DEAR TRICIA

Q I retired last month. How can I get a rebate on tax I’ve paid this year? A It’s likely you will only be due a rebate if you have paid tax in a higher bracket than the one you’ll be in at the end of the tax year. It will depend on what pension income you receive and when you start getting it. Apply online or return form P50. Q My dad died recently and left me £25,000 in his bank. Should I declare this as earnings and pay tax on it? A Sorry to hear that. No, certainly not. Apply for “grant of probate”. This enables any beneficiary to access their inheritance. Q I’ve built some debt on my credit card over summer. I can’t afford to pay it off in one go. Is it worth taking out a 0% deal? A Getting a 0% balance transfer card could be a good move but it depends on the amount of debt and the monthly interest payable. On application for a new 0% card there is usually up to a 3% fee on a balance transfer, and this could be more than the total interest should you swap and then repay the debt sooner than expected. Do the maths first to ensure you are making the right move for your circumstances. Q I’m about to cash in my Lifetime ISA to put towards a home deposit. Can I now continue saving towards my retirement? A Yes you can, as long as you continue to meet the personal criteria – being under 50 – for investing in a lifetime ISA. You can

put in up to £4,000 a year, and any contribution counts towards your annual £20,000 total yearly ISA allowance. Q Is it worth starting to save in a Christmas Club or have I left it too late? Are they safe these days after what happened with Farepak? A

It’s a little late as most start saving in January. No business is guaranteed safe these days, so I’d do a little research before you decide to go ahead. Christmas savings club schemes are not regulated by the Financial Conduct Authority and that means you have no protection via the Financial Services Compensation Scheme – so you need to check what measures the scheme has in place to protect your money.

Find out when and how you can access savings and if there are restrictions about where you can spend them.

Some schemes only let you buy via the savings club or give you vouchers or gift cards to spend at major retailers.

With others, you have to buy gifts and goods direct through the club. And you won’t get any interest on your savings.