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Andrea Razario Head of Ship Comments On The Budget
13/07/2010
Following the Coalition Government's first budget it was announced by Andrea Razario, Director of Safe Home Income Plans (SHIP), which is the trade body for equity release in the UK, that there are many parts of the budget that could help the equity release market in the future. The potential rise in the rate of VAT from 17.5% to 20% being the most significant.
The majority of over 55s in the UK have relatively fixed incomes. The increase in VAT is likely to impact on their spending patterns, making them appear less well off. These increases will also impact families as death duties on inheritence will also increase. In addition, individuals that have been relying on comfortable public sector pensions may need to seek alternative sources of retirement funding.
Equity release would seem the logical answer to many of these issues and we believe that the Government changes will lead to more and more people considering equity release as an integral part of their pension planning.””
The Right Equity Release will be able to discuss with you, your options and advise you if it is the best option for you.
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