Latest news with #RBCBrewinDolphin
Business Recorder
3 days ago
- Business
- Business Recorder
London stocks advance after US jobs data quells slowdown worries
LONDON: British equities rose in broad-based gains on Friday after a US jobs report allayed concerns of an economic slowdown in the world's biggest economy, with both UK blue-chips and midcaps clocking weekly advances. Global risk assets ticked higher after data showed US job growth slowed in May amid uncertainty around US President Donald Trump's tariffs, but solid wage growth should keep the economic expansion on track. 'The US jobs report data for May suggests the economy is holding up and far from recessionary,' said Janet Mui, head of market analysis at wealth manager RBC Brewin Dolphin. The blue-chip FTSE 100 gained 0.3%, while the more domestically-oriented FTSE 250 ended 0.4% higher. Both indexes clocked firm weekly gains. On the day, heavyweight banks were among the top gainers, with Standard Chartered up 2.9%, HSBC up 1% and Barclays climbing 1.9%. Precious metal miners, the best performing FTSE 350 sector this week, lagged on Friday, clocking a 1.8% decline. Aerospace and defence shares - which jumped earlier this week after Prime Minister Keir Starmer pledged the largest sustained increase in British defence spending since the end of the Cold War - gave some of those gains back, to fall 0.8%. The week has been a volatile one for global markets as investors grappled with ever-changing global trade dynamics. Trump doubled tariffs on steel and aluminium imports, though the UK received an exemption. Trump and Chinese leader Xi Jinping also confronted weeks of brewing trade tensions in a rare leader-to-leader call on Thursday that left key issues to further talks. Back in the UK, Finance Minister Rachel Reeves is scheduled to hold her first multi-year spending review on June 11 and is expected to divvy up more than 2 trillion pounds ($2.7 trillion) of public money between her ministerial colleagues.
Telegraph
27-05-2025
- Business
- Telegraph
Families face shock £2m death tax bills on gifts gone wrong
Thousands of families have been hit with shock tax bills of up to £2m after relatives died less than seven years after making a gift. In the tax year 2021-22, the latest year for which data is available, there were 12,700 gifts made less than seven years before death, at an average value of £157,000. This is down from 13,380 failed gifts the year before, when the average value was slightly less, at £156,000, according to data released by HMRC under Freedom of Information rules. Inheritance tax is paid at 40pc of anything left over a tax-free threshold of £325,000, known as the nil-rate band. But gifts – or 'Partially Exempt Transfers' (PETs) – made more than seven years before death are exempt. However, if the person who made the gift does not survive a further seven years, their family must pay inheritance tax on the value of the gift on top of the rest of the remaining estate. Estimates suggest that the total extra tax paid on the failed gifts could be as high as £800m, but some families will have faced bills of millions. The average value of the top 50 gifts was £5.05m – compared to £3.6m the year before. Tax experts estimated that the largest failed gifts could attract inheritance tax bills as high as £2m. Daniel Hough, financial planner at wealth manager RBC Brewin Dolphin, said: 'The latest failed PETs stats, which show that inheritance tax receipts are on the increase, seem to indicate that many people are leaving it too late to discuss provisions for others. 'Our advice to clients is that once they have secured their own income requirements, they should l ook at options to pass their wealth to the next generation.' Spouses can leave their assets to their partner without triggering a tax bill, but parents cannot pass their estate on to their children tax-free. If a home is included in the estate, an extra £175,000 is given as a ' residence nil-rate band '. It comes ahead of a Labour inheritance tax raid on pensions. Chancellor Rachel Reeves announced at her inaugural Budget last October that from April 2027, leftover pension wealth would be included in an estate for inheritance tax purposes. Mr Hough said that the changes could mean that parents gave away money earlier, reducing the number of failed gifts. He said: 'In terms of the future direction of inheritance tax receipts, although difficult to guess, we could potentially see a reduction from 2025 onwards due to the inclusion of pensions for inheritance tax from April 2027, as more people seek financial advice earlier with their estate planning.' Mike Hodges, partner at tax firm Saffery, said: 'The latest HMRC figures on failed PETs are really quite startling. 'My sense is that with the inheritance tax nil-rate band now frozen until 2030, at which point it will be celebrating its 21 st birthday at this level, people are increasingly looking at what else they can do, and one option is to make lifetime gifts.' A Treasury spokesman said: 'More than 90pc of estates are forecast to have zero inheritance tax liability in the coming years and people can pass on up to £1m without being liable. 'The tax is forecast to raise more than £14bn a year by 2030, money that will help to fix our public services as part of our Plan for Change.'
