Wealth – In the news
Huge rise in individuals exceeding pension Annual Allowance
In the past five years, the number of individuals whose yearly pension contributions breached the Annual Allowance (£40,000) has soared by more than 675%1. In the 2015–16 tax year, 5,460 people reported pension contributions exceeding the Annual Allowance in their self-assessment forms. For the 2019–20 tax year, the figure stood at 42,350. Meanwhile, the value of pension contributions breaching the Annual Allowance rose by 564% during the same period.
Victim loses £48,000 in ‘screen sharing’ scam
The Financial Conduct Authority’s2 (FCA’s) ScamSmart scheme has turned its attention to so-called ‘screen sharing’ scams, whereby fraudsters take over their victims’ computers using remote desktop software. Since July 2020, the FCA has seen well over 2,000 such cases, with victims losing a combined total of £25m between January 2021 and March 2022. One 59-year-old woman lost nearly £50,000 when a scammer posing as a financial adviser convinced her to download screen sharing software on the pretext of helping her complete a Bitcoin investment. Instead, they took advantage to access her banking details and other private information.
1House of Commons, 2022
2FCA, 2022
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