With the tax year end and the Budget behind us, you might think that the financial planning season is now closed until next March. If you do, think again.
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Alistair Darling’s second Budget contained more than the usual share of surprises. Although last November’s Pre-Budget Report (PBR) had seemingly trailed most of the spring Budget’s content, the deterioration in the UK’s economic condition since last autumn forced the Chancellor to strengthen some of his tax-raising measures.
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From 1 April, National Savings and Investments worsened the terms for premium bonds.
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One welcome surprise to emerge from the Budget was the increase to individual savings accounts (ISA) investment limits. This was long overdue.
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Did you know that the Retail Prices Index (RPI) dropped dramatically from its September 2008 peak of 5% pa to -1.2% pa by April 2009? This is a direct result of the ‘credit crunch.’
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Long-term residential care can be very expensive. Local authorities must carry out financial assessments of those going into residential care, and the residents are charged what they are assessed as being able to afford. This means that many residents pay for their care in full unless they have extremely limited amounts of income and capital. And capital often includes the value of their former home.
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The Budget announcement that the capital gains tax (CGT) annual exemption for 2009/10 is £10,100 was very welcome. It is important that those who are in a position to realise capital gains in this tax year consider doing so.
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When the current set of pension tax rules was introduced in April 2006, one of the most welcome aspects was the scrapping of all the various limits on tax-relievable contributions. In their place came the annual allowance (£245,000 in 2009/10), above which contributions – from any source – are normally subject to a personal tax charge of 40%. This was a genuine simplification and one that potentially cost the government money.
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While the Chancellor has been busy making changes to pension inputs, at the output stage – drawing retirement benefits – there have been several market developments.
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For both limited companies and partnerships, it is extremely important for a business to protect its assets through insurance (for example, buildings, machinery and company cars). However, many businesses ignore their insurance requirements as far as the individual owners themselves are concerned. This may prove to be a false economy.
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In addition to choosing the type of investment, that is income generating or capital building, one of the main principles that trustees have to adhere to in their investment strategy is the effect that taxation will have on their investment choices.
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