Thomas Knox - Independent Advisor

Bereaved families will be forced to pay an extra £1bn in death duties if Rishi Sunak extends the freeze on inheritance tax thresholds for another two years, analysis for The Telegraph shows.
The prime minister froze IHT thresholds until 2025-26 when he was Chancellor and it is now understood he will march on with his stealth tax raid in order to plug a £50bn fiscal black hole.
Families currently have to pay 40pc inheritance tax on the value of an estate above £325,000.
If you have Property, ISA's Pensions, or any other assets in the UK it's vital to speak with an advisor to look at how to protect your assets.
UK IHT will still apply to UK-based assets even if you reside in Europe.

New inheritance tax grab will ensnare '10,000 more families' The Treasury will pocket an extra £1bn from grieving families by extending a freeze on thresholds

Britain's new Prime Minister Rishi Sunak on Wednesday delayed the announcement of a keenly awaited plan for repairing the country's public finances until Nov. 17, two-and-a-half weeks later than originally planned.

The postponement, Sunak's first policy decision since taking over from Liz Truss on Tuesday, pushed up British borrowing costs in financial markets but by far less than seen in the panic bond selling caused by Truss's September tax-cutting plan.

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https://www.reuters.com/world/uk/uk-pm-sunak-gathers-cabinet-begin-hard-work-fixing-economy-2022-10-26/

UK's Rishi Sunak delays plan on public finances until Nov 17 Britain's new Prime Minister Rishi Sunak on Wednesday delayed the announcement of a keenly awaited plan for repairing the country's public finances until Nov. 17, two-and-a-half weeks later than originally planned.

In the market turmoil after the mini-budget, some liability-driven investment (LDI) funds risked being unable to meet cash demands on complex derivatives they had used to hedge against movements in interest rates.


https://www.theguardian.com/business/2022/oct/24/mps-inquiry-pensions-crisis-sparked-mini-budget-bank-england

MPs launch inquiry into pensions crisis sparked by mini-budget Cross-party committee to examine problems faced by funds that led to £65bn Bank of England intervention

Speaking at Imperial College London, Ben Broadbent, deputy governor for monetary policy of the Bank of England, more or less told financial market participants that they were pricing in too many future increases in Bank rate.


https://news.sky.com/story/bank-of-england-official-hints-interest-rates-may-not-rise-as-much-as-market-expects-12725509

Bank of England official hints interest rates may not rise as much as market expects Speaking at Imperial College London, Ben Broadbent, deputy governor for monetary policy of the Bank of England, more or less told financial market participants that they were pricing in too many future increases in Bank rate.

Do you have a defined benefit pension? It's vital you get it checked now.

Pension schemes with more than £1tn invested in them came under severe strain following a dramatic rise in interest rates on long-dated UK government bonds in the days after the disastrous mini-budget on 23 September.

BT's pension scheme fell by 11bn after the mini-budget, and many more are under strain, it's time to check on the health of your pension fund.

BT's funding position, which compares the market value of assets with liabilities, was 92% at the end of the reporting year on 30 June.



https://www.theguardian.com/business/2022/oct/18/bts-pension-fund-fell-by-11bn-after-mini-budget

BT’s pension fund ‘fell by £11bn’ after mini-budget Report from one of the UK’s largest schemes is an early indicator of scale of the financial impact on retirement funds