A new tax-efficient children’s savings account, known as the Junior Individual Savings Account (ISA), is available from 1 November 2011. The decision to introduce the Junior ISA was unveiled last October following the announcement that Child Trust Funds (CTFs) would cease for babies born after 2010. Parents can either save in a Cash ISA or invest in a Stocks and Shares ISA.
Non-doms will be able to remit income and/or Capital Gains Tax free for the purpose of commercial investment in UK businesses.
Economy
The independent Office for Budget Responsibility (OBR) forecasts growth of 1.7% (down from 2.1%) for 2011, 2.5% next year, 2.9% in 2013, 2.9% in 2014 and 2.8% in 2015 (this compares to OECD forecast of 1.5% for 2011 and 2.0% for 2012).
The Office for Budget Responsibility (OBR) forecast for 2011 economic growth was revised down to 1.7% from 2.1% as published in November 2010. In contrast, the economic growth forecasts over the medium term have been revised slightly upwards from 2.8% to 2.9% in 2014 and 2015.
The Chancellor George Osborne delivered his plan for growth, announcing some significant steps towards creating a tax system that is more supportive of business investment and growth.
Pension transfers can be complicated and you should always seek professional financial advice before proceeding. Much will depend upon your individual circumstances and objectives.
Every business has key people who are driving it forward. Many businesses recognise the need to insure their company property, equipment and fixed assets. However, they continually overlook their most important assets, the people who drive the business – a key employee, director or shareholder.
Investing offshore may appeal to anyone who plans to live overseas, travels extensively, or wishes to look outside of their ‘home’ country for investment opportunities. Depending on where you reside, there will be various options available to you. Perhaps you already have money offshore and are looking to receive a better return; or you maybe you are planning to move abroad.
Deciding how to take your pension benefits is one of the most important financial decisions you’re ever likely to make. As part of the new 2011 retirement rules, from 6 April this year the pension annuity rules will change, meaning that UK pensioners will no longer be forced to use personal pension funds to buy an annuity.
During these difficult economic times, one of the tools available to the Bank of England to stimulate the economy is interest rates. Lower interest rates mean that it is cheaper to borrow money and people have more to spend, hopefully stimulating the economy and reducing the risk of deflation. This is why the Bank of England has aggressively cut them.