An increase in the top rate of personal income tax for all income above £150,000 was announced in the 2009 Budget. The new 50 per cent rate will come into force from 6 April 2010. This is a significant increase (and an increase in the original figure announced in the Pre-Budget Report in November 2008, which stated that the rate would be 45 per cent as of April 2011) and also represents a structural change to the tax planning landscape.
If you require your money to provide the potential for capital growth or income, or a combination of both, provided you are willing to accept an element of risk pooled investments could just be the solution you are looking for. A pooled investment allows you to invest in a large, professionally managed portfolio of assets with many other investors. As a result of this, the risk is reduced due to the wider spread of investments in the portfolio.
We provide solutions for the diverse needs of both our wealthy clients and those who aspire to become wealthy, enabling each individual to structure their finances as efficiently as possible.
Helping you protect your wealth is an important part of what we do, and one thing is certain, you need to plan to protect your wealth from a potential Inheritance Tax (IHT) liability. Once only the domain of the very wealthy, the wide-scale increase in home ownership and rising property values over the past decade have pushed many estates over the IHT threshold.
Many savers turned their back on high street deposit accounts last year as new figures show a record year for investments.
With further tax increases on the horizon, there really is no time like the present to consider your tax position carefully and explore what planning can be effectively put in place to help mitigate or defer the upcoming increased income tax liabilities. There are a number of areas that you may like to consider prior to the end of the current fiscal year. Specific matters may be relevant to you or this may be an appropriate moment to review your affairs generally, especially following the announcements in the 2009 Pre-Budget Report.
If you have not already talked to us about using your 2009/10 Individual Savings Account (ISA) allowance, time is running out. Any unused ISA allowance from this current tax year cannot be rolled over to the next tax year and will be lost forever.
Whatever happens in life, we can work with you to make sure that you and your family are provided for. Premature death, injury and serious illness can affect the most health-conscious individuals and even the most diligent workers can be made redundant.
Several factors will determine the shape of your portfolio. The first of these is your investment objective. This takes into account whether you’re investing for income or for growth. If you want to generate income, perhaps to supplement your pension or salary, then you need to consider income-producing investments such as fixed interest or equity income funds. However, if it’s growth you’re after, then your portfolio could be more biased towards equities. Or, you may achieve growth by opting for an equity income fund and reinvesting the income.
Wherever you are with your retirement savings, don’t be put off from taking action – it’s not too late. There are still steps you can take to boost the income you’ll receive when you retire.