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Easing customers’ fears of granny tax

This year’s Budget was, as many often prove to be, a bit of a non-event although reading the tabloid headlines you would think otherwise.


The clear winner in terms of headlines was the granny tax and if nothing else the new measures proved that no section of society is safe from the increasing demands for revenue the government is making.

But the serious message that underlies the many and varied changes to benefits and tax allowances is what perhaps is best described as the slippery slope concept.

In other words it’s not the effect the changes will have this year that matters, but more the long-term temptation to erode the value of these allowances for older clients.

If an individual’s birthday is between 1938 and 1948 the freezing of the age-related personal allowance will be a gradual erosion of the value of this benefit.

If they were born after 1948, they will not qualify. All in all a small step towards an increased emphasis on clients to look after themselves in retirement.

Whatever your political views, it’s a trend that is likely to continue and equity release takes another step forward as one way to help.


Factory farming underwriting is affecting self-employed

Rob Jupp, managing director of Brightstar Financial, has hit out at mainstream lenders for adopting what he calls a factory farming approach to underwriting. He claims many lenders have abandoned individual underwriting in favour of a standardised approach which disadvantages the self-employed. Jupp says: “Today’s business owner is working in difficult trading conditions and lenders […]

PTFS makes interim CEO permanent

Max Wright has been appointed permanent chief executive officer of Personal Touch Financial Services. Wright has been interim chief executive since February, after former chief executive Doug Crawford left the business.He has also been a non-executive director at PTFS since 2009. Wright says he is excited and delighted to take on the challenge of leading […]

Time runs out on Kent Reliance’s 85% B2L product

Kent Reliance Building Society is withdrawing its 85% LTV buy-to-let deal on May 11, one of the last widely available in the market. All applications in principle for the two-year fix with a 1% fee must be sent in before 5pm this Friday May 11, with the application fully submitted by May 18. Alastair Pate, […]


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