You might think of wealth managers as stock-pickers who build an investment portfolio and occasionally monitor its performance – which is why many may question whether it’s actually worth paying for. But the most effective wealth manager will do far more than this, by helping their clients plan for retirement, sidestep inheritance tax and navigate the cost of major life events. Emma Watson, of wealth manager Rathbones, said: “Any wealth manager worth their salt will also help you review your...

The rich are increasingly being squeezed by wealth taxes as governments raise levies to pay for cost of living support. There was a “notable increase” in countries increasing net wealth taxes and property taxes last year, the Organisation for Economic Co-operation and Development (OECD) said in its latest report on tax policy reform. It comes amid growing calls for a wealth tax to be introduced in the UK. Spain imposed a temporary “solidarity tax” for 2022 and 2023 on residents worth more...

Retirees will be forced to forfeit a chunk of their state pension boost next year because of the Government’s stealth tax raid. One pound in every seven paid out in next year’s bumper pay rise will be clawed back in tax, analysis for The Telegraph shows. The state pension is expected to rise above £11,000 for the first time in April after official data revealed that pay including bonuses rose by 8.5pc in the three months to July. Under the “triple lock”, the state pension is guaranteed to...

Soaring property prices mean record numbers face paying inheritance tax, levied at 40pc on estates worth more than £325,000. In 2020-21, 27,000 families paid inheritance tax – but this is expected to soar to 47,000 in 2028 because of Prime Minister Rishi Sunak’s decision to keep the £325,0000 allowance frozen for the next five years. If your family faces paying, the simplest thing you can do to sidestep the duty is give away assets during your lifetime. After seven years, gifted cash,...

Car insurance premiums have hit a record high due to the soaring cost of labour, replacement parts and energy bills. British motorists paid an average premium of £511 for private comprehensive motor insurance between April and June of this year, up 21pc compared to the same period in 2022, according to the Association of British Insurers (ABI). Motorists renewing their cover typically paid £471 for their car insurance during this time – a rise of £36 on the previous quarter – while the...