ASK TRICIA

Take out travel insurance so you don’t get caught short

I’M not allowed to travel on a booked holiday for medical reasons. The airline says I’m not entitled to a refund on my flight. That doesn’t seem fair. Is there anything I can do?

ATHIS does seem a little unfair but as the reason for you being unable to travel is not due to an issue with the airline, you will need to claim back your holiday expenses via your travel insurance. This is one of the reasons why it is important to take out travel insurance when you book, so you are covered in case you need to cancel before your trip.

QI’M 66, still working and with no plans to retire at the moment. However, I’d like to speak to a financial adviser for some pension advice. Is there a governing body so I can find a reliable person/company?

APENSION Wise offers free guidance on your options around accessing pension savings, but it doesn’t give tailored advice (pensionwise.gov.uk/en or call 0800 138 3944). Try unbiased. co.uk or VouchedFor.co.uk to find independent financial advisers in your area.

QI’VE been told my wife and I are only allowed to give £3,000 a year away. We have three grown-up children so is that £1,000 to each of them? Also, if we die before the sevenyear rule will our children be taxed heavily on anything over the £1,000?

AFIRSTLY, your gifting allowance is £3,000 each, so £2,000 to each child. You can also go back one year if you didn’t give that away. The 40% inheritance tax only really kicks in once you have given away £325,000 each.

QI NEED to dip into my ISA savings to pay an unexpected bill. Will I have to top my account back up with that amount before the start of the new tax year so I don’t lose part of my allowance?

AYOU don’t have to top it back up, but some providers do allow you to replace withdrawn money within the same tax year without losing the tax-free status.