Budget and Pensions April 2016
Apr 07/04/2016
There were no major changes to pensions in the Budget, apart from the introduction of Lifetime ISAs. Below is a summary of the previous announcements, taking effect from 6 April 2016, and the changes announced in the budget.
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New Inheritance Tax (IHT) Threshold - Effective April 2017
Apr 06/04/2016
The Government introduced a new IHT nil rate band in the 2015 Summer Budget of up to £175,000 per individual (i.e. a further £350,000 for a married couple) where the family home is passed to children or grandchildren. Although this allowance will not become available until 6 April 2017, it will also be phased in, starting at only £100,000.
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Retail Charity Bond
Apr 04/04/2016
At Castlefield we aim to reflect client values in investment decisions and this approach is exemplified with the recent purchase of the latest offering from the Retail Charity Bonds (RCB) platform. For those unfamiliar with Retail Charity Bonds, they provide the opportunity for both smaller issuers and investors to access the bond market. This is of particular importance to charities as borrowings can be hugely beneficial for furthering projects.
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Buy-to-Let Update
Mar 31/03/2016
As financial advisers we are often asked to comment on whether potential investors should buy a property to let or invest money into investment markets. Whether you decide to invest your money in an investment portfolio (other terms include: collectives, unit trusts, bonds, discretionary managed portfolio) or to purchase a rental property (buy-to-let) will depend on your objectives. Both types of investment can provide an income or capital growth, but come with their own benefits and risks. Due to over-inflated house prices in much of the country, with many people struggling to afford their first home, the Government is looking at ways to discourage the buy-to-let investor through tax changes, as well as making tax more beneficial for the investor with a reduction in income tax and capital gains tax on investments.
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The Chancellor announces the Lifetime ISA
Mar 31/03/2016
Helen Tandy (Partner, Castlefield Advisory Partners) From 6 April 2017, the Government will introduce a brand new option for savers between 18 and 40 years of age, branded as the Lifetime ISA. The age cap counts me out but I am lucky enough to have been able to get on the property ladder at age 18, with the help of my Nationwide staff rate mortgage. I do not expect my 19 year old son, who is currently at University, to be buying a property any time soon. The main downside of pensions for many has been the lack of flexibility, and whilst some of the restrictions were lifted in the last Budget, the features of the Lifetime ISA may be designed to appeal to more people.
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The Budget and Capital Gains Tax changes
Mar 31/03/2016
Capital gains tax (CGT) is charged on the annual profit made from the sale of assets, e.g. shares or a second home - if the total profit is greater than an individual's current CGT allowance.
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A 'decoupling' that is good news for all of us
Mar 30/03/2016
It may sound a bit geeky to celebrate new data from the International Energy Agency (IEA), but last week’s announcement that global carbon emissions had flat-lined for the second year in a row is a major milestone for anyone who wants to see both rising prosperity and a thriving planet. It is a significant announcement because it is the first time emissions have stalled, while the global economy has continued to grow. Over the last 40 years emissions have only stalled or fallen during economic downturns (see figure 1 below).[1] Because, in times of economic growth, when people have more money, they tend to drive or fly more, while businesses build new facilities and factories – all of which takes energy. Increased energy use has historically meant increased emissions. But things have changed.
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Fairtrade Fortnight 2016 and Shared Interest
Mar 23/03/2016
This year’s Fairtrade Fortnight was 29 February to 13 March, and I always try to arrange something in our Manchester office. This year I arranged a visit from Shared Interest, who came in to talk to the team about the work they do supporting Fairtrade through microfinance. We had Kerry Baker from Shared Interest and Lucy McMahon from the Shared Interest Foundation.
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Salisbury office – A New Era
Mar 22/03/2016
A new era dawned on Monday 14th March as Castlefield Advisory Partners said goodbye to its home of 21 years (Catherine Street, Salisbury) and moved to new, modern offices located at Brewery House, 36 Milford Street, Salisbury.
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A Trip to Kodougou
Mar 07/03/2016
David Elton is in Burkina Faso to visit La Renaissance school and here is his latest update from his trip: Bonjour (embarrassingly this is still about the level of my French!), and greetings again from Burkina Faso. Today (Thursday) is our penultimate day here, so this will be my final update before returning to the UK.
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