DEAR TRICIA

Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help

QHMRC has told me I owe tax from my state pension. Surely this can’t be true? Is it possible they’ve added my wife’s pension and mine together?

This is highly unlikely as you are taxed individually. Also, your state pension is paid gross and any tax you might owe on pension income is usually deducted from other pension sources. You each have a current personal tax allowance of £11,850 – any income above that is taxed at your marginal

Arate. I’d contact HMRC to double check things.

QMy father has passed away and I want to move my mum nearer to me. However, I’ve found out they were persuaded to take out a SAMS mortgage via their bank, and the bank owns 75% of my mother’s home. I feel my parents were totally misled. Is there anything I can do to sort out this mess?

With a Shared Appreciation Mortgage the lender agrees as part of the loan to accept some or all

Apayment in the form of a share of the increase in value of the property. Therefore 75% does seem quite high. Speak to the bank first and if you don’t agree a mutual solution, contact the Financial Services Ombudsman on 0800 023 4567.

QWe are lucky to have two properties as this is our second marriage. We are renting one out. Can we put this rented property into our grown-up child’s name? Are there any implications we should be aware of?