FYT weekly news - 29TH July



WHAT BORIS JOHNSON MEANS FOR YOUR £££



Boris is PM. Love him or loathe him, what could his big ideas mean for your money?


1) INCOME TAX


What?

Promised to increase the 40% higher-rate income tax from £50,000 to £80,000


Impact

According to Institute for Fiscal Studies this would benefit 4 million people (the top 10%) giving back tax payers £9 billion.


2) NATIONAL INSURANCE


What?

Increase point when National Insurance is paid.


Impact

Benefits lower earners but the change would be costly to the government.


3) STAMP DUTY


What?

Hinted at scrapping tax on homes under £500,000


Impact

Would boost the UK’s flagging property market, but may also increase house prices.


4) Social care


What?

Vowed to fix social care crisis.Rumoured insurance scheme to help over 40s save for old age.


Impact

'Fix' shortfall in social care provision for ageing population.


5) Public sector pensions crisis


What?

As it stands, when some workers breach the limit for tax-free annual contributions and their pension lifetime allowance, they face hefty charges


Impact

Vowed to 'fix' crisis, meaning workers won't have to retire early or reduce hours.



YOUNG WOMEN KEEPING £££ SEPARATE FROM PARTNER


A Netwealth report reveals that less than 30% of UK 16-34 year olds share a current account whilst over 45% of over 55’s do.


The survey of over 4000 women also found that...


1/3 women regret not maintaining financial independence during a relationship


1/3 are unaware of their partner’s personal wealth and financial situation


2/5 women aged 16-34 now play an equal role in the management of household wealth


Higher earners are more likely to manage money independently



The report cites a ‘need for control, independence and security’ as big drivers of the change.


"With women increasingly entering marriage later in life (35=average), after years of earning their own income and controlling their own finances, it's unsurprising that many are turning their back on a 'what's mine is yours' approach,"
Charlotte Ransom CEO, Netwealth

DELAYED TRAIN TRAVELLERS LOSING MILLIONS


A new campaign, Make Delay Pay has launched and calls for travellers to

claim what they are entitled to.


YOU ARE ENTITLED TO MONEY BACK WHERE THERE ARE DELAYS OF 15 MINUTES OR MORE



Anthony Smith, Chief Executive of Transport Focus, said:

“Too many rail passengers miss out on compensation for late running trains.”

HOW MUCH CAN I GET ?


15-30 MINS: 25 % of the cost of a single journey


30 TO 59 MINS: 50 % of the cost of a single journey


60 TO 119 MINS: Claim 100% of your single ticket or cost of relevant portion of your return ticket


120+ MINS: As above but cost of both portions not just one way.


HOW TO CLAIM?


1. Save your ticket/proof of travel

2. Fill in 2 minute form. Go to this address for the link to your rail network:

transportfocus.org.uk/makedelaypay

3. Claim online or by post within 28 days




OTHER NEWS


145 million old-style £1 coins have not been returned to the Royal Mint over the last year.



A six-year-old South Korean YouTube star with 30 million subscribers has purchased a multimillion dollar, five-story property in Seoul.



Over £3.5m intended to alleviate child poverty and homelessness could be wasted after govt. failed to spend it, says a House of Lords committee.

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