This week we celebrate the longest day of the year. It’s hard to believe we’re half way through 2016 already.
Everyone’s eyes will be on the outcome of the EU referendum later the week and the importance of good financial planning has never been so crucial. There will most likely be some very important changes this year that could affect you.
Thankfully, our summer financial update is available and you’re the first to know of those all important changes. It will remind you what’s coming up in the financial year so you can review your own situation.
Here’s a sneak peek of what you’ll find:
Our feature story covers Budget 2016 tax changes. Budgets have become a regular feature of the financial landscape.
The March 2016 Budget is the third in twelve months and it revealed some important tax changes; many of which could affect your long term financial planning.
How much lower for longer
Recently, on one of our blogs about investment advice, we talked about the cut in interest rates for some of the NS&I products. In its announcement NS&I said “…downwards movements in interest rates across the cash savings market mean that our rates have risen in the competitor tables.”
If you need income, then the continued downward pressure on deposit rates is unwelcome news. However, if you are prepared to forgo capital security, there are plenty of investment options capable of providing a higher income return.
Can you really avoid inheritance tax?
When Gordon Brown was Chancellor of the Exchequer, he called IHT a ‘voluntary tax’ because he said there were many ways to avoid it.
It is clear, however, that not everyone has taken this message on board.
Keep covered for the rainy days
After the recent U-turn on the Personal Independence Payment (PIP), the government has said there will be no more benefit cuts beyond those already planned. But that does not mean you or your family could comfortably rely on State support to make ends meet during periods of ill-health or unemployment.
Don’t fall into the gifting tax traps
If you give money or investments to your unmarried minor child, then the tax rules can catch you out. Several ways of sidestepping the problem have been developed over the years and in this issue we highlight two new tax allowances.
Please download your complimentary copy of our summer update here.
We recommend you seek competent professional advice before making any major financial decision.