Vincent Duggleby, a legal expert in election-related finance issues, shares valuable insights ahead of the General Election. He discusses the intricacies of inheritance tax and capital gains tax, particularly how they affect individuals managing finances for incapacitated relatives. The conversation highlights challenges faced by powers of attorney navigating bank protocols, the need for industry-wide consistency, and the importance of individual savings accounts. The episode also pays tribute to Duggleby’s impactful legacy in the finance media space.
The podcast highlights the inconsistencies in banks' handling of powers of attorney, complicating access for vulnerable individuals seeking assistance.
A tribute to Vincent Duggleby emphasizes his significant role in making financial information accessible and addressing public financial anxieties through broadcasting.
Deep dives
Challenges with Power of Attorney
Obtaining and utilizing a power of attorney can be difficult when banks impose strict requirements that may not always align with their clients' needs. A listener shared their frustrations while trying to access accounts for their aunt after selling her home, noting that each bank had different identification requirements. These discrepancies can complicate financial management for individuals with limited means to prove their identity. Overall, the process reveals a lack of uniformity in how banks handle power of attorney cases, often leading to unnecessary obstacles for those aiming to assist vulnerable individuals.
Capital Gains Tax Insights
The discussion around capital gains tax highlighted various parties' approaches toward potential reforms following the upcoming election. The Conservatives have pledged not to increase capital gains tax, introducing temporary relief for landlords selling to existing tenants, while Labour aims to close loopholes related to private equity's treatment of performance-related pay. The Liberal Democrats and other parties also propose various reforms to address perceived inequities in the tax system. Tax experts indicate that immediate changes post-election are unlikely, with any adjustments likely to be announced during future budgets.
Vincent Dougleby's Legacy
The podcast pays tribute to Vincent Dougleby, the creator of Moneybox, who passed away at the age of 85, reflecting on his substantial impact in making financial information accessible to the public. Dougleby began his career at the BBC in various roles before establishing Moneybox, catering to the financial anxieties of ordinary savers during challenging economic times. His ability to simplify complex financial topics while engaging listeners made him a pivotal figure in the field of personal finance broadcasting. Colleagues reminisced about his expertise and the warm, inviting persona he brought to each broadcast.
This time next week the General Election will be over. As the days count down we'll get into the nitty gritty with listener questions on Inheritance Tax, Capital Gains Tax and ISAs.
Some lawyers and listeners who are acting as powers of attorney have told Money Box they're having problems dealing with banks on behalf of their clients and relatives. The Association of Lifetime Lawyers, a group of legal professionals who support vulnerable and older people, has also told this programme banks need a more streamlined and consistent approach to dealing with powers of attorney. UK Finance which speaks for the banks acknowledged there is more to be done. It says banks are working with members and government bodies to look at how greater consistency can be achieved across the industry.
And a tribute to former Money Box presenter and founder Vincent Duggleby, who sadly passed away earlier this month.
Presenter: Paul Lewis
Reporter: Felicity Hannah
Researchers: Neil Morrow, Catherine Lund and Jo Krasner
Editor: Jess Quayle
(First broadcast 12pm Saturday 29th June 2024)
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