Advertisement
Search within

Doctors revolt over pension tax rules: What sparked the row?

Doctors and other senior medical staff are being hit by limits on pension tax relief that affect all high earners. But they are having damaging unintended consequences for the NHS and everyone relying on it, like longer waiting lists and delays to operations. We look at why.

It's official: IHT is the country's most hated tax. That's according to the Office of Tax Simplification, who have been looking into the quirks of the system at the request of the Chancellor.

How a £46k Caribbean wedding booked with Tui turned sour

A couple who spent thousands of pounds on an idyllic Caribbean wedding were left devastated after Tui failed to claim responsibility for a series of errors which ultimately saw them returning back to the UK unmarried. Andy Helsdon, 45, and his partner Heidi Brown, 49, booked the five star Riu Montego Bay hotel in Jamaica for themselves and 22 wedding guests after the holiday giant described it as a luxury, family resort.

Founded in 1841, Thomas Cook sells 19million holidays a year but revealed a £1.5billion loss in May and needs a £750million cash injection so that it can trade through next winter.

The national safety portal has been a success since launch last July, but the AA has warned encouraging 'dashcam vigilantes' should not be seen as a substitute for having traffic police on patrol.

The typical sum saved towards retirement by a woman in her 60s is £51,100, while men of that age have put away £156,500, according to a report carried out for NOW: Pensions.

EDITOR'S DEALS OF THE WEEK
For current account rewards and interest conditions may apply eg. using provider's full switching service, min deposits and direct debits. For savings, access maybe limited, min/max deposits may apply. See T&Cs. Representative example: If you spend £1,200 at a purchase interest rate of 18.95% p.a. (variable) your representative rate will be 18.9% APR (variable).

Like
MailOnline

Follow
@MailOnline

   

DON'T MISS

FTSE CLOSE: Thomas Cook mulls sale; Lookers warns on profits; WPP sells Kantar

Thomas Cook is in 'advanced discussions' with its largest shareholder Fosun over a deal that would effectively hand over the cash-strapped firm to the Chinese firm. 'Shareholders face significant dilution - basically it's wipe out time,' says Markets.com analyst Neil Wilson. Ad giant WPP has sold a 60 per cent stake in research business Kantar to American private equity firm Bain Capital. The FTSE 100 index at the close was down 3.85 at 7505.97.

The board expects the recent trading conditions to continue throughout the rest of the year, with consumer confidence affected by the uncertainty over Brexit and the economy.

FTSE 100 advertising firm WPP has revealed a plan to sell a stake in its data subsidiary Kantar to US private equity firm Bain Capital.

Deutsche's drastic effort to ditch global investment banking and become a more provincial German lender is a final roll of the dice for the firm after years of decline.

Mark Carney, the soon-to-be-ex Governor of the Bank of England, points out that Woodford-esque problems are 'a big deal' and could threaten the stability of the financial system as a whole.

While the business pages this week were dominated by news that Deutsche Bank will be slashing its employee numbers, one of AIM's big hitters, ASOS, also seems to be sharpening its axe.

Labour's threat to inheritance from a £125k lifetime gift tax

The Government wants to overhaul inheritance tax to make it simpler, but Labour's John McDonnell favours a radical change to a lifetime gift tax, which would allow individuals to get £125,000 each and then pay income tax on anything above that. What lies behind all this is a desire from many left-leaning thinkers to start taxing wealth and it is a sign of a tax tussle that will arrive in years to come.

Switching to the best savings accounts can be arduous but the platform has launched pledging users will only need to fill in one set of paperwork in order to access competitive rates.

Welsh building society Principality is backing that a cartoon dragon named Dylan and a 4% savings rate will help children get into the habit of saving.

Offshore gun tower with its own artillery is for sale for £70,000

The former gun tower is a renovation project on the south west coast of Wales, and is on the market for £70,000. The property was built in 1851 to defend The Royal Dockyard and needs a complete overhaul. It extends up three levels and still houses the original roof guns mounted on traversing platforms.

In their latest survey offering a 'temperature check' of the current property market, the RICS said that anecdotal commentary from estate agents remains 'generally a little downbeat'.

How to prevent high charges for mobile phone roaming overseas

Even moderate phone usage in popular non-EU destinations could result in large fees thanks to roaming charges, price comparison site and switching service, uSwitch, is warning. Countries such as the USA and Switzerland offer customer-friendly roaming tariffs across most networks whilst the EU has a 'Roam Like At Home' policy, allowing British holidaymakers to use their phones for free throughout its 27 other member states.

Some frustrated Woodford investors have tried to leave Hargreaves Lansdown, but were prevented for a technical reason involving the workings of 'share classes'.

