140 small firms sue RBS

140 small businesses have sued RBS for £1 billion, claiming that its Global Restructuring Group was responsible for driving businesses into bankruptcy (Financial Planning Clifton).

More complications for inheritance tax

A new allowance that could give couples a tax-free limit on their estates of £1 million by 2021 is unduly complicated, says the Mail. It spells out all the conditions – a couple would have to own a house worth over £350,000 and would have to leave it to their direct descendants only, which rules out much common tax planning involving life interest trusts. The allowance is intended to come in in stages starting in 2017, but some analysts wonder if the new Chancellor will heed the experts complaining about the complexity and simplify it (Financial Planning Clifton).

Track or fix?

Attractive low-rate tracker mortgages are luring borrowers away from fixed-rate loans, says the Times. After the BREXIT vote and the Bank of England‘s interest rate cut, more borrowers now expect rates to stay low for  up to two years, meaning they see little benefit in a 2-year fixed rate. But experts warn that borrowers should study the small print, especially to ensure they can switch to a fixed rate later without penalties (Financial Planning Clifton).