TAXING WEALTH – A VIABLE OPTION?

An independent body of tax experts has set out the framework for a one-off wealth tax.  Will the Chancellor be tempted? “[W]e have a responsibility, once the economy recovers, to return to a sustainable fiscal position.” So said the Chancellor Rishi Sunak in his November statement, during which he also highlighted that the government was [...]

By | 2021-01-13T15:04:41+00:00 January 13th, 2021|Uncategorised|0 Comments

NEW RULES ON PENSION DRAWDOWN AND INVESTMENT

From February new rules apply if you choose pension drawdown but do so without taking advice.  The Covid-19 pandemic has deferred many events of all sizes, from the Tokyo Olympics to millions of foreign holidays. One of the less prominent delays has been a change to the Financial Conduct Authority (FCA) rules on pension drawdown. [...]

By | 2021-01-13T15:03:36+00:00 January 13th, 2021|Uncategorised|0 Comments

THE TRIPLE LOCK MARCHES ON…

The main state pensions will rise by 2.5% in April. The absence of an autumn Budget in 2020 meant that there was no formal announcement of the level of state pensions from April 2021. The numbers eventually emerged on 8 December  in a press release from the Department for Work and Pensions: The new state [...]

By | 2021-01-13T15:02:05+00:00 January 13th, 2021|Uncategorised|0 Comments

THE 2020 INVESTMENT YEAR – A RIDE TO REMEMBER

The world’s share markets had a rollercoaster ride in 2020. Investors had to hold on tight as 2020 turned into a white-knuckle experience. It began quietly enough and then in the second half of February global stock markets took on the concern at the spread of Covid-19. As infection rates increased and the economic outlook [...]

By | 2021-01-13T14:57:58+00:00 January 13th, 2021|Uncategorised|0 Comments

CORONAVIRUS JOB RETENTION SCHEME (CJRS)

The CJRS furlough scheme is now running through to April 2021. On 17 December 2020 the Chancellor announced a further one-month extension of financial support under the Coronavirus Job Retention Scheme (CJRS) to the end of April 2021. As currently, the government will pay 80% of the salary of employees for hours not worked up [...]

By | 2021-01-08T12:32:00+00:00 January 8th, 2021|Uncategorised|0 Comments

NEW LOCKDOWN 3.0 GRANTS

An extra £4.6 billion in lockdown grants has been directed at the worst affected sectors. New one-off grants for closed retail, hospitality and leisure businesses have been announced. The new grants are in addition to all other forms of support, such as the Lockdown Restrictions Support Grant (LRSG (Closed) Addendum) which applied to businesses that [...]

By | 2021-01-08T12:30:21+00:00 January 8th, 2021|Uncategorised|0 Comments

NOT THE AUTUMN BUDGET OR THE AUTUMN STATEMENT

The Chancellor’s November ‘Financial Statement’ revealed more spending and more government borrowing, but no mention of tax rises.  The UK budgetary cycle is in something of a mess at present. In 2019, unusually the was no Budget thanks to December’s general election. For the same reason, the three-year Spending Review which should have been accompanied [...]

By | 2020-12-09T14:36:53+00:00 December 9th, 2020|Uncategorised|0 Comments

WHEN I’M 66 – SPA’S LATEST MILESTONE

The latest phasing of State Pension Age (SPA) increase is now finished. On 6 October 2020, the SPA reached 66. Unless current legislation is changed, it will remain there until 6 April 2026, at which point the next increase, to age 67, starts to be phased in over the following two years. Thereafter the move [...]

By | 2020-12-09T14:34:47+00:00 December 9th, 2020|Uncategorised|0 Comments

CONTINUING CHALLENGES IN THE SEARCH FOR INCOME

Deposit rates are continuing to fall. On 24 November, the interest rate cuts that National Savings & Investments (NS&I) announced back in September took effect. The headline change was a drop in Income Bond rates from 1.15% to just 0.01%. Reports suggest that NS&I has seen predictably heavy outflows, although savers have struggled to find [...]

By | 2020-12-09T14:34:05+00:00 December 9th, 2020|Uncategorised|0 Comments