Carl Lamb, managing director of Almary Green Archant Our reader this week is worried that giving Christmas gifts to her grandchildren could push her over the annual gift allowance. So should she be a little less generous? Carl Lamb of Almary Green responds. I’m beginning to plan what I’m going to give my children, grandchildren and great grandchildren for Christmas this year. I usually give them money of £50 each for my 18 great grandchildren, £150 each for my nine grandchildren and £250 each for my four children, but there are so many great grandchildren now, it’s going to take me above the £3,000 a year total gift allowance. Do I need to cut the amounts down now?Response from Carl Lamb of Almary GreenAnnual gift allowances are essentially there to stop people giving large amounts of money away to avoid paying Inheritance Tax. The £3,000 is the total annual figure that you can give away without it being potentially considered as part of … [Read more...] about Ask the Expert: Do I need to cut down on my grandchildren’s Christmas presents?
Carl Lamb, managing director of Almary Green Archant Our reader wants to know if taking a lump sum from her pension to invest in a rental property makes good tax sense. Carl Lamb of Almary Green responds. I am aged 58 and have a private pension worth about £400,000, thanks to a really good job I had in my 30s and 40s. I currently earn about £35,000 a year and I plan to keep on working at least until I get my state pension. I would really like to take out about £120,000 from my pension fund to buy another rental property now (I already own one small flat which brings in an additional net income of £6,000 a year), which would add to my current and future income and assets. I understand I can access my pension but wonder if it makes sense from a tax perspective? Firstly – and perhaps most importantly in your case – you should bear in mind that once you start taking taxable withdrawals from your pension pot, you are subject to a drastically reduced annual … [Read more...] about Ask the Expert: Should I take a lump sum from my pension to invest?
PUBLISHED: 11:48 14 October 2018 | UPDATED: 11:48 14 October 2018 Carl Lamb, managing director of Almary Green Archant Carl Lamb of Almary Green answers our reader’s financial, savings and investment queries. I have a pension pot with one of the big insurance companies which is worth about £250,000. I’m aged 50 and want to make sure that I have enough income to live a pretty good life when I retire. I’ve had a call from a company that is telling me that if I transfer my fund overseas, the growth potential will be much higher – especially with Brexit happening next year. What do you think?Response from Carl Lamb of Almary GreenI’m afraid this sounds like one of the many pension fraud cold calls to me, so please don’t sign up to anything! There is a real danger that if you transfer your fund in this way you may never see your money again. Even if the transfer offer is to a genuine fund and not straightforward theft, by transferring your … [Read more...] about Ask the Expert: Should I move my pension abroad
Carl Lamb, managing director of Almary Green Archant Our reader this week wants to know if her son is entitled to up to £500 in a child trust fund from the government. Carl Lamb of Almary Green responds. Does your son or daughter have a government child trust fund you don't know about? Picture: Getty Images/iStockphoto.I’ve seen in the news this week that children born between 2002 and 2011 were given a sum of money by the government on their birth to put into a special children’s fund.I have a son aged 16 this October and a daughter aged 14. I think I remember vaguely that we were told that we were entitled to this but I don’t think we ever took it up. Is it too late to get the money?Response from Carl Lamb of Almary GreenChild Trust Funds were only around between September 1, 2002 and January 2, 2011, but any child born between those dates will have been allocated either £250 or £500, depending on the parents’ income, from the government to … [Read more...] about Ask the Expert: Has the government given my child £500 in a child trust fund?
Carl Lamb, managing director of Almary Green Archant Our reader this week wants to know the best way to take her retirement income - all at once, as an annuity, or a mix of both? Carl Lamb of Almary Green responds. I’m in my early 60s so am due to get my state pension from age 66. I have built up a private pension fund of about £120,000 and am wondering what might be the best way for me to take my retirement income. I understand I can take it all out of my pension at once and not buy an income for life but just invest it and live off the investments. Is that right?Response from Carl Lamb of Almary GreenWhen you are getting close to retirement, it’s a really good idea to get advice about how you will manage your retirement income as the rules are quite complex these days. There are three main routes you could follow with your private pension fund.Firstly, you could, if you so wish, take all the money out of the fund. The most important thing to remember … [Read more...] about Ask the Expert: What’s the best pension option for me?