(My Original Blog Post: http://ping.fm/84EGu)
Don t leave your beneficiaries with additional heartache and hassle.
People who pass away without an up to date will, or intestate, leave costs and worry to their family and often gift lots of money to the State in what may be avoidable Inheritance Tax (IHT).
The Law Society says that anyone with assets and family or friends should make a will, no matter of their age. It is especially important if you are not married to your partner, because the law does not accord partners the same rights automatically of inheritance as spouses.
Property that is owned jointly by unmarried partners on a joint tenancy basis would still pass automatically to the existing spouse under the rules of survivorship. Under the current intestacy rules, an unmarried partner has no rights to property and assets that were not jointly owned (although the Law Commission has lately proposed to change this).
Making a will is also critical if you have children, as you can propose guardians to look after them.
It is vital to produce a list of assets and debts and their approximate values. Include your properties, investment, nest egg, insurance policies and pensions.
In addition, consider details of specific bequests. Just informing a relative that an item will be his or hers one day could cause problems later.
You should take professional advice on estate planning as part of writing your will. Simple steps could save the beneficiaries of more well-to-do householders thousands of £'s in tax.
An important element of affecting a will is the naming of executors to make sure that your will instructions are executed.
You should also review your will every 5 years or so and whenever your situation are altered by a substantial life event, such as marriage, divorce or a birth or death in the immediate family. Another instance would be after a house purchase or move.
Whoever draws up your will, make sure one copy is kept secure or deposit 1 with a probate registry.
To find out more about our will writing service please go to our website
Wednesday, 31 March 2010
[Blog] Time to review your will?: Don t leave your beneficiaries with additional heartache and hassle.
People who ... http://ping.fm/pKjX8
People who ... http://ping.fm/pKjX8
Tuesday, 30 March 2010
[Blog] : Wherever you are with your retirement plans, do not be put off from taking action, it s not too late. There are still steps you can put into place to increase the pen... http://ping.fm/lEuML
[Blog] : Wherever you are with your retirement plans, do not be put off from taking action, it s not too late. Ther... http://ping.fm/5s7L2
Monday, 29 March 2010
Is it time to review your IHT planning
(My Original Blog Post: http://ping.fm/VoMdB)
If you have an investment or property portfolio, perhaps its time to review your estate. The Chancellors recent announcement to hold the threshold for Inheritance tax planning at £325,000, for the next four years may prompt the move.
Alistair Darling’s decision not to raise the IHT limit is expected to encourage many families and investors with assets over the threshold to review their situation.
Assets such as investments and property could possibly increase in value over the next few years. Effective tax planning could help offset the possible increase in Tax.
Making regular gifts to heirs is another way of reducing your estate liability to inheritance tax.
Another planning measure is making charitable donations, as these are fully exempt upon death.
After the first £325,000 in value of your estate called the “nil-rate” band is reached, the balance is taxed at 40 per cent.
If you would like to discuss any specific tax planning issues please contact us.
Consilium Asset Management is an IFA practice based in Bristol, South Gloucestershire.
If you have an investment or property portfolio, perhaps its time to review your estate. The Chancellors recent announcement to hold the threshold for Inheritance tax planning at £325,000, for the next four years may prompt the move.
Alistair Darling’s decision not to raise the IHT limit is expected to encourage many families and investors with assets over the threshold to review their situation.
Assets such as investments and property could possibly increase in value over the next few years. Effective tax planning could help offset the possible increase in Tax.
Making regular gifts to heirs is another way of reducing your estate liability to inheritance tax.
Another planning measure is making charitable donations, as these are fully exempt upon death.
After the first £325,000 in value of your estate called the “nil-rate” band is reached, the balance is taxed at 40 per cent.
If you would like to discuss any specific tax planning issues please contact us.
Consilium Asset Management is an IFA practice based in Bristol, South Gloucestershire.
[Blog] Is it time to review your IHT planning: If you have an investment or property portfolio, perhaps its time to review your estate. The Chancellors recent announcement to ... http://ping.fm/9vC9E
[Blog] Is it time to review your IHT planning: If you have an investment or property portfolio, perhaps its time to... http://ping.fm/3E1T0
Friday, 26 March 2010
Slight increase to ISA allowances
(My Original Blog Post: http://ping.fm/voggF)
In the recent Budget the Chancellor announced that the ISA allowance is to increase by inflation each year.
Cash ISAs currently offer poor rates of interest however they protect investors from market fluctuations, but not inflation.
The ISA allowances have recently increased as a result of the last pre budget. The allowance moved from £7,200 a year to £10,200 with half of this amount being in cash.
The announcement will add to this by increasing the allowance each year in line with inflation.
The change will be effective from 06 April 2011.
‘The ISA is and should remain the key non-retirement savings vehicle for all. We therefore welcome the government's announcement that the limit will increase each year in line with inflation,’ said Richard Saunders, chief executive of IMA.
In the recent Budget the Chancellor announced that the ISA allowance is to increase by inflation each year.
Cash ISAs currently offer poor rates of interest however they protect investors from market fluctuations, but not inflation.
The ISA allowances have recently increased as a result of the last pre budget. The allowance moved from £7,200 a year to £10,200 with half of this amount being in cash.
The announcement will add to this by increasing the allowance each year in line with inflation.
The change will be effective from 06 April 2011.
‘The ISA is and should remain the key non-retirement savings vehicle for all. We therefore welcome the government's announcement that the limit will increase each year in line with inflation,’ said Richard Saunders, chief executive of IMA.
[Blog] Slight increase to ISA allowances: In the recent Budget the Chancellor announced that the ISA allowance is t... http://ping.fm/aGsAv
ISA surgery, use it or lose it
(My Original Blog Post: http://ping.fm/cZBdy)
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.
An ISA is a tax-efficient wrapper in which you can hold investments such as cash, shares and stock market funds.
ISAs can be used to save cash and the interest will be tax-free. If you invest in shares or funds, any capital growth will be tax-free and there is no further tax to pay on any dividends you receive.
Your ISA questions answered
Q: Since the ISA contribution limit changes, how much can I now invest?
A: If you were born on or before 5 April 1960 (that is, aged 50 or over during the current tax year) you can save up to £10,200. The full £10,200 can be invested in a stocks and shares ISA with one provider or up to £5,100 can be saved in a cash ISA with one provider, with the remainder being saved in a stocks and shares ISA with either the same provider or another. From 6 April this year, the under 50’s ISA limit will increase to £10,200, up to £5,100 of which can be saved in cash for all ISA investors.
Q: Can I invest the full £10,200 in a cash ISA?
A: No. Although ISA limits have been extended, there are still separate limits for cash ISAs and stocks and shares ISAs. The maximum amount you can save in a cash ISA if you are over 50 is £5,100. If you are under 50 the current limit remains at £3,600. However, from 6 April 2010 this will increase to £5,100 for everyone.
Q: Can I save in a cash ISA and also invest in a stocks and shares ISA at the same time?
A: The limits may have changed but the principle behind ISAs remains the same. From 5 October last year, if you were saving the maximum amount allowable in a cash ISA, at the same time you could also invest the rest of your allowance in a separate stocks and shares ISA – up to the permitted limits.
Q: I am over 50 and have already taken out an ISA this year. Will I be able to increase my ISA?
A: In the vast majority of cases you should be able to pay more into your ISA, up to the new limits. If you already have £3,600 saved in your cash ISA, you should be able to increase this by a further £1,500.
If you would like to discuss Isa Investments in more depth please feel free to contact us on 01454 321511.
An ISA is a tax-efficient wrapper in which you can hold investments such as cash, shares and stock market funds.
ISAs can be used to save cash and the interest will be tax-free. If you invest in shares or funds, any capital growth will be tax-free and there is no further tax to pay on any dividends you receive.
Your ISA questions answered
Q: Since the ISA contribution limit changes, how much can I now invest?
A: If you were born on or before 5 April 1960 (that is, aged 50 or over during the current tax year) you can save up to £10,200. The full £10,200 can be invested in a stocks and shares ISA with one provider or up to £5,100 can be saved in a cash ISA with one provider, with the remainder being saved in a stocks and shares ISA with either the same provider or another. From 6 April this year, the under 50’s ISA limit will increase to £10,200, up to £5,100 of which can be saved in cash for all ISA investors.
Q: Can I invest the full £10,200 in a cash ISA?
A: No. Although ISA limits have been extended, there are still separate limits for cash ISAs and stocks and shares ISAs. The maximum amount you can save in a cash ISA if you are over 50 is £5,100. If you are under 50 the current limit remains at £3,600. However, from 6 April 2010 this will increase to £5,100 for everyone.
Q: Can I save in a cash ISA and also invest in a stocks and shares ISA at the same time?
A: The limits may have changed but the principle behind ISAs remains the same. From 5 October last year, if you were saving the maximum amount allowable in a cash ISA, at the same time you could also invest the rest of your allowance in a separate stocks and shares ISA – up to the permitted limits.
Q: I am over 50 and have already taken out an ISA this year. Will I be able to increase my ISA?
A: In the vast majority of cases you should be able to pay more into your ISA, up to the new limits. If you already have £3,600 saved in your cash ISA, you should be able to increase this by a further £1,500.
If you would like to discuss Isa Investments in more depth please feel free to contact us on 01454 321511.
[Blog] ISA surgery, use it or lose it: If you have not already talked to us about using your 2009/10 Individual Savings Account (ISA) allowance, time is running out. Any unuse... http://ping.fm/e9r3o
[Blog] ISA surgery, use it or lose it: If you have not already talked to us about using your 2009/10 Individual Sav... http://ping.fm/vEkb0
Thursday, 25 March 2010
Record amounts paid into investment funds last year
(My Original Blog Post: http://ping.fm/G8fX5)
Many savers turned their back on high street deposit accounts last year as new figures show a record year for investments.
According to figures from The Investment Management Association (IMA), a record amount was paid into investment funds last year. Consumers invested £25.8bn in unit trusts and open-ended investment companies (OEICs), types of investments that allow individuals to pool money together to buy stocks and bonds.
The figures are the highest since records began in 1992 and 45 per cent higher than the previous record set in 2000, when new investments totalled £17.7bn.
An IMA spokeswoman said: ‘A combination of factors led to this significant increase in 2009. Low returns on savings accounts caused people to look at putting their money into other assets. At the same time, the recession caused them to increase their savings levels.’
In total, £9.9bn was invested in bonds during the year, while £7.3bn went into shares, compared to 2008, when people withdrew £1.3bn more from equities than they invested.
The increase in investments, combined with strong stock market growth during the year, also helped to push up the value of funds under management to record levels.
According to figures from The Investment Management Association (IMA), a record amount was paid into investment funds last year. Consumers invested £25.8bn in unit trusts and open-ended investment companies (OEICs), types of investments that allow individuals to pool money together to buy stocks and bonds.
The figures are the highest since records began in 1992 and 45 per cent higher than the previous record set in 2000, when new investments totalled £17.7bn.
An IMA spokeswoman said: ‘A combination of factors led to this significant increase in 2009. Low returns on savings accounts caused people to look at putting their money into other assets. At the same time, the recession caused them to increase their savings levels.’
In total, £9.9bn was invested in bonds during the year, while £7.3bn went into shares, compared to 2008, when people withdrew £1.3bn more from equities than they invested.
The increase in investments, combined with strong stock market growth during the year, also helped to push up the value of funds under management to record levels.
[Blog] Record amounts paid into investment funds last year: Many savers turned their back on high street deposit accounts last year as new figures show a record year for inves... http://ping.fm/9kcrb
[Blog] Record amounts paid into investment funds last year: Many savers turned their back on high street deposit ac... http://ping.fm/8qKvq
[Blog] No change for IHT and CGT: The budget as expected was a bit of a damp squibb. With the state of the public finances it’s no surprise that yesterdays budget has been d... http://ping.fm/Ce7y2
No change for IHT and CGT
(My Original Blog Post: http://www.consilium-ifa.co.uk/blog/financial-news/no-change-for-iht-and-cgt.php)
The budget as expected was a bit of a damp squibb. With the state of the public finances it’s no surprise that yesterdays budget has been described as boring.
One surprise was that CGT has not been altered
The rate of tax for mainstream CGT remains at 18% and the annual exempt amount of £10,100 remains unchanged. This means that higher rate taxpayers that have assets that could potentially be subject to CGT will for the time being remain unaffected. Whether this will be the case after the election, we will have to wait and see. However if a labour government is re-elected I would not be surprised if a new budget is announced in the next term of Parliament and changes are then announced.
If you are a higher rate taxpayer with substantial capital gains for example on property or collective investments, it might be worth seeking advice on your tax position.
Inheritance Tax
The 2009 Pre-Budget Report announced that legislation will be introduced in Finance Bill 2010 to freeze the IHT nil-rate band limit for the tax year 2010/11 at the current level of £325,000. This will now be extended to cover the tax years 2011/12 to 2014/15.
However a review on Inheritance tax and Estate planning has been pencilled in for 2011. How this will affect existing Tax planning strategies ,we will have to wait and see.
