Monthly Archives: May 2013

Most insurers say policyholders can claim when they are diagnosed with a terminal illness, but they usually exclude the last 12-18 months of the policy. That leaves a gap in cover. Families who find themselves supporting someone with a terminal illness during that time are unable to claim and get support from their insurer unless they die.

Most life policies have an exclusion on their terminal illness plans. Need a policy that will keep you covered against both death and terminal illness for the full duration of the policy term. That means you will be able to make a terminal illness claim right up to the last day of cover, whether or not you die within the policy term. In fact, you can claim for terminal illness at any point during the term of your policy.

If you would like more information on this product or would like a personal quotation, call us on 01489 580020 or email us at, provide us with your contact details and requirements and we will call you back at a convenient time.

HMRCThe HMRC property sales campaign has recently been launched to encourage taxpayers who have not already done so to tell them about the sale of, or disposal of, properties that are not their main homes either in the UK or abroad, and have failed to declare any profits on which Capital Gains Tax should be paid.


Taxpayers have until the 9th August 2013 to tell HMRC they may have unpaid tax and until the 6th September to calculate their liability and pay what they owe. After the 6th September, as quoted on their own website “HMRC will use the information it holds to target those who should have made a disclosure under this campaign and failed to do so.”

HMRC have said that by coming forward voluntarily taxpayers are likely to receive better terms than if HMRC comes to them first.

You DO need to consider this if you have: –

Sold, or disposed of, second or additional residential properties either in the UK or abroad. These could include a holiday home or a property that you rented out.

Sold your main residence. This would normally qualify for Private Residence Relief but in some circumstances the relief is restricted.

Where the entitlement to this relief is restricted Capital Gains Tax may be due if you are liable to UK taxes.

Even if you didn’t originally purchase the property you may still be liable to pay tax on the gain if you acquired the property another way.

For example you may have inherited it or it may have been a gift.

You DO NOT need to consider this if you have: –

Buy and sell property as a business. These sales are subject to Income Tax rather than Capital Gains Tax.

Need to disclose a gain made by a trust, company or partnership.

BOEThe Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%.

The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.

halifaxHalifax are now offering to help first time buyers by paying all their stamp duty. This offer is available on properties costing between £125,001 and £250,000 on a range of products for a limited period. It’s a great offer, and you could save up to £2,500 by not having to pay the 1% stamp duty.

We will help you through the whole process from application to completion providing the help and support you would expect.

For further information or a personal quotation, please complete the details on the contact us page or email us on

Aviva paid out 93.5% of individual income protection policies in 2012, the insurance provider has revealed.

Aviva protection customers and their families received more than £475m through claims on life insurance, critical illness cover and individual income protection policies in 2012. This equates to more than £1.3 m pounds a day or £902 per minute.

Robert Morrison, chief underwriter for Aviva said: “Our latest figures are great news for all families who have protection or are thinking of taking out cover.

“Almost 14,000 of our customers and their families benefited from payments last year so people can be reassured that we are absolutely committed to paying claims wherever possible.

“This is borne out by our latest claims statistics. We will continue to work with our customers to ensure if they need to make a claim their journey is as quick and straightforward as possible.”

The insurer revealed that it paid out a total £475m in 2012 for Life, Critical Injury and Income Protection claims.

The figures include £324m (up £4m from 2011) paid to the families of life insurance customers who have died or been diagnosed with a terminal illness and over £131m (up £17m from 2011) paid to customers with CI cover. Payments to IP customers totalled almost £15m (up 1.3 m from 2011).

The data also reveals that during 2012 Aviva made payments for 10,880 life insurance claims (up 385 from 2011), 1,716 CI claims (up 148 from 2011) and 1,130 individual IP claims (compared to 1,227 in 2011).

For a personal quotation email us at with your requirements or give us a call to discuss further.

Interest OnlyMillions of mortgage holders with interest-only mortgages face a financial crunch when they have to pay them off, a watchdog is warning.

Some 2.6 million UK householders have the mortgages but the Financial Conduct Authority said estimates suggested that nearly half would not have savings or other funds to cover the final bill.

The average shortfall is £71,000, according to FCA research.

Lenders will now step up warnings to homeowners to prevent payment shocks.

Mortgage timebomb

Homeowners with these types of mortgage – about a third of all UK mortgage holders – make repayments each month that just cover the interest on the amount borrowed.

The full amount of the home loan should be paid back when the mortgage term matures – usually after 25 years – using funds such as savings, inheritance or from the sale of a business.

These mortgages were popular when sold alongside an endowment policy in the 1990s, and again during the last decade when many homeowners banked on the rising value of their home to cover the cost.

If you have a mortgage on Interest Only, you should consider a review and confirm that any repayment vehicles you have are on track to repay the loan. If you would like a review and consider transferring to a Repayment mortgage, please call us on 01489 450020 or email us on and we can arrange a mutual meeting to discuss your financial position.


EBCThe European Central Bank (ECB) said it was “ready to act if needed”, should more be required to boost the eurozone’s economic health.

The bank also lowered its benchmark interest rate to 0.50% from 0.75%, the first cut in 10 months.

Worries about eurozone persist, with data showing manufacturing activity across the 17-nation bloc shrank in April.  The European Central Bank also extended its cheap loans to banks until at least July 2014.