Budget 2016

Trott

Claire Trott: A Budget boost for Sipps and SSASs

As a result of the continued stockmarket volatility, savvy investors have spent the past few months looking for stable assets to invest in for the long term. Although it is true stockmarkets can be stable over the long term and looking at short-term volatility is not the way to think when investing for retirement, there is no doubt […]

Kim North: Ditching guidance in favour of advