Personal portfolio bonds »
At the 2016 Budget it was announced that the government would
review the categories of permitted investments which could be held
in a policy of life insurance, life annuity or capital redemption
policy without it becoming taxable as a personal portfolio bond
Inheritance tax and trust review for non-UK domiciled individuals »
Despite the previous announcement of the end of this series, I
am delighted to continue sharing my trust and estate planning
thoughts with you.
Back to business »
With the Brexit Referendum a distant memory it remains to be
seen how pensions and employment legislation will be affected.
Against this background, Parliament is due to return from summer
recess on 5 September, at which point the report stage of the
Finance Bill will commence, although this will of course be
interrupted again when the party-conference season starts. Here is
an explanation of what we are expecting from the Bill.
Markets misbehaving nicely »
The real difficulty is not in predicting whether
markets will react or how they react, but by how much they will
react. In July last year, the population of Greece voted to reject
the bailout terms proposed by the European Commission, the
International Monetary Fund and the European Central Bank. This was
a major event since it was Greece's first referendum since 1974.
The bailout was rejected in all regions of Greece, as well as
across all Greek constituencies, giving the country's government an
exceptionally strong mandate with which to repudiate its
obligations. Bad news for the stability of the Eurozone? You would
think so, and so did the European stockmarket falling 9% between
the date of the announcement of the referendum and the vote to
reject the bailout.
The Financial Ombudsman Service (FOS) and Buy to Let Complaints »
So your firm does the occasional bit of buy to let mortgage
finance for investor landlords (BTL). BTL products are not and
never have been regulated - right?
Brexit and Investment »
Where now for the UK? The referendum asked us whether we wanted
to be 'in' or 'out', but not what kind of 'out' we wanted. This is
unfortunate, as the question is a critical one for the future of
our country. Politicians will have to infer an answer, knowing that
the question was never properly debated. Do we want the 'lite' form
of Brexit enjoyed by Norway, Switzerland and others, where nothing
much changes? Brexit-lite would minimise economic uncertainty by
maintaining existing trade arrangements with the European Union
(EU); it would probably help foreign investment into the UK to
resume and the Pound to recover much of its losses. Or do we want a
more extreme, Canadian-style arrangement where we are clearly in
control of immigration from the EU but, commercially, more
isolated? This would take longer to negotiate, maximising economic
uncertainty and prolonging weakness in the Pound.
Business succession planning »
The trust and taxation-related article in the previous issue
highlighted the key points to bear in mind in connection with
business protection trusts used in business succession
Last word on business protection trusts »
As this is my last article in this series, I have been looking
at the topics covered in the past, trying to decide which topic
seems to be the most problematic and so deserving having one final
go at. Just then I received an enquiry about a shareholder
protection arrangement which sounded distinctly odd. It was to be a
share purchase arrangement involving a limited company
effecting a policy under a business trust and a cross
option agreement. So here goes.
Brexit and Pensions »
Let's be honest. Nobody forecast the result of the referendum
with confidence and nobody has forecast the consequences with
confidence. There will undoubtedly be an impact on pensions over
the longer term (we are still members of the EU) and the markets
will probably twitch at regular intervals in the absence of
certainty as to their destination. Those twitches will be magnified
further by the sheer difficulty of trying to divine how significant
is the latest economic shock or encouragement.
Brexit - Let's not persuade ourselves into a depression »
Since the vote to leave the EU we've clearly entered a period of
uncertainty, which some may consider to be 'open-ended'.