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Tax on inherited pensions abolished

The 55% tax charge on inherited pensions will be abolished from April 2015, the Chancellor George Osborne has announced.

Inherited defined contribution (DC) pensions that have a drawdown arrangement or have not been accessed will face new tax treatment depending on the age of the owner on death.

New rules

Death after 75 - the beneficiary pays income tax...

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Credit rating factors misunderstood

Just 2 out of 5 financial decision makers in UK SMEs have ever checked the business's credit report, a survey by Experian has found.

Of these, 44% checked their report more than 6 months ago and 'curiosity', rather than wanting to improve their access to credit, was the main reason for doing so.

The survey also found that just 13% were 'completely aware' of the factors that...

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Slightly older peers key to financial education

Young people aged 16-21 could benefit from hearing financial mismanagement stories from those in the 22-29 age bracket, a report by the Money Advice Service has suggested.

The money management advisory group conducted research among 16-21 year-olds and the 22-29 age group to understand their attitudes, behaviours and regrets towards money.

The research found several common themes...

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Micro-business numbers surge

The number of micro businesses in the UK has grown by 43% since 2000, a report by insurance group RSA has found.

Micro firms are businesses employing between 0 and 9 workers.

The research found:

  • 1.4 million new micro firms have launched since 2000
  • micro firms are the only size category to have increased their proportion of UK businesses...
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Small firms unprepared for data loss

Less than a third of small businesses have plans to ensure business continuity in the event of data loss, according to a report by disaster recovery firm Databarracks.

Just 30% of the small businesses surveyed have procedures in place to help them cope with data loss. This compares with 54% of medium-sized companies and 73% of large firms.

The most common causes of data loss are...

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