You can boost your net investment returns by making sure that you hold your funds in the most tax-efficient way – and the recent capital gains tax (CGT) changes have had an impact on this aspect of planning. The most important determinant of investment performance is almost always the mix of asset classes, such as property, shares, fixed interest and cash, but the tax treatment of income and gains may make a big difference to the amount you actually receive.
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Mortgages have been making the headlines of late, and it has generally not been good news. Lenders have been pulling out of the market, demanding higher deposits and, at times, seemingly competing not to sell any mortgages. By June 2008, new mortgage lending had fallen by about a third, year on year, according to the Council of Mortgage Lenders.
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If you are self-employed, or a shareholder director of a private limited trading company, you could be in a good position to save tax by employing your spouse or civil partner. This is particularly relevant if they have no other income and so have a personal allowance to set against any new income received from this ‘employment’.
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Global stock markets have had a difficult 12 months. A year of credit crunch, rising oil prices and increased inflation have all taken their toll. By the end of the second week in July, both the UK and US markets were in the territory that is often defined as a ‘bear market’ – a 20% fall in share prices from their peak.
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One of the biggest changes to pensions will be introduced later this year when the Pensions Bill 2007 becomes law. The new Act will create the legislative framework for ‘personal accounts’, and will create new responsibilities for all employers.
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Many married couples and registered civil partners will pay less inheritance tax (IHT) as a result of the introduction of the transferable nil rate band, but it is still important to plan to mitigate as much IHT as possible. Remember, the nil rate band is the amount of your estate that is taxed at nil and is currently £312,000; above that point, it is taxed at 40%.
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If you have ever scratched your head in despair about what to give your children or grandchildren for Christmas, then consider making an investment for them that will long outlast the Christmas tree.
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There has been a rise in the number of people working beyond state pension age. National Statistics say that in the three months to April 2008, over one in nine men over age 65 and women over age 60 were in work. Without adequate pension provision, you might have to join them one day.
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The new academic year will be marked by a further increase in maximum student tuition fees to £3,145 in England and Wales. Although the student is automatically lent the money, usually it still has to be repaid with inflation-linked interest. Planning to meet education costs now needs to include funding for university unless you want your child to graduate into debt.
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