The COVID-19 pandemic and the reduction of fundraising events this year has left many charities with a dramatic income loss. The London Marathon alone raised £66.4m for good causes in 2019 and without contributions like this, many are feeling the pinch, especially with the increased demand the pandemic has put upon them.
The current crisis continues to cause upheaval for many people and business owners are not exempt. Reports from our own finance minister would indicate that the economic fallout will continue for some time.
Your client has sold their business – great news! They have secured an above market price and the cash has recently arrived in their bank account. While this money has now alleviated any day-to-day financial concerns, it’s created potentially a new problem for the next generation; Inheritance Tax (IHT).
Like most developed countries, the UK has an ageing population. There are nearly 12 million people aged over 65 in the UK, 5.4 million of whom are aged over 75, and 1.6 million over 85 . This latter group is the fastest growing sector; set to double to 3.2 million by 2041, and treble by 2066.
Being named executor in a will or being engaged to assist with estate administration holds a lot of responsibility and can be an exceptionally complex job. Often there are multiple parties involved, all of whom need communicating with, and all of whom are also processing the recent bereavement.
Equity Release has a severe image problem. When many people hear the term, minds jump to the poor products of the early 90s; when average British homeowners ended up with little income from their home and beneficiaries, sometimes, with debts to repay!
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China’s economy has transitioned, from an industrial export-led model, towards services.
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