As many as one in three people who hold subprime credit cards with interest rates as high as 70% are in problem debt, according to a new report released by the debt charity StepChange.

Half of people would save for care, if any unused cash went to family

People predict they will start needing some kind of assistance to cope with daily living from their 76th birthday onwards on average, research by AIG Life found. A contingency fund option proved the most popular by far when people were asked how they would prefer to pay bills for support as their health declined.

"No smoking" sign on a wall --- Image by © Christopher Stevenson/Corbis

We pick our five favourite cash Isas for savers. This is essential Isa reading and is kept up-to-date throughout the year

One in three motorists pays over the odds for their car insurance - and the worst thing you can do is simply renew. We reveal ten tips to get the cheapest car insurance deal.

The electric Bentley EXP 100 GT car of the future revealed

Bentley has long prided itself on making luxury cars that are a thrill to drive, but to celebrate its 100th birthday it has revealed an electric grand tourer that could pilot itself. Bentley unveiled the experimental EXP 100 GT today with astonishing driver and passenger doors that are two metres wide and pivot outwards and upwards like Bentley's flying wing logo, pictured top left and centre with our reporter Ray Massey. The car looks ahead 16 years to the year 2035 and with a predicted range of range of 435 miles, a top speed of 186mph and acceleration from 0 to 60mph in under 2.5 seconds, Bentley describes the electric-powered coupe as a 'fully-autonomous car that can be driven when one wishes to enjoy the thrill of driving.'

Those who choose pure electric models will pay zero company car tax for the year from April 2020, one per cent tax from April 2021 and two per cent BIK from April 20222, the government confirmed.

A new report published by the Air Quality Expert Group said particles from brakes, tyres and road surfaces directly contribute to more than half of particle pollution from road transport.

Best buy one-year fixed-rate cash Isa launched by Cynergy Bank

Challenger bank Cynergy has entered the tax-free savings arena, offering 1.61% on balances of £500 or more with its new one-year fixed-rate offer. The account can be opened and managed online, and you can transfer in an existing cash Isa from another provider.

The warning comes just days after Mark Carney, governor of the Bank of England, said there has been a 'sea change' in expectations of growth in global economic performance.

Life insurance brands 'Polly' and 'Tom' are advertising to new parents through social media - but they're not quite the specialists that they appear to be on the surface.

Inheritance tax: Seven ways to shield your family's wealth

Everyone wants to leave as much of their wealth as possible to loved ones when they die. But the Government is equally as intent on getting its hands on a portion through the uniquely unpopular inheritance tax. Last week, the Office of Tax Simplification told us what we have known for years - that the 'complex and confusing' inheritance tax system needs a complete overhaul.

M&S clothing boss steps down less than two years in the role

Marks & Spencer's managing director of clothing and home Jill McDonald has left the business having served less than two years in the role after failing to revitalise its flagging fashion department. Steve Rowe - the firm's chief executive - has decided to take over the day-to-day running of the division himself in efforts to directly address ' long-standing issues' in the firm's supply chain 'around availability and flow of product'. 'Given the importance of this task to M&S; I will be overseeing this programme directly,' Rowe said in a statement.

The controversial drilling method - which involves pumping a mixture of sand, water and chemicals into the earth - is being used by the energy group to search for gas in Lancashire.

Kjos founded the low-cost airline in the 1990s and has transformed it into Europe's third-largest budget airline. He is also one of its biggest shareholders, with a 17.2 per cent stake.

Reckitt Benckiser said it will pay $1.4billion (£1billion) to settle US federal investigations into Suboxone, an opioid addiction drug made by its former subsidiary Indivior.

Profit at the upmarket electronics firm more than halved to £7.1m in the year to May, down from £14.7m for the previous 12 months following problems with distribution and the launch of fewer products.

Samuel and Shantelle Golding, aged 42 and 40, were handed more than £15m by over 1,000 savers through their firms Digital Wealth and Outsourcing Express.

Will Deer, who was head of institutional sales at Woodford Investment Management, has lost his job He had worked with Woodford since the fund manager's days at Invesco.

Sofa retailer DFS has sees sales rise in the last year, but said that was against weak comparatives the year before, and warned progress will be linked to what happens with Brexit.

HSBC already stumped up £4million in 2017 to pay back around 6,700 customers who had been overcharged after falling in arrears with HFC Bank and John Lewis Financial Services Limited - which are both owned by HSBC.

Boost in car production drives UK growth faster than expected with  economy expanding 0.3%

A string of firms, including BMW and Jaguar, temporarily shut plants during April to avoid disruption, because it came after the original date for Brexit. But a departure was delayed and the plants reopened in May, triggering the rebound. However, analysts remain gloomy about the outlook for the economy in the second quarter, which runs from April to June.

