New deposit guarantee limit to be £85,000
The Financial Services Authority (FSA) has recently confirmed that the new deposit compensation limit for the United Kingdom will increase from £50,000 to £85,000 per person, per authorised firm, from 31 December 2010. This is the Sterling equivalent of the €100,000 deposit compensation limit which comes into force in all European Economic Area (EEA) member states at the end of the year.
Calls for capital tiered tax to replace IHT
According to the Institute for Public Policy Research the Government should replace inheritance tax with a tired system to increase revenues. A recent report by the IPPR named Death and Taxes illustrated that a capital receipt tax payable on cash and non-cash gifts over £150,000 would raise an extra £1bn.