The budget as expected was a bit of a damp squibb. With the state of the public finances it’s no surprise that yesterdays budget has been described as boring.
One surprise was that CGT has not been altered
The rate of tax for mainstream CGT remains at 18% and the annual exempt amount of £10,100 remains unchanged. This means that higher rate taxpayers that have assets that could potentially be subject to CGT will for the time being remain unaffected. Whether this will be the case after the election, we will have to wait and see. However if a labour government is re-elected I would not be surprised if a new budget is announced in the next term of Parliament and changes are then announced.
If you are a higher rate taxpayer with substantial capital gains for example on property or collective investments, it might be worth seeking advice on your tax position.
Inheritance Tax
The 2009 Pre-Budget Report announced that legislation will be introduced in Finance Bill 2010 to freeze the IHT nil-rate band limit for the tax year 2010/11 at the current level of £325,000. This will now be extended to cover the tax years 2011/12 to 2014/15.
However a review on Inheritance tax and Estate planning has been pencilled in for 2011. How this will affect existing Tax planning strategies ,we will have to wait and see.
[Blog] No change for IHT and CGT: The budget as expected was a bit of a damp squibb. With the state of the public f... http://ping.fm/mWNsa
Wednesday, 10 March 2010
[Blog] Budget Day Announced: Alistair Darling and the Treasury have confirmed that the date of the budget is to be ... http://ping.fm/PZbAH
[Blog] Budget Day Announced: Alistair Darling and the Treasury have confirmed that the date of the budget is to be the 24th March.
The Chancellor will hopefully provide the... http://ping.fm/wi6GN
The Chancellor will hopefully provide the... http://ping.fm/wi6GN
Budget Day Announced
(My Original Blog Post: http://ping.fm/WpsOr)
Alistair Darling and the Treasury have confirmed that the date of the budget is to be the 24th March.
The Chancellor will hopefully provide the UK with details on how Britain’s £178 billion deficit will be tackled. He is due to make a speech on the economy today.
The Budget date makes it more likely that the general election will happen on the 6 May. Council Polls are also to take place on this date.
A detailed Budget summary will appear on our site www.consilium-ifa.co.uk
Alistair Darling and the Treasury have confirmed that the date of the budget is to be the 24th March.
The Chancellor will hopefully provide the UK with details on how Britain’s £178 billion deficit will be tackled. He is due to make a speech on the economy today.
The Budget date makes it more likely that the general election will happen on the 6 May. Council Polls are also to take place on this date.
A detailed Budget summary will appear on our site www.consilium-ifa.co.uk
Monday, 8 March 2010
Not long till the end of the isa season
(My Original Blog Post: http://ping.fm/07Nri)
Considering making an isa investment for the current tax year.
Our ISA guide is available free to download here.
Considering making an isa investment for the current tax year.
Our ISA guide is available free to download here.
[Blog] Not long till the end of the isa season: Considering making an isa investment for the current tax year.
Our ISA guide is available free to download here. http://ping.fm/TzSN1
Our ISA guide is available free to download here. http://ping.fm/TzSN1
[Blog] Not long till the end of the isa season: Considering making an isa investment for the current tax year.
O... http://ping.fm/LKMrY
O... http://ping.fm/LKMrY
[Blog] Stroud and Swindon Merger: Coventry Building Society has held talks with Stroud & Swindon over a possible merger.
Both Societies are mutuals. A merger between Co... http://ping.fm/Me1xf
Both Societies are mutuals. A merger between Co... http://ping.fm/Me1xf
Stroud and Swindon Merger
(My Original Blog Post: http://ping.fm/zC0TL)
Coventry Building Society has held talks with Stroud & Swindon over a possible merger.
Both Societies are mutuals. A merger between Coventry,which is the third largest building society in the UK, and Stroud and Swindon , which is much smaller rival will create an organisation with £21 billion of assets and 1.2 million customers.
Stroud and Swindon have confirmed that talks are at a very early stage.
Stroud has £3 billion in assets with 265,000 members.
Coventry have recently reported pre-tax profits of £56.2 million.
Consilium Asset Management are Financial Advisers based in Bristol
Coventry Building Society has held talks with Stroud & Swindon over a possible merger.
Both Societies are mutuals. A merger between Coventry,which is the third largest building society in the UK, and Stroud and Swindon , which is much smaller rival will create an organisation with £21 billion of assets and 1.2 million customers.
Stroud and Swindon have confirmed that talks are at a very early stage.
Stroud has £3 billion in assets with 265,000 members.
Coventry have recently reported pre-tax profits of £56.2 million.
Consilium Asset Management are Financial Advisers based in Bristol
[Blog] Stroud and Swindon Merger: Coventry Building Society has held talks with Stroud & Swindon over a possibl... http://ping.fm/YmZ4u
Tuesday, 2 March 2010
NEST - What is it?
(My Original Blog Post: http://ping.fm/31peY)
The Personal Accounts Delivery Authority (Pada) confirmed which company is to administer the new NEST Scheme (formerly Personal accounts).
PADA confirmed that Tata Consultancy Services (TCS) will provide the administration of the scheme when it is launched. Pada will sign a contract with TCS later this month.
The NEST will force employers to contribute to a pension arrangement on behalf of their employees. Employees will also be required to contribute.
Employers will either automatically enrol employees into the scheme or provide an alternative arrangement that meets certain criteria.
To find out more about pension advice and employers responsibility when the Nest scheme is launched click on the links.
Angela Eagle, minister of state for pensions, said: 'Together with automatic enrolment, Nest will help millions of people save for their retirement, with a guaranteed employer and Government contribution.'
The Personal Accounts Delivery Authority (Pada) confirmed which company is to administer the new NEST Scheme (formerly Personal accounts).
PADA confirmed that Tata Consultancy Services (TCS) will provide the administration of the scheme when it is launched. Pada will sign a contract with TCS later this month.
The NEST will force employers to contribute to a pension arrangement on behalf of their employees. Employees will also be required to contribute.
Employers will either automatically enrol employees into the scheme or provide an alternative arrangement that meets certain criteria.
To find out more about pension advice and employers responsibility when the Nest scheme is launched click on the links.
Angela Eagle, minister of state for pensions, said: 'Together with automatic enrolment, Nest will help millions of people save for their retirement, with a guaranteed employer and Government contribution.'
Monday, 1 March 2010
Pru clinches mega deal
(My Original Blog Post: http://ping.fm/u0Grg)
Prudential, the UK life insurer, has agreed to buy the Asian operations of AIG. An agreed price of $35.5bn in cash and shares makes it one of the largest deals in UK history.
The deal combines the largest insurance businesses in Asia. The deal doubles the size of Prudential and will make the region a key contributor to profits within the group.
The deal will be structured as an acquisition of both Prudential and AIA by a new company, to be known initially as New Prudential.
It is reported that Prudential will pay $25bn in cash and 10.5bn in shares of the enlarged company. The company headquarters will be in the UK and will be listed on the UK Stock Exchange. It is also anticipated that the company will also be listed on the US stockmarkets
AIG has planned a partial floatation of the Asian part of the group, but shelved the idea in preference to the deal with the Pru.
“I think that transformational is an overused word but this deal is truly transformational,” said Tidjane Thiam, chief executive of Prudential. “We have the full support of the AIG board and the US authorities,” he added.
The takeover increases Prudential’s exposure to Asia, which accounted for 44 per cent of new business in 2009. Prudential have confirmed that the UK life assurance sector is still an important part of the groups overall activity.
The deal combines the largest insurance businesses in Asia. The deal doubles the size of Prudential and will make the region a key contributor to profits within the group.
The deal will be structured as an acquisition of both Prudential and AIA by a new company, to be known initially as New Prudential.
It is reported that Prudential will pay $25bn in cash and 10.5bn in shares of the enlarged company. The company headquarters will be in the UK and will be listed on the UK Stock Exchange. It is also anticipated that the company will also be listed on the US stockmarkets
AIG has planned a partial floatation of the Asian part of the group, but shelved the idea in preference to the deal with the Pru.
“I think that transformational is an overused word but this deal is truly transformational,” said Tidjane Thiam, chief executive of Prudential. “We have the full support of the AIG board and the US authorities,” he added.
The takeover increases Prudential’s exposure to Asia, which accounted for 44 per cent of new business in 2009. Prudential have confirmed that the UK life assurance sector is still an important part of the groups overall activity.
[Blog] Pru clinches mega deal: Prudential, the UK life insurer, has agreed to buy the Asian operations of AIG. An agreed price of $35.5bn in cash and shares makes it one of th... http://ping.fm/RDHCN
[Blog] Pru clinches mega deal: Prudential, the UK life insurer, has agreed to buy the Asian operations of AIG. An a... http://ping.fm/Czmcx
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