Do I really need to save that much for a pension?

There is much talk – particularly from pension salesmen – about the extraordinary amounts we should save for an adequate retirement income. But is this just the pensions industry “talking its own book”? Surely at retirement with my mortgage paid off, some savings and less need for new clothes, I could survive on significantly less?

Will I enjoy la dolce vita by renting or buying?

I’m British and thinking of buying a holiday property in Italy, for around €400,000. It is an old farmhouse and will need some work. What legal and tax costs are likely to be involved in the purchase?

8th September Questions

I hold shares in a Premier League football club. So, when I die, would the executors of my estate be able to claim business relief or any other mitigation from inheritance tax for this shareholding?

How to check your NI rebates to pension

I have a “protected rights” pension plan worth £35,000. How can I check I have had the correct National Insurance (NI) rebates credited to my pension? Even though my income has risen consistently, the rebate figures vary widely. There also appears to be a long delay between the year to which the NI relates and its crediting to my plan.

Readers’ Questions

Does HMRC need to know about Egyptian properties?My wife and I are buying two apartments in Egypt as a family retreat. We are borrowing the capital in the UK. I may rent out the properties for periods during the year. What benefit or disadvantage would I incur if I register the purchases or subsequent rental or profit with HMRC?

There are downsides to being an executor

I have been asked to be an executor to my 80-year-old widowed aunt’s will. What are the downsides of accepting this role? I do not believe I am a beneficiary, while my aunt’s only son (and main heir) is another executor.

Solicitors must account for interest earned on deposits

Are conveyancing solicitors required to pay interest on monies held for property deposits before exchange? My solicitor has had many thousands of pounds of our money for the past few weeks.

Borrower right to complain about Abbey’s conditions

For a number of reasons I will be exiting my five-year fixed term mortgage with Abbey three months early and will be liable for a £4,500 early redemption charge (ERC). Despite us offering to pay the equivalent of three months’ mortgage repayments to exit our agreement Abbey is insisting we pay the full £4,500. Surely this represents an unfair and unlawful penalty charge?

Conditions for making gifts free of inheritance tax

My wife and I are making regular gifts out of income to our sons and grandsons substantially in excess of £3,000 tax-free allowance. I am keeping a record of our income and expenditure. Please define income and expenditure for this purpose. What IHT planning tips can you offer in this regard?

Tax benefits in salary sacrifice pension scheme

Readers’ Questions

Is it worth lumping my pensions all together?

Non-domiciled wife needs inheritance tax protection

Can £1m Italian property be used to avoid CGT?

Sixtysomethings contemplate marriage

Will great-nephew have to pay tax on my gift?

How to transfer share in property to partner

How to gift shares in nominee account to son

Forced to sell Polish house despite big tax bill