Dividend Allowance from 2016/17
May 12/05/2016
From April 2016, the Tax Credit will be abolished and replaced with a £5,000 tax-free Dividend Allowance. The new Dividend Allowance means that individuals will not have to pay tax on the first £5,000 of dividend income they receive.
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National Savings and Investments (NS&I) cuts interest rates
Apr 25/04/2016
We know many of our clients save with NS&I. In a time of lower interest rates with banks and building societies, this is a blow to anyone holding accounts with NS&I.
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Income Tax Personal Allowances- 2016/17
Apr 25/04/2016
The personal allowances from 6 April 2016 are as follows...
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Changes to interest on savings- Personal Savings Allowance (PSA)
Apr 25/04/2016
These changes mean that most people will no longer pay tax on savings interest. Banks and building societies will stop deducting tax from your account interest.
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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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