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Sky News
5 days ago
- Business
- Sky News
Sky News launches Money newsletter from award-winning team
Sky News is launching a brand new free Money Newsletter - bringing the kind of content you enjoy in the Money blog directly to your inbox. Each Friday subscribers will receive exclusive tips, from why you shouldn't book a holiday on your laptop to the budget ketchup that beat the market leaders in our blind taste tests. It'll be your essential personal finance companion, with digestible information to help you make smarter decisions on your savings, mortgages, holiday money and much more. As a newsletter subscriber, you'll get additional exclusive content that goes beyond the blog. At a time when the global economy faces so much uncertainty, we'll have analysis from our trusted economics teams on the big stories that impact the cash in your pocket. You'll also get first looks at popular features such as Money Problem, Cheap Eats and What It's Really Like To Be A... All of this will be curated by the team behind the award-winning Money blog that is read by millions of Britons each month. Sign up today and join our Money community - we're excited to have you on board!
Sky News
21-05-2025
- Business
- Sky News
Money Problem: How to challenge your council tax band - and the big risk that will infuriate your neighbours
Why you can trust Sky News Every Tuesday our Money blog team answers your Money Problems. You can email yours to moneyblog@ Today we are tackling this one sent to us by Dan... I've jumped from Band B to Band E council tax band - my neighbours with similar or bigger houses are mostly D. I've appealed the decision as I've just bought the property but what would the criteria be for my band to be revised? Thank you for the question. There are clear structures in place allowing people to challenge their council tax band - but it comes with risks. What are the grounds for an appeal? Let's start by looking at why people can challenge their band if, like you, they're in England or Wales (people in Scotland can find out how to challenge via the Scottish Assessors Association here)... The Valuation Office Agency (VOA) for England and Wales accepts appeals on the following grounds: Your house has been overvalued - you'll need proof here, such as the sale price; Like in your case, neighbours with similar or bigger homes are in lower bands; There's been a change to the property (ie some of it has been demolished or it's been converted into flats), or the surrounding area since the original valuation; You haven't extended your home, or made significant improvements, that would justify a band shift; The valuation is wrong due to a legal decision on another property; The property details are wrong or incomplete. How to gather evidence The first thing to do is check what band your neighbours with similar properties are in. You could ask them or check the VOA or SAA websites. You then need to look at the valuation. Your council tax band is based on your property's value in 1991 in England and Scotland, and 2003 in Wales - and you'll need to gauge this even if your property wasn't built at the time. These valuations were hardly robust - how do you value every home in a country at speed? - hence why people still often find themselves in an incorrect band. There are a few steps to this. First, if you've just bought the house, you have an up-to-date valuation - or you get information from sites such as Rightmove and Zoopla. Once you have an idea of the current valuation, you can use tools such as the Nationwide House Price Calculator to discover the valuation in 1991 or 2003. Which band does this old valuation put you in according to this table... How to appeal If you think your original valuation is wrong, it's now time to go to the VOA or SAA to state your case. If you think your band has changed since the initial valuation, you need to go to your local council. Making improvements to your property won't increase your council tax - but the band could change upon sale. This can also happen if the property is subject to a new lease for more than seven years. Top tip: you can check if a home you are buying is pending a band review on the VOA's council tax list. Helpfully, the government website has a step-by-step guide to appealing in England and Wales here. Risks You could lower your band through a review - but Dan and others beware: assessors could also find your property, and potentially those of your neighbours, are undervalued. Your council tax bill(s) would then go up. This feature is not intended as financial advice - the aim is to give an overview of the things you should think about.
Sky News
12-05-2025
- Business
- Sky News
Everything you need to know about pension drawdown and annuities
Why you can trust Sky News Annuities and drawdown are the two main ways of using your pension pot to fund your retirement. But how are they different? What option is best for you? And what risks do you need to be aware of? Our Money blog team has put together a guide explaining everything you need to know about the two options. First, let's take a look... DRAWDOWN This is a way of managing how you spend your pension pot - and is a much more flexible way of accessing your pension than its main alternative, the annuity. It allows you to take sums out gradually while leaving the rest invested. Pension providers and investment platforms offer the product, which is generally available to people aged 55 and over (rising to 57 from 2028) with a defined contribution pension, and not final salary or defined benefit pensions. How does it work? You usually start by taking up to 25% of your pension pot tax-free. The rest is moved into what's called a "drawdown account", where it remains invested in funds of your choosing, such as stocks or bonds. You can take income from that invested pot whenever you like - but anything you withdraw beyond the tax-free portion (25%) is taxed at your income tax rate. The risk You have full control over how much to withdraw and how often, making it flexible for changing income needs - which sounds ideal. However, because your pot remains invested, it can rise or fall depending on market performance. Poor investment returns or withdrawing too much too soon could mean your money runs out in retirement. It can take just one volatile world event, such as Donald Trump imposing tariffs, to wipe significant value from your fund. You also need to make sure you take responsibility for the drawdown - keeping an eye on how it's performing, when to take out lump sums etc. If you don't plan properly and run out of money, that's on you. ANNUITIES This financial contract converts your savings into an annual income, like a state pension, rather than flexible drawdowns. The product is sold by insurance companies to those aged 55 and over and can be fixed-term or lifetime. Payments are made either annually, biannually, quarterly