|Property fund suspensions - Update||
As markets have come to terms with the shock result of the EU referendum, the bricks-and-mortar property funds on the clarity buy list have been rebuilding their liquidity. The current position of each is as follows.
|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.
|Earnings rise fastest for the low-paid, says ONS||Earnings have risen fastest among the lowest paid due to higher minimum wage levels, figures suggest.||26/10/2016 10:13:38|
|Lloyds sets aside extra £1bn for PPI mis-selling||Lloyds sets aside a further £1bn to pay compensation for mis-sold payment protection insurance.||26/10/2016 08:45:11|
|Vodafone fined £4.6m by Ofcom for breaking customer rules||Vodafone is fined £4.6m by regulator Ofcom for breaking consumer protection rules.||26/10/2016 10:07:20|
|Clydesdale confirms Williams & Glyn offer||Clydesdale Bank confirms it has made an offer for Williams & Glyn, the banking business that RBS failed to sell to Santander.||26/10/2016 07:19:39|
|Women work 39 days a year more than men, report says||The World Economic Forum estimates that globally women work 39 more days a year than men when unpaid labour is factored in.||25/10/2016 23:18:30|
|New Heathrow runway may be built above the M25||The transport secretary says Heathrow's new runway could be built above the existing M25.||26/10/2016 08:45:37|
|Nintendo profits hit despite Pokemon Go popularity||The popularity of Pokemon Go fails to stop Nintendo from issuing a profit warning, which it blames on poor Wii U sales and a strong yen.||26/10/2016 10:46:01|
|Apple iPhone sales fall, but beat estimates||Apple reports its third quarter in a row of falling iPhone sales, but sales beat analyst expectations.||25/10/2016 22:31:33|
|Lloyds signals end of PPI payouts with final £1bn||Shares fall after bank’s third-quarter profit drops 15%||26/10/2016 07:19:04|
|Syrian refugee in Germany: war on a Frankfurt stage||Aziz Dyab brings his recollections of fleeing Idlib to German community theatre||26/10/2016 03:32:40|
|Vodafone fined £4.6m for customer service failings||Penalty is largest issued by the telecoms regulator||26/10/2016 07:13:33|
|Apple shifts focus to services business||Executives look to App Store and content after iPhone sales decline hits results||26/10/2016 05:32:29|
|Clydesdale in last-ditch bid for RBS branches||Approach is latest twist in a seven-year process beset by delays and setbacks||26/10/2016 06:40:22|
|Tape reveals May’s pre-vote concerns over Brexit||As home secretary she told private meeting EU exit would spur companies to leave UK||25/10/2016 23:27:03|
|Clinton courts the Hispanic vote in Florida||Democrat candidate leads Trump in the swing state’s polls by an average of 3.1%||26/10/2016 09:05:05|
|Bailey sets out FCA ‘mission statement’||Regulator reveals priorities after era of scandals drew criticism||26/10/2016 10:31:28|