John Flint is under pressure after claiming last month that China's economic system had 'served its people really well' - despite protests in Hong Kong and a crackdown on Muslims.

Joshua Wong, a 22-year-old activist who has twice been jailed for his work, spoke out after HSBC boss John Flint said the Chinese economic system 'served its people really well'.

The future of the care home operator was plunged into doubt when its two parent companies went into administration this year, suffocated by a £730m debt pile.

Swiss Re's UK life insurance arm Reassure was due to go public this week, but the proposals were axed. Reassure's valuation of up to £3.3bn is understood to have proved hard to stomach.

Remortgage early: How much could you save by remortgaging early?

With interest rates at record lows and unlikely to drop further, experts say now may be the perfect time to lock into a cheap deal. Typically, mortgage lenders inform borrowers of new offers two to three months before the end of their existing fixed term. Once borrowers are approved for a new rate, remortgage offers are then usually valid for up to three months.

John Clements from Cranbrook near Exeter in Devon, is one of many new-build homeowners across the country being denied the chance to save hundreds on their energy bills.

Complaints about small supplier Together Energy failing to refund customers' overpayments have soared. Around 70 to 100 cases have been lodged every month since February.

ASK TONY: I was left penniless in Poland thanks to Santander

I phoned my bank, Santander, to say I would be travelling to Poland. I was told that, as it is an EU country, there was no need to contact the bank and I could use my card normally. However, when I tried to withdraw money at a cash machine I was unable to. I phoned Santander and was told to try again. The same thing happened.

Currently customers benefit from two compensation limits - one for Clydesdale and one for Virgin Money - because they are currently two separate banks. This will change in October.

More than three million bank customers in the UK using the 'voice ID' system to access their accounts. Unlike some new technologies, which many people find complicated, it is simple to use.

Former customers of Extra Energy are now having money taken from their banks without

A former Extra Energy customer was left without money to pay her mortgage last month after the defunct supplier took an unexpected payment of £540.73 from her current account. The reader claimed it took the payment without warning after she failed to cancel the direct debit with the company. She added that she is certain she didn't owe the firm any money.

The Big Six supplier said the decision was made in response to Britons become increasingly aware of the impact their energy usage has on the environment.

Experts say stock market uncertainty around Brexit and unknown trade deals, along with fears of breaching the personal savings allowance, has turned the spotlight back on Isas.

Are you anxious about retirement? Half of over-55s feel ill-prepared

About a third of workers who are over 55 believe they will have to carry on working in retirement to shore up their income, the survey by Close Brothers revealed. Women are struggling significantly more when it comes to saving enough, with three quarters across all age groups admitting they are unprepared for retirement compared to just over half of men, it said.

My mother moved to France in 2007, but since moving back has not been able to close her bank account, and is now incurring interest. What can we do?

The Office of Tax Simplification has now released two 100-page reports about inheritance tax in the past eight months. In summary: this tax is an utter, unfair mess.

The Mini Electric is revealed and it will be made in Britain

The new plug-in Mini Electric accelerates briskly from rest to 62mph in 7.3 seconds and will on to a top speed electronically restricted to 93mph, with a range between 124 and 144 miles. The Mini Electric will be built at the same Oxford factory as its ancestor and the zero-emissions three-door hatchback with go-kart style handling has a starting price of under £25,000 after a £3,500 taxpayer-funded government subsidy.

All payments to people who invested in car parking spaces run by three Park First firms and Help Me Park Gatwick have been frozen after the businesses collapsed.

So far, major banks and building societies have agreed to abide by the strict new rules, under which victims will also receive a refund as long as they have not been negligent.

Would you swap a one-bed flat in London for a four-bed converted water tower in Devon?

The four-bedroom family home in Devon is a converted water tower that is part of a development of Victorian buildings renovated in the 1990s. It has a price tag of £450,000 - the same as a typical one-bedroom flat in London. A room occupies each floor of the water tower, including a kitchen on the first floor and an observatory on the top floor, with 360 degree views of Dartmoor.

What's going on at Silverstone and why was its place on the Formula One calendar in doubt? That's the question assistant editor Lee Boyce and broadcaster Georgie Frost tackle this week.

UK peer-to-peer investors have seen their returns fall by nearly 2.5 percentage points in the last three years thanks to mounting losses, analysis shows.

Is it worth paying the premium for organic bedding and towels?

