INHERITANCE TAX CHANGES

Announced last year, from April 2017 there will be additional Inheritance Tax relief for those passing

residential property down to their children. This will be in addition to the £325,000 Inheritance

Tax relief for each individual. This will be an extra £100,000 in 2017/18 and will increase over the

coming years until it reaches £175,000 in 2020/21. While this is good news for many, the details

are rather complex so it is worth some study. It is called the Residence Nil Rate Band (RNRB). Go to

www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band for more information.

MORTGAGE OPTIONS FOR THE MORE MATURE OF US!

There are more and more mortgage options for those of us getting older.

These include normal residential mortgage options as well as the useful Lifetime Mortgage options. These can open doors to many who otherwise have felt caught in a mortgage trap which they could not escape from due to age or income limitations. Do contact us if you would like to find out what might be available for you.

PENSION FREEDOM CONSEQUENCES

You can take your pension benefits from age 55, but be aware that taking the benefits early could restrict how much you could then continue to contribute into a pension.

Contact us for more details.

Also, if you have built up substantial pension benefits over the years, be aware that there is a Pension Lifetime Allowance. Pension savings made in excess of that could result in having to pay charges. Contact us if you have questions about this.

PENSION FREEDOM

You can take your pension benefits from age 55, but be aware that taking the benefits early could restrict how much you could then continue to contribute into a pension.

Contact us for more details.

Also, if you have built up substantial pension benefits over the years, be aware that there is a Pension Lifetime Allowance. Pension savings made in excess of that could result in having to pay charges. Contact us if you have questions about this.