This little-known loophole lets you gift your children more money without worrying about inheritance tax – but experts say you mustn't fall foul of these rules
We want to make gifts to our adult children to try to avoid them getting taxed at 40 per cent on their inheritance in the future and are using the small annual gifting allowance to do this.
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Scottish Sun
a few seconds ago
- Scottish Sun
Marks & Spencer announces exact date it will close 100-year-old flagship store after ‘never recovering from Covid'
Another M&S store is soon to reopen after an exciting revamp END OF AN ERA Marks & Spencer announces exact date it will close 100-year-old flagship store after 'never recovering from Covid' Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MARKS & Spencer has confirmed its historic flagship store will close in a matter of weeks, after failing to recover from Covid. The popular supermarket has been serving Wolverhampton shoppers since 1929, however it will soon be closing its doors for good. Sign up for Scottish Sun newsletter Sign up 2 M&S has announced the closing date of one of its flagship stores Credit: Google Maps The store is located on Dudley Street, Wolverhampton and will stop trading on September 27. M&S regional manager, Calum Telford, said: "I would like to say a massive thanks to all our customers who have shopped with us over the years and our colleagues, past and present, who have contributed to the store. "We have a proud history in Wolverhampton and are working with the city council to find a suitable alternative food location. "This is part of our wider investment into the Black Country, including modernising our Merry Hill store, and we will keep the local community updated." Mr Telford added: "In the meantime, conversations are continuing with our store colleagues and we will offer them alternative roles at M&S wherever possible." Staff at the Dudley store have also been informed that it has been confirmed by bosses that the business hopes to find a suitable alternative city location to open a new dedicated food store. M&S first announced the store's closure last month after sharing that it had been performing "less well for a long period of time." According to bosses, this is a result of the COVID-19 pandemic, from which the shop "never fully recovered." In a statement made at the time, Mr Telford said: ""Our UK-wide store rotation programme is all about reshaping for growth and making sure every M&S store delivers the best possible shopping experience for our customers. "That's why we have made the tough decision to propose the closure of our Dudley Street store. M&S launches first-of-its-kind store "Sadly, the store has been performing less well for a long period of time and has never fully recovered from the Covid pandemic." This comes after M&S announced in 2022 than it intended to reduce its number of traditional department store openings from 247 to 180, while also opening an additional 100 new food halls by April 2026. Also, earlier this summer company chairman Archie Norman said the firm was looking to exit "struggling town centres" as part of a £500 million plan to update its retail store portfolio nationwide. Meanwhile, Wolverhampton Council has stressed that it has been working alongside M&S to try and find a new location for a food hall in the city. A council spokesperson said: 'It will be sad to see M&S leave the Dudley Street store at the end of September - but they remain committed to Wolverhampton and we are working with them to identify suitable locations that fit their new business model. 'We appreciate how unsettling this is for staff, and the council's Wolves at Work employment support team is connected with M&S to support workers and their families. "We are also keen to see the privately-owned Dudley Street site brought back into use quickly. 'As everyone knows town and city centres across the country are changing and we fully understand M&S's difficult decision was driven by wider, changing market conditions and customer behaviour." In brighter news, M&S is set to launch its revamped food hall at Merry Hill shopping centre this Friday. Wolverhampton Council have said despite the sad news about the department store closure, there are lots of regeneration projects set to create new homes and jobs to look forward to. A spokesperson added: ""The transformation of the city centre includes thousands of new city centre homes at Smithgate and Canalside; better connectivity and safer public spaces; a world-class entertainment venue at the University of Wolverhampton at The Halls; a new independent cinema at the Chubb Building; a growing commercial district at the Interchange and a new £61million City Learning Quarter which opens this autumn and will bring thousands of new visitors to our city centre every week.' Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.
