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David Newman

In last week’s issue, Money Marketing reported that former Co-operative Bank marketing director David Newman had taken up a role at Residential Property Solutions. MM is happy to clarify that this David Newman is, in fact, now chief executive of Carole Nash and not the David Newman working for RPS, who was formerly finance director of The Mortgage Operation.

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The big headline in the Budget this year was the proposal to raise the top rate of income tax to 50 per cent on taxable income above £150,000 a year from April 2010 onwards. There are several ways in which this change will affect offshore investment. The new higher rate further widens the gap between capital gains tax, levied at a flat rate of 18 per cent, and income tax. This places even more emphasis on exit planning for those who hold insurance-wrapped investments.

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