Introduction
This newsletter has the following subjects each of which you can jump to by pressing on the headings below.
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Newsletter Library
We keep a library of previous issues which can be accessed by the link below.
Newsletter Library
Please remember that the information contained in these archives items is not subject to ongoing review or comment.
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Capital Gains Tax Arbitrage Opportunities
We recently released a two part article looking at the new 18% flat rate capital gains tax and how this can provide an
opportunity to reduce the overall tax take on a portfolio.
How? By re-weighting your portfolio to hold income-producing assets into tax sheltered wrappers (pensions/ISAs)
and holding capital gains producing assets outside such tax shelters.
To read the full articles please use the following links.
Capital Gains Tax Arbitrage Opportunities – Part 1
Capital Gains Tax Arbitrage Opportunities – Part 2
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Website Development
Over the last few months you may have noticed some changes to our online valuation service. These updates have been
made as a result offeedback from our clients, we are always grateful for feedback both positive and negative and with your help we will
continue to develop the website in a client-focussed way.
Our most recent updates include ISIN Code reporting as part of the Consolidated Valuation service as well as the ability
to view valuations for your family members using your own individual login. Full details of these updates can be found in our news and
view article published in June 2008.
Online Valuations - New Features
For further information about our website development please see our latest news and views article. A link is provided
below.
Website Development
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Online Finance Awards
In 2007 we were named the ‘Best Online IFA’ in the Online Finance Awards. In addition we were also Highly Commended in
the ‘Best Financial Advice Site’ category. Nominations for the 2008 Online Finance Awards will be opening at the beginning of September
and we hope to be included in the nominations for both of the categories that we were successful in last year.
We would like to thank all of our clients, your ongoing constructive feedback has helped make the website what it is
today. With your continuing feedback we hope to keep developing the website in a client-focussed way. For further information about the
awards please visit the official awards website detailed below.
 Official Website
2007 Online Finance Awards Results
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clarity Fundraising 2008
Our chosen charity for 2008 will be The David Lewis National Epilepsy Centre, the centre provides services to 250
people with complex epilepsy and associated neurological disorders for whom every day life represents a significant challenge.
The David Lewis Centre needs to raise enough money to buy 12 new minibuses over the next 3 years. We have set ourselves
the ambitious task of raising enough money to purchase one of these minibuses; this sets our fundraising target at £28,000. As this is a
considerable target, we plan to match any money raised by clarity clients, contacts and friends, up to the target amount. Therefore in
order to raise the money needed for a minibus we need to collect donations of at least £14,000. clarity will match £1 for £1 up to this
level giving us the £28,000 we need.
For further information please see our note below.
 clarity Fundraising 2008
David Lewis
Make a Donation
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Self Invested Personal Pensions (SIPPs)
The attached link provides further information on SIPPs. Many individuals should consider the appropriateness of SIPPs
in light of the Pension Regime introduced with effect from 6 April 2006 and the need to monitor their pension investment/strategy more
closely. Further advice should be sought from your usual clarity adviser.
Types Of Pensions
Please see the attached document which compares all three SIPP options which are now being offered by clarity, through
James Hay, FundsNetwork & Cofunds. If you are thinking of utilising a Self Invested Personal Pension for managing your benefits, and would
like advice on the subject, please contact one of our advisers.
SIPP Product Comparison
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James Hay SIPP Charges
At the beginning of July we sent out an E-Mail Alert reminding those clients who have a James Hay SIPP that the charges
for this product will be changing.
15th September: From the 15th September those clients with SIPP values of up to £300,000 invested in non-core investments
(e.g. Cofunds Investment Funds), will be subject to an additional monthly charge of 0.15%. If you appoint an Investment Manager or
Stockbroker (excluding Abbey Sharedealing and Stocktrade), James Hay will no longer charge a transaction fee for individual trades, this
will be replaced with an annual fee of £200.
These are significant additonal charges and those affected should consider whether this SIPP product remains the most
suitable product available. Please contact you usual clarity adviser if you would like to discuss these changes.
1st January 2008: From the 1st January 2009 a transfer fee of £95 will be levied by James Hay on SIPPs that commence
transfer to another pension provider on or after this date.
For full details of the new charges please see our news and views article below.
James Hay SIPP Charges News And Views Article
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Norwich Union Reattribution
Norwich Union and the Policyholder Advocate Calare Spottiswoode have agreed that a reattribution proposal should be put
to shareholders. Although there are some legal and other processes to complete, this means that a potential £1 billion ‘inherited estate’
could be shared amongst eligible policyholders in the CGNU Life and CULAC with-profits funds, should a reattribution go ahead.
Eligibility is based on membership of the above funds as at 21 November 2006, the type of policy held, and how long it
has to run until maturity, with a minimum payment of £400 per policy.
Please note that this is separate from the special bonus previously announced, please use the link below for further details.
View The Press Release
Special Bonus Details
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Investment Team Update
The clarity investment team regularly speaks with and meets the managers of the funds on the clarity Buy List as part
of the ongoing review process. The article below covers the funds that have given cause for concern recently, and details our
conclusions.
Investment Team Update News & Views Article
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Consolidated Online Valuations
We have been providing our clients with online valuations for more than 2 years, the result of our experience in this
area and more importantly feedback from our clients is the Consolidated Valuation currently available for all clients registered with the
clarity website. For those clients who have never made use of our online valuation service, please see the link below for full details of
our Consolidated Valuation Service.
About Online Valuations
The Consolidated valuation is available for those clients with holdings in Cofunds, FundsNetwork and also those clients
with Cofunds holdings within their James Hay SIPP. Please note that we don't currently receive the cash information from James Hay. If you
wish to view an online valuation of your Cash Account or other non-Cofunds holdings within your SIPP you can register directly with James
Hay using the link below.