Daily Mail
a minute ago
- Daily Mail
Liverpool WILL return with a British record bid for Alexander Isak - but only when Newcastle secure a replacement for their prolific striker as the Swede returns to Tyneside
Liverpool have not walked away from a deal for Alexander Isak and will submit a second offer should Newcastle make progress on signing the striker's replacement. The Premier League champions had a £110million formal bid rejected on Friday, with subsequent claims from Merseyside that they would not be returning to the table. However, Mail Sport understands that is not the case and, as Newcastle press ahead with deals for RB Leipzig's Benjamin Sesko and Brentford 's Yoane Wissa, they anticipate a much-improved approach from the Anfield club. Liverpool will know they are wasting their time making an offer whilst Newcastle are waiting for a response from Sesko as to his preferred destination, with Manchester United also interested. Newcastle made a £65.5m offer for the Slovenian on Saturday – totalling £70m in add-ons - but sources say Leipzig will likely wait until the 22-year-old has communicated his own wishes before negotiating with either club. Meanwhile, there is still confidence that Wissa's move from Brentford will go through once the London club find their own replacement. Should the dominoes start to fall, then Liverpool will return with a British record offer for Isak. They have been told it will take closer to £150m for Newcastle to do a deal, but the fact they are pursuing the likes of Sesko would suggest the hierarchy are contemplating the sale of Isak. The Swede was returning to Tyneside on Saturday after spending last week using the training facilities at former club Real Sociedad as he and his agent try to force a move to Liverpool. Eddie Howe revealed here in Seoul on Saturday that he only knew his player was in Spain through media reports, admitting the situation is 'far from ideal'. The 25-year-old pulled out of the Far East tour after reporting a thigh injury. For now, Newcastle see no reason why Isak will not return to training with his team-mates next week, even though it would appear his decision to head to San Sebastián was not sanctioned by his club. 'I know where he is, really, through the media,' Howe told Mail Sport. 'From that perspective, it's difficult for me to go into any kind of detail. The situation is far from ideal and is quite complex.' Of Liverpool's opening offer, Howe said: 'I was made aware of a bid yesterday (Friday) and that bid was turned down, all before I'd even heard about it. 'People back in England are dealing with the situation. I don't know what happens next. From our perceptive, we still support Alex in every way and my wish is that we see him in a Newcastle shirt again.' There is some sympathy for Isak inside Newcastle, with a feeling he has been badly advised. And when asked if Liverpool had unsettled his star player, Howe said: 'It's difficult, because you don't know what is going to happen from this point. 'We can only deal with the reality. The reality is we had a first bid from Liverpool and I believe that was turned down. From this point onwards, let's see what happens. 'In terms of trying to upset players and all that kind of stuff, from my perspective, we can only talk about our conduct. We try to do things in the right way. Signing players is always complex. We just try to do what we think is right. I can't talk about other clubs, that's not for me to say.'
The Sun
a minute ago
- The Sun
Cadbury launching new Christmas advent calendar in weeks based on iconic breakfast spread
CADBURY is launching a new Christmas advent calendar in weeks - and it's based on an iconic breakfast spread. The chocolatier is set to unveil the Dairy Milk Lotus Biscoff calendar at major retailers in September. The 236g box, which comes with a recommended selling price of £7.79, contains 12 plain Dairy Milk chunks and 12 featuring crunchy Lotus Biscoff pieces and Biscoff spread. Cadbury is also launching a Dairy Milk Biscoff 350g sharing tablet for a recommended selling price of £5.83. Both products will hit supermarket in September, ahead of the festive season, The Grocer reports. Mondelez, which owns Cadbury, has also reportedly said it will roll out new designs for its Cadbury Roses and Heroes next month. Two new Toblerone Truffles flavours will launch as well - Golden Caramel and Assorted - with a recommended selling price of £6.75. The Sun has asked Mondelez which retailers the new Dairy Milk Biscoff products will be available at and their calorie information and will update this story when we have heard back. Their launch comes amid a busy period for the giant chocolate company which has unveiled a swathe of new items recently. Bournville Salted Caramel and Bournville Chopped Hazelnut started landing on supermarket shelves at the end of July. Shoppers can buy both never-before-seen flavours for £2.20 or £1.85 with a Nectar Card. Meanwhile, it brought out Dairy Milk Iced Latte in May, combining classic Dairy Milk chocolate with a creamy coffee filling and crunchy biscuit pieces. Dubai Ice Cream The brand also introduced four limited edition Dairy Milk summer edition bars with packaging that changes colour based on temperature. Shoppers have also been going wild for the limited edition Cadbury Twirl White Dipped that's been landing on shelves. The bars, branded "outstanding" by customers, are similar to the classic milk chocolate Twirl but with a white chocolate coating. However, not all recent news from the brand has been positive. Cadbury axed its Bournville fingers earlier this year despite rave reviews from customers. The crispy biscuits were a popular item within the Bournville range, which features dark chocolate products. But they were confirmed as discontinued in June after their launch just five years ago in October 2020. In other new chocolate news, Nestle recently brought out Milkybar Crispy Cookie sharing bags for £2. Two new KitKat Chunky bars hit shelves last month too - Chunky Funky and Salted Caramel. How to save money on chocolate We all love a bit of chocolate from now and then, but you don't have to break the bank buying your favourite bar. Consumer reporter Sam Walker reveals how to cut costs... Go own brand - if you're not too fussed about flavour and just want to supplant your chocolate cravings, you'll save by going for the supermarket's own brand bars. Shop around - if you've spotted your favourite variety at the supermarket, make sure you check if it's cheaper elsewhere. Websites like let you compare prices on products across all the major chains to see if you're getting the best deal. Look out for yellow stickers - supermarket staff put yellow, and sometimes orange and red, stickers on to products to show they've been reduced. They usually do this if the product is coming to the end of its best-before date or the packaging is slightly damaged. Buy bigger bars - most of the time, but not always, chocolate is cheaper per 100g the larger the bar. So if you've got the appetite, and you were going to buy a hefty amount of chocolate anyway, you might as well go bigger. .
