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Bradshaw Bennett IFA News

Financial news affecting people living in Macclesfield, Wilmslow, Alderley Edge and the surrounding areas of East Cheshire.

An investment from one of the major banks with a potential tax free return of 10% per annum and capital protection

One of the major high street banks has been marketing an investment product that is offering 10% per annum as a capital gain, provided that the FTSE 100 remains at it's starting level or rises over the next five years. This is an interesting product - for many people the resulting capital gain would be within their capital gains tax allowance and therefore free of tax.

Capital Gains Tax to be a major source of new tax revenues?

With the advent of a Conservative/Liberal Democrat coalition Government, there is a lot of speculation over Capital Gains Tax.

There are two possibilities for changes to CGT:-

1) Reduction in the allowance. Indications are that it could be reduced to approximately £2,000, from the current allowance of £10,000;
2) Increase the rate of tax due to near the Income Tax rates, from 18% up to as much as 40% or even 50%.

The Government could do one or both changes. (Both appear likely)

What are the choices for you?:-

Increase Your Income in Retirement - Our Dozen Top Tips

1. Make sure you have contacted all of your old employers - send us a list of the companies you have worked for and we will check whether you are entitled to any extra pension from them.
2. Get a state pension forecast - phone us if you want the contact details to check how much state pension you are due and whether you can top it up.
3. Defer your state pension - this might increase the state pension you are entiled to considerably - contact us if you need advice on whether this is right for you.

Why are pension transfers becoming so popular?

We are receiving an increasing number of enquiries for advice on what to do with a number of individual pension plans - typical situations might be:

The Law Society expects it's member firms to recommend Independent Financial Advisers

Designated professional bodies, for example solicitors, are not permitted to refer clients to a tied or multi-tied adviser (for example the multi-tied firm St James's Place)

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