or monthly, and how much you receive depends on the size of your pension savings, the features of your particular annuity, and your health and lifestyle. How does it work? The annuity payment is an annual percentage of the amount you convert. So if you spend £100,000 of your pension savings on an annuity product at a 5% rate, you'll get £5,000 a year. Once you've agreed to the contract, you cannot change your annuity, take out lump sums, or transfer it to someone else. There are different types of annuity... Fixed v lifetime Lifetime annuities guarantee you a set income for the rest of your life, no matter how long that is. Fixed-term or temporary annuities pay an income for a set period of time, often between three and 25 years. This allows you to shop around for other options once the contract ends. Some people might use them as a bridge between retirement and the beginning of their state pension at age 66. What rates are available There are various packages, so let's start with the simplest. Level annuities pay out the same amount of money each year but they are vulnerable to inflation, which can reduce your standard of living over time. Escalating annuities provide a partial solution to this problem, increasing at a fixed percentage each year (eg 3%). The catch is that payments begin at a lower rate than level annuities. Inflation-linked annuities rise in line with the retail price index (RPI), proofing your income against inflation, but starting at a much lower rate. Investment-linked annuities invest part of your pension fund and pay out extra income - or not - based on the performance of the investment. Impaired or enhanced annuities can be used if you have health issues that are expected to shorten your lifespan. This allows larger annual payments to be made on the basis that insurance companies expect to spread them over a shorter period of time. Joint life annuities allow you to pay your spouse or partner after your death, but often at a lower rate. Or you can protect a lump sum in your initial agreement to be transferred to your loved one when you pass away. Taxation Annuities contribute to your personal allowance and, once that is reached, are taxable like any other income stream. Remember, you are entitled to draw down a 25% lump sum tax-free from your pension pot. An annuity paid to a spouse or partner after your death is also subject to income tax, unless you die before the age of 75. Advantages and disadvantages In summary, here are the positives and negatives to consider. Differences between drawdown and annuity Here are the main differences between the two: Drawdown: Flexible access, investment growth potential, but no guaranteed income Annuity: Fixed, guaranteed income for life or a set period, but no flexibility or growth potential once purchased Can you mix the two? Yes - in fact, the number of people doing this is growing. You can split your pension pot - buying an annuity with one part and using drawdown with the other. This hybrid approach helps balance steady and secure income with the prospect of growth with the other - as well as control over your remaining funds.
Scottish Sun
30-04-2025
- Business
- Scottish Sun
Sky News legend reveals his last day is TODAY after 11 years – following decision to quit channel
The Sun previously revealed the bizarre reason behind the anchor's decision to leave the channel that's a wrap Sky News legend reveals his last day is TODAY after 11 years – following decision to quit channel Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A SKY News legend has revealed he's quit the station after 11 years - and his last day is today. Ian King has took to social media to reveal to fans he has officially left the 24-hour channel. Sign up for the Entertainment newsletter Sign up 1 Ian King has officially left Sky News Credit: Sky News The seasoned broadcaster posted: "After 11 years and more than 2,000 editions of Ian King Live (now @SkyBusinessLive), today is my last day with @SkyNews. "Many thanks to colleagues past & present, to my thousands of guests and, above all, to all of our viewers worldwide." Replying to Ian, one fan said: "Well done Ian and thank you for having me on as a guest a couple of times. I think its a real shame that you are movng on." A second wrote: "End of an era. Thank you for keeping us so well informed on Business." Ian's decision to leave Sky News was revealed last year, as David Rhodes, Sky News' Group Executive Chairman paid tribute to him. In a letter to colleagues, he said: "Ian has been with Sky for ten years, enriching our news report with his knowledge of finance and his network in the City of London. "We're delighted that he will continue to be a resource on our digital estate at this time. "I met this morning with the Business team to discuss our continued commitment to "Business Live", hosted in recent months principally by Paul Kelso and Darren McCaffrey from our main newsroom. "We're increasing our investment in this area, for instance in the hit Money Blog-- a consistent audience favourite. "I want to thank Ian for his commitment to Sky News; we'll make sure to organise a deserved send-off next year."
The Sun
30-04-2025
- Business
- The Sun
Sky News legend reveals his last day is TODAY after 11 years – following decision to quit channel
that's a wrap The Sun previously revealed the bizarre reason behind the anchor's decision to leave the channel A SKY News legend has revealed he's quit the station after 11 years - and his last day is today. Ian King has took to social media to reveal to fans he has officially left the 24-hour channel. 1 The seasoned broadcaster posted: "After 11 years and more than 2,000 editions of Ian King Live (now @SkyBusinessLive), today is my last day with @SkyNews. "Many thanks to colleagues past & present, to my thousands of guests and, above all, to all of our viewers worldwide." Replying to Ian, one fan said: "Well done Ian and thank you for having me on as a guest a couple of times. I think its a real shame that you are movng on." A second wrote: "End of an era. Thank you for keeping us so well informed on Business." Ian's decision to leave Sky News was revealed last year, as David Rhodes, Sky News' Group Executive Chairman paid tribute to him. In a letter to colleagues, he said: "Ian has been with Sky for ten years, enriching our news report with his knowledge of finance and his network in the City of London. "We're delighted that he will continue to be a resource on our digital estate at this time. "I met this morning with the Business team to discuss our continued commitment to "Business Live", hosted in recent months principally by Paul Kelso and Darren McCaffrey from our main newsroom. "We're increasing our investment in this area, for instance in the hit Money Blog-- a consistent audience favourite. "I want to thank Ian for his commitment to Sky News; we'll make sure to organise a deserved send-off next year."
