|Fixed and Individual Protection 2016: HMRC’s online application now available||
If you need to apply for Fixed Protection 2016 or Individual Protection 2016, HMRC’s new online application system is now available here: https://www.gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance. You will need to register for an HMRC online services account, if you do not already have one.
|clarity EIS Alert August 2016||
The EIS is a similar type of scheme to a VCT, aimed at encouraging investment in smaller companies. Companies must fulfil certain criteria to be eligible for EIS investment but the promoter or fund manager will normally confirm eligibility at the time of the fundraising. The qualifying company must have gross assets of no more than £15m (with a cap of £16m post investment) prior to the fundraising.
|Property Fund Suspensions - Update||
Further to our recent email alert Aberdeen Property Trust has announced that the fund will be suspended until noon on Monday 11th July. From this point it is intended that redemptions will be permitted, but with a dilution discount of 17%. This is of course in addition to the ‘fair value adjustment’ of around 5% which independent valuers have recommended. The intention behind this discount is to treat fairly both continuing investors and those who wish to disinvest.
|Property fund suspensions||
Clients may have noticed that a number of funds invested in ‘bricks-and-mortar’ assets have announced they are suspending withdrawals and new investments on a temporary basis, which will be reviewed every 28 days. This stems from a considerable amount of nervousness in the market surrounding valuation of commercial property following the Brexit vote, resulting in investors pulling cash out of the funds.
|Brexit Referendum – Result||
Needless to say, investors will now be considering the effect that the recent Brexit vote will have on their portfolios.
|Budget 16 March 2016 – Potential Pension Changes||
The chancellor is set to announce the outcome of a review into the existing pension tax relief regime in the Budget on 16 March 2016.
There has been a great deal of speculation regarding changes that may be made to the existing pension framework as a result of this review. We have considered a number of potential outcomes below and outlined how these may affect your pension planning. It is important to note that any potential changes outlined below are based on speculation and may not come to pass.
|2015/16 Tax Year End Planning||
The purpose of this note is to outline some of the tax planning opportunities you may wish to consider utilising before the end of the current tax year.
|Update – Protection from the Lifetime Allowance Reduction from April 2016||
Lifetime Allowance - what’s changing?
The Lifetime Allowance (LTA) represents the maximum total pension benefit that an individual can accumulate in registered pensions during their lifetime, without further tax charges applying.
The standard LTA for 2015/16 is £1.25 million. From April 2016 this will reduce to £1 million, and it is proposed that the standard LTA will then be indexed to CPI from April 2018.
|Women a 'distinct minority' among wealthiest in the UK||There are very few women among the richest people in the UK and other OECD countries, according to a report published by the London School of Economics.||26/09/2016 23:05:25|
|Holiday spending: Over-50s 'go cruising, while young tighten belts'||People over the age of 50 are spending more and more on holidays - including cruises - while younger people are travelling less, a study for Saga says.||26/09/2016 23:05:04|
|US slaps sanctions on Chinese firm over North Korea ties||The US puts sanctions on a Chinese company and four executives alleged to have helped North Korea's nuclear programme.||27/09/2016 00:55:57|
|Customers 'bewildered and fearful' about use of their data||Nine in 10 people have no idea what companies do with the personal information the firms hold about them, says the Chartered Institute of Marketing.||26/09/2016 23:05:15|
|Deutsche Bank shares sink 7.54% to a new low||Shares in German banking giant Deutsche hit a new low amid concerns about its financial health and reports the government has ruled out state aid.||26/09/2016 18:44:04|
|First US shale gas arrives at Ineos plant in Scotland||The first shipment of US shale gas is arriving in Scotland amid fierce debate about the future of fracking in the UK.||26/09/2016 23:15:58|
|Banking fraud and corruption trial starts||The trial has started of six people accused of fraud and corruption involving a department of the Halifax Bank of Scotland.||26/09/2016 17:10:46|
|Arnold Palmer: How golfer defined sports marketing||How golfer Arnold Palmer defined the relationship between sport and brands, becoming the first sportsman to use his fame to build a business empire.||26/09/2016 12:17:33|