Jane Blackwell, pictured, swapped life in the police for running two franchised McDonald's restaurants. Read our guide to what entrepreneurs need to know before they take the plunge.

Business rates are about to change, affecting millions of SMEs around the country. Here we look at why the tax is changing, how it will affect you and what you need to do to prepare for it.

Top UK equity income funds of the past decade revealed

They might not all be household names, but the top two income investors would have netted you a compelling income of almost 50 per cent of your original investment, according to a new report. Neil Woodford came in at a respectable sixth place - three places below his Invesco Perpetual successor Mark Barnett.

The clock is ticking to use up the last of your Isa allowance for this tax year. With that in mind, Schroders head of multi-manager Marcus Brooks reveals some funds he likes.

The Dow Jones has soared nearly 2,500 points since Donald Trump was elected on November 8. The rally - dubbed by some as the Trump Bump - this week saw the Dow smash through 21,000.

Overbooking means denied seats can face costly delays

Families planning to travel abroad on their Easter holidays are being warned to turn up early for flights or ensure they check in online in plenty of time. Failure to do so may result in them bumped off their flight due to overbooking. Days can be shaved off your cherished family holiday with only minimal compensation.

Mrs A.T. writes: I am 74 and my husband is 81. A few days after coming out of hospital following a recent serious operation I answered the telephone and heard a recorded message that distressed and scared me.

Endless calls made to Vodafone 'helplines' based around the world over the course of two years left Julie Engineer frustrated and angry.

TOBY WALNE discovers the secrets behind the Royal Mint

Inspired by author Roald Dahl and his novel Charlie And The Chocolate Factory, I was hoping to be greeted by an army of Oompa Loompa workers hammering out pots of coins, singing away beside a magical river of gold. Yet the secret world that creates cash rather than confectionery is just a noisy modern factory. There are 30 giant fruit machines coughing out a stream of coins just like a Las Vegas one-armed bandit having hit a never-ending jackpot.

How does the boss of German grocery chain Aldi plan to cope with Brexit? Simple: buy British. In fact, Matthew Barnes, chief of Aldi UK, hopes to cast off the German tag altogether. Aldi UK.

Switching is now part of our personal finance routine. Whether it is a new bank account, energy supplier or insurance policy, it usually pays to make the hop, skip and jump.

Second home by the coast could be cheaper than you imagine

Yes, owning a holiday home is a pricey option in hotspots such as Padstow in Cornwall and Salcombe in Devon, but there are plenty of tempting, cheaper alternatives. After all, the UK has 11,000 miles of coastline. Better-value areas are often less well served by road or rail and can be quiet in the winter, but have better value homes. Here are six great spots - with prices that won't make waves.

Major insurers are this week expected to flag up price hikes for customers in the wake of a shock Government move on compensation payments for people involved in life-changing accidents.

John Lewis is to equip 8,000 sales staff with smartphones so customers no longer have to wait while stock rooms are checked.

Seventeen 17-plate cars you can get with 0% finance

As of this week, the '17' plate is here. But dealers expect to be even busier than normal this March as Britons attempt to secure a new vehicle in time to beat VED changes arriving next month. Here are some of models you can get without having to pay interest. From top left to right: Lotus Elise 220 Sport, BMW 6 Series Coupe, Mitsubishi Outlander PHEV, Jaguar F-Type, Renault Kadjar, Citroen C3.

Being unable to work due to illness or injury can have a devastating impact on your finances. The self-employed are particularly exposed as they do not have the protection of an employer's sick pay.

Motor insurance costs are likely to soar in the coming months as a result of a double whammy of rising taxes and a proposed change to compensation costs.

What will stop condensation and black mould by my windows?

If your property suffers from condensation and black mould, here is what you can do to help ensure your home is as healthy as it can be. A property expert from a chartered building surveyors gives tips on how to keep condensation to a minimum, what to do if you suffer from it and how to get rid of mould.

British Gas is offering a new reward scheme for loyal customers but can't it just take the £100 million investment and lower bills for everyone instead?

Citizens Advice says it has seen evidence of doorstep lenders taking advantage of their position and putting people at risk of serious debt problems.

EDITOR'S SAVINGS DEALS OF THE WEEK

50 ways to save money....

To clear the average national household debt of ?13,000 at 6% interest with a monthly repayment of ?100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.

Pick the best (and cheapest) investment Isa platform

Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

L Board sign on the rear of a blue saloon car , UK

If you are new to investing then the huge number of funds and investment trusts on offer can be confusing. Fortunately, This is Money's experts have some ideas to get you started.

On the up: Emerging markets such as Brazil are where much of the world's growth is expected to be over future years.

If you're looking to add some flair to your investing Isa with emerging markets, This is Money's experts have some ideas to get you started

Income investing: Dividends can deliver both a healthy boost to long-term growth and a way to earn from your investments.

Income investing can let you draw on your portfolio or reinvest dividends to build solid growth over time. Our experts give their fund and investment trust recommendations.

After the turbulence of 2016, many investors will be wondering what this year could possibly have in store for them. Here, three experts pick funds they believe could be winners.

How much money do I need to save for my pension?

The amount you can save into a pension ultimately depends on what you can afford - but the longer you leave it the more you will need to save. We tend to put ambitious targets on our hoped-for income in retirement and then underestimate how much we will need to set aside to achieve that. So how much should you save?

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Making the most of a pension is your best chance of securing a decent income when you retire. We explain what you need to know.

Even at a time when we are stretching our finances further to afford a home, moving less, and pushing mortgages beyond 30 years, we still remain captivated by two-year fixed rate deals.

When will UK interest rates rise?

Inflation pushed up to a higher than expected 1.6 per cent in December, but pressure remains within the range that the Bank of England is expected to disregard in its interest rate decisions. Rate setters did not meet in January due to the shift from monthly decisions, the next MPC meeting and announcement is due in early February, alongside the Inflation Report.

Handy Brexit table explains options for the UK's EU exit

Despite endless media coverage of the political wrangling and financial speculation, the average Briton can be forgiven for remaining confused about what 'soft' and 'hard' Brexit really mean. But a clever table put together by HSBC cleaves some clarity from the murk.

What next for mortgage rates?

Mortgage rates were tipped to start rising in 2017 but so far, there hasn't been any evidence to suggest rates are about to get more expensive. Experts say borrowers sitting on their lender's default rate could save money by remortgaging now.

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

Best paid jobs and biggest pay rises of 2016 revealed

Compare your pay to the national average and see whether your employer treated you to a pay rise in line with the the rest of your profession. Farmers, care and air travel assistants were big winners on the pay scales in 2016. Travel agents, careers advisers and probation officers lost out.

Premium Bonds winners

March 2017
Prize value Winning bond No. Area
£1,000,000 264BD750537 Devon
£1,000,000 227QD676218 Outer London
£100,000 281EA068215 West Sussex
£100,000 278FD009808 Wales
£100,000 162QX030223 Gloucestershire
£50,000 79PB714193 Lancashire
£50,000 54BZ604010 Buckinghamshire
£50,000 42VN818315 Bromley
£50,000 255AV129730 Hertfordshire
£50,000 224PL081060 Surrey
£50,000 141ZC494222 East Riding of Yorkshire
More Premium Bonds winners
   

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