As usual, the coming year will see plenty of shifts in the financial planning landscape for all of us. Changes come about largely as a result of new legislation or policy introductions and, whilst there isn’t anything quite as dramatic as 2015’s introduction of pension freedoms on the horizon, there’s still plenty to look out for in 2016.
Back in June last year NEST - the National Employment Savings Trust - launched its retirement blueprint in response to the new pension freedoms.
Self-Invested Personal Pensions (SIPPs) are designed to give you greater control over your retirement savings. With a SIPP you can choose from a wide range of high quality investments, manage them for yourself and consolidate your existing pensions in one place.
With reports suggesting most of the UK economic indicators are moving in the right direction, it doesn’t mean we can suddenly afford to ignore our personal financial planning.
Occasionally when we’re compiling these monthly commentaries we look at our notes, realise that not very much has happened in the month and have a minor panic. What are we going to report on?
Around 50% of us make New Year’s Resolutions and ‘sort the finances out’ must be one of the most popular: but that’s a little vague – it’s more a wish than a firm commitment to take action.
Information in the Autumn Statement indicates that by 2020 individual taxpayers may be expected to report and pay their liabilities every quarter via their new digital tax accounts. The Chancellor promised an injection of £1.3bn to deliver, “the most digitally advanced tax administration in the world” by 2020.
Chancellor George Osborne landed buy-to-let landlords a shock during the Autumn Statement by announcing a 3% stamp duty surcharge on property purchases from 1st April 2016.
November brought us the Chancellor’s Autumn Statement and Spending Review in the UK – and rather more tragic events abroad. Friday November 13th saw the massacre in Paris, which was followed by an escalation in the bombing of ISIS in Syria.
The government announced on 8 July 2015, that for 2016 to 2017 onwards the annual allowance for tax relieved pension savings will be reduced for those with incomes of over £150,000. Their annual allowance will be reduced by £1 for every £2 of income they have over £150,000, with a maximum reduction of £30,000.
Just over four months ago, George Osborne delivered his second Budget of 2015, following the Conservative Party’s outright victory in the May general election. At that moment, the view from 11, Downing Street must have looked remarkably pleasant.
A recent article published by Saga describes some ‘alternative investments’ that can be enjoyed by the purchaser and then potentially sold when the time is right. Whilst we would always urge caution when it comes to alternative investments, and suggest personal consultation with your adviser before pursuing any of them independently on a purely profitable basis, some of them do make a very good story at least (if not a reliable part of a portfolio!
Well, what a splendid month October was, with all the major world stock markets that we cover in this Bulletin skipping merrily upwards. Germany and China led the way with gains of 12% and 11% respectively, and if you only looked at the figures you’d be quite justified in thinking that everything in the world economic garden was rosy.
Things rarely stand still here at ASPL and this month we’d like to congratulate Vicky Williams on her new role and welcome Lily Jackson to the team.
The end of September, and the end of the third quarter of 2015 – a quarter which, as all the financial press reported, was the worst for global equities since 2011. As CNBC put it:
Independence, impartiality, courtesy, personal, tailored, up to date.Mr & Mrs P - Doncaster