James Hay Online Valuations
If you have any difficulties setting up your online valuation we have produced a troubleshooting page to assist clients
with some common problems. If you cannot find the answer on our troubleshooting page then a member of our Web team would be happy to talk
things through with you on the phone (0870 242 2043) or via e-mail enquiries@clarityglobal.com.
Consolidated Valuation
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Cofunds
We continue to suggest the Cofunds platform for all ISA and unit trust investments going forward. You can also use
Cofunds to hold all your existing PEPs, ISAs and Unit Trusts/OEICs. The benefits are that you are able to access a consolidated valuation,
asset allocation model and risk profile through ALL your holdings....and there is no additional annual charge! Please see the attached
link for further information on Cofunds.
Cofunds Explanation
For those clients who are interested in transferring their holdings to the Cofunds platform, we are offering a FREE
administration service, to assist with the completion of forms and to help the process of transferring your holdings to Cofunds run as
smoothly and as quickly as possible. For further information please see the article below.
Cofunds Administration Service Details
If individuals do not wish to utilise the Cofunds platform there are other alternative routes of investment.
Please contact your usual clarity adviser to discuss matters further.
As detailed above, online valuations are available via this website. In addition the link opposite shows the portfolio
detail that can also be obtained by clarity for investments held in Cofunds. Please note that this cannot be accessed online by clients,
but is available on request.
Example X-Ray
Online dealing in ISA, OEICs and Unit Trusts via Cofunds (no initial commission and significant discounts) is also available.
Cofunds Online Dealing
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Market Comment
The following news article provides some details on current changes in the market, and points of interest for investors.
Market Commentary - August 2008
Please also see the graph which shows movement of the major indices from August 2007 to August 2008.
Graph Of Major Indices
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Fund Management Updates
The attached News Articles detail some recent fund changes which you should be aware of. If as a result of these you feel that you may wish
to switch fund holdings, please contact your usual clarity adviser.
Buylist Fund Changes
Invesco Perpetual Distribution Fund
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Pension Choices
As a number of clients will now have SIPP investments, we will no longer be tracking the insured funds as we have done
previously. If you wish to discuss specific insured fund choices or discuss SIPP selection, then please do get in touch. For those with
Clerical Medical, Legal & General or Norwich Union policies, there are some links here to our buy notes for these funds if you wish to
refresh your understanding of asset allocation.
Legal & General UK Index Tracker
Legal & General Global Equity Fixed Weights Index
Legal & General Managed Fund
Norwich Union Balanced Managed Fund
Norwich Union Sustained Global Growth Fund
Norwich Union UK Equity Fund
Norwich Union Defensive Managed Fund
For spouses / partners and children who have Stakeholder Pensions plans, or who are interested in acquiring a
stakeholder policy, the link on the right will take you to the stakeholder buy list which has been researched by clarity, this includes
the current suggested funds for stakeholders.
Stakeholder Buy List
Individuals with access to Group Arrangements via their employer should consider their options before proceeding further.
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Unit Trust/OEIC/ISA Choices
Below is a link to our list of suggested funds. You should ensure that you consider utilisation of your ISA allowances.
Please do not forget ISA allowances for spouses and children over the age of 16 for a cash ISA and 18 for an equity ISA.
Buy List
The clarity buy list provides further information on the specific funds & managers, together with details of the charges. The list
covers both Unit Trust and ISAs.
If you would like to see some performance figures on the main managed fund options then please use the link here.
Managed Fund Performance Figures
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Unit Trust/OEIC/ISA Research
Here are some useful links to sites where you can research your fund selection. Do make sure, however, that you transact via clarity to
make sure you get the nil initial commission terms.
www.lipperweb.com
www.morningstar.co.uk
www.ft.com/fundratings
Individuals should note that if they access the above links they will be leaving the clarity website.
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Unit Trust/OEIC/ISA Transactions
All individuals are eligible to use our nil initial commission, discounted service, whether or not advice is taken from
us. Forms for Unit Trust/ISAs can be downloaded through this website by selecting the link here.
Pick Up Unit Trust/ISA Forms
We suggest that all deals are placed through the "Cofunds" dealing platform. This not only allows access to the
existing range of funds on similar or better terms, but also gives consolidated valuations and geographical analysis. If interested, you
can deal now on this basis. Please contact us for details or ask for the "Cofunds Pack" when requesting forms. Please see
Cofunds section for further
information.
 enquiries@clarityglobal.com
Unit Trust Application Form
ISA Application Form
Key Features - General
Key Features - Fund Specific
If individuals do not wish to utilise the Cofunds platform there are other alternative routes of investment. Please
contact your usual clarity adviser to discuss matters further.
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Cash Investment
Indicative rates for those holding money in cash. Remember that long term cash has historically performed poorly relative to other asset
classes.
Cash Investment Rates
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Mortgage Rates
The linked page provides a summary of the rates currently available.
Mortgage Rates
Please note that the mortgage market is competitive and subject to change. Individuals should check that the rates are still current
before proceeding further.
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Advisers
The link provides further information on the clarity team.
Adviser Details
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Risk Warnings/Suitability
Investments transacted by clarity as a result of this Newsletter are treated as "Direct Offer" investments. Whilst we have offered generic
product details, you have personally decided whether the investment is suitable to your circumstances and is affordable. Please see the
detailed note and also Terms of Business and Key Facts documents. It is important to read the full notes.
Suitability
Risk Warnings
Terms Of Business
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