A flood of cut-price fashion and homewares brands into the mainstream has encouraged many of us to adopt a 'there's plenty more where that came from' mentality. So, a whistle-stop tour of several textiles factories in Guimaraes, Portugal, making organic towels and bedding proved an eye-opening experience. Organic products come with a heftier price tag, but what difference does it really make to the planet?

Boss Jason Hargreaves said 'awful spring weather' forced them to start discounting early, as 'the market deteriorated significantly through the course of the quarter'.

Another of its creditors, property firm M&G;, dropped its own legal challenge against the restructuring process, known as a Company Voluntary Arrangement (CVA).

I am 38 and in debt so can I access my pension early?

I have fallen on hard times and run up a lot of personal debt. Is there any way I can pay a penalty and access my pension funds? I've plenty of time to replace them. Our pensions agony uncle Steve Webb says it is not illegal to access the money in your pension before you are 55, but it is very unlikely to be the best course of action as scammers are rife and there is a very heavy tax penalty to pay in most cases.

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?

Each week we pick out our favourite financial deals to slash your outgoings and make your money stretch further. This week it's savings accounts, a top travel credit card and best-buy mortgages.

Best stocks & shares Isas: Pick the best DIY investment 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.

We asked trusted experts to recommend the best funds that cover different investment sectors - and included This is Money's selection of active and passive options too.

Rightly or wrongly, some people simply want a quick, straightforward route map to investing in an Isa. To that end, this is our distilled guide to getting started.

When will UK interest rates rise?

Lower than expected inflation figures have added weight to expectations that interest rate rises will remain on hold throughout most of 2019. This combined with the Brexit extension is forecast to keep monetary policy steady, with rates held at 0.75 per cent. While unemployment is low and wages are rising, there are still concerns over Britain's consumer economy and business investment being stalled by continuing Brexit uncertainty.

Best mortgage rates: Compare fixed rate and tracker rate mortgage deals

Two-year fixes have plateaued in price over the past few months, following a prolonged period of falling rates thanks to fierce competition among lenders. But longer-term fixes have continued to fall, narrowing the gap between two and five-year deals, according to research from financial experts Moneyfacts.

Ten tips for buy-to-let: Essential advice for property investment

Buy-to-let is much tougher than it once was. But for many Britons the idea of investing in property still appeals, as they trust bricks and mortar and may feel that they can add value to a property. Read our top ten buy-to-let tips

Premium Bonds Winners

Prize Area Value of bond
£1,000,000 East Sussex £25,000
£1,000,000 County Durham £10,000
£100,000 Dorset £5,000
£100,000 Bedfordshire £25,000
£100,000 Preston £5,000
£100,000 Devon £30,000
£100,000 Bedfordshire £10,000
£100,000 Shropshire £49,800
More July 2019 winners
View list of July 2019 winners
Advertisement
Advertisement
   

MOST READ MONEY

Tourist rates

Currency Rate Buy now
Updated 12 Jul 2019.
Euro 1.0915 Buy Now
US Dollar 1.229 Buy Now
Australian Dollar 1.745 Buy Now
Barbados Dollar 2.377 Buy Now
Brazilian Real 4.472 Buy Now
Bulgarian Lev 2.076 Buy Now
Canadian Dollar 1.59 Buy Now
Chinese Yuan 8.31 Buy Now
Croatian Kuna 7.98 Buy Now
Czech Koruna 27.63 Buy Now
Danish Krone 8.089 Buy Now
Hong Kong Dollar 9.519 Buy Now
Hungarian Forint 351.2 Buy Now
Icelandic Króna 148.1 Buy Now
Indian Rupee 78.61 Buy Now
Indonesian Rupiah 16402.0 Buy Now
Israeli New Shekel 4.253 Buy Now
Jamaican Dollar 155.6 Buy Now
Japanese Yen 132.2 Buy Now
Jordanian Dinar 0.833 Buy Now
Kenyan Shilling 122.8 Buy Now
Malaysian Ringgit 4.872 Buy Now
Mexican Peso 22.81 Buy Now
New Taiwan Dollar 35.49 Buy Now
New Turkish Lire 6.809 Buy Now
New Zealand Dollar 1.826 Buy Now
Norwegian Krone 10.41 Buy Now
Polish Zloty 4.601 Buy Now
Romanian New Leu 5.087 Buy Now
Russian Rouble 75.14 Buy Now
Singapore Dollar 1.653 Buy Now
South African Rand 17.02 Buy Now
South Korean Won 1384.0 Buy Now
Sterling 1.0 Buy Now
Swedish Krona 11.39 Buy Now
Swiss Franc 1.21 Buy Now
Thai Baht 37.56 Buy Now
UAE Dirham 4.487 Buy Now
Vietnamese Dong 26949.0 Buy Now
Advertisement
Advertisement