Yahoo
27-05-2025
- Business
- Yahoo
Families face shock £2m death tax bills on gifts gone wrong
Thousands of families have been hit with shock tax bills of up to £2m after relatives died less than seven years after making a gift. In the tax year 2021-22, the latest year for which data is available, there were 12,700 gifts made less than seven years before death, at an average value of £157,000. This is down from 13,380 failed gifts the year before, when the average value was slightly less, at £156,000, according to data released by HMRC under Freedom of Information rules. Inheritance tax is paid at 40pc of anything left over a tax-free threshold of £325,000, known as the nil-rate band. But gifts – or 'Partially Exempt Transfers' (PETs) – made more than seven years before death are exempt. However, if the person who made the gift does not survive a further seven years, their family must pay inheritance tax on the value of the gift on top of the rest of the remaining estate. Estimates suggest that the total extra tax paid on the failed gifts could be as high as £800m, but some families will have faced bills of millions. The average value of the top 50 gifts was £5.05m – compared to £3.6m the year before. Tax experts estimated that the largest failed gifts could attract inheritance tax bills as high as £2m. Daniel Hough, financial planner at wealth manager RBC Brewin Dolphin, said: 'The latest failed PETs stats, which show that inheritance tax receipts are on the increase, seem to indicate that many people are leaving it too late to discuss provisions for others. 'Our advice to clients is that once they have secured their own income requirements, they should look at options to pass their wealth to the next generation.' Spouses can leave their assets to their partner without triggering a tax bill, but parents cannot pass their estate on to their children tax-free. If a home is included in the estate, an extra £175,000 is given as a 'residence nil-rate band'. It comes ahead of a Labour inheritance tax raid on pensions. Chancellor Rachel Reeves announced at her inaugural Budget last October that from April 2027, leftover pension wealth would be included in an estate for inheritance tax purposes. Mr Hough said that the changes could mean that parents gave away money earlier, reducing the number of failed gifts. He said: 'In terms of the future direction of inheritance tax receipts, although difficult to guess, we could potentially see a reduction from 2025 onwards due to the inclusion of pensions for inheritance tax from April 2027, as more people seek financial advice earlier with their estate planning.' Mike Hodges, partner at tax firm Saffery, said: 'The latest HMRC figures on failed PETs are really quite startling. 'My sense is that with the inheritance tax nil-rate band now frozen until 2030, at which point it will be celebrating its 21st birthday at this level, people are increasingly looking at what else they can do, and one option is to make lifetime gifts.' A Treasury spokesman said: 'More than 90pc of estates are forecast to have zero inheritance tax liability in the coming years and people can pass on up to £1m without being liable. 'The tax is forecast to raise more than £14bn a year by 2030, money that will help to fix our public services as part of our Plan for Change.'
Bloomberg
21-05-2025
- Business
- Bloomberg
Bloomberg Daybreak: Europe 05/21/2025
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. Today's Guests: Janet Mui, RBC Brewin Dolphin Head of Market Analysis (Source: Bloomberg)
Yahoo
20-05-2025
- Business
- Yahoo
Greggs sales pick up as its mac and cheese goes viral
Sales at Greggs have picked up after the UK's biggest bakery chain branched out into iced drinks, pizza boxes and a macaroni cheese that has gone viral on social media. The bakery, which is headquartered in Newcastle upon Tyne, reported a 2.9% rise in comparable sales in the first 20 weeks of the year. New beverages and food on the shelves helped step up sales growth, including a new peach iced tea, mint lemonade, and a mac and cheese that has amassed thousands of views on TikTok. Related: UK cheesemaker welcomes new EU deal – but says it comes four years too late Shares in Greggs rallied in early trading on Tuesday, up by as much as 6%. However, the stock has suffered this year, losing about a quarter of its value since January, amid broader concerns around slowing sales growth. The near-3% sales rise marks an improvement compared with its recent performance – sales rose by 1.7% in the first nine weeks of the year and by 2.5% in the final quarter of last year. John Moore, a senior investment manager at the wealth manager RBC Brewin Dolphin, said that while Greggs had been going through a tougher period recently, there were optimistic signs in the update. 'Recent price increases … suggest the company is trying to right-size in the aftermath of the national insurance increases, recalibrating its rollout and growth ambitions,' he said. Earlier this year Greggs increased the price of its sausage roll by 5p to £1.30, blaming wage, tax and food cost rises. It formed part of an average 4% price rise on other key items including coffee and doughnuts. The chain's chief executive, Roisin Currie, defended the decision to increase prices at the time, saying the company had to pass on the rising cost of its wage bill, after two-thirds of Greggs's workers received a 6.1% pay rise in January. The chain, which now has more than 2,000 shops, opened a record 226 last year, closed 28 and relocated 53. It said on Tuesday that it had opened 66 new shops this year, and closed 46, which included 21 relocations. It expects between 140 and 150 net openings this year. Elsewhere, its rival SSP, the owner of food outlets such as Upper Crust and Camden Food Co, reported a 5% increase in comparable sales in the first half of its financial year. Shares in the business rose nearly 2% in early trading. Sign in to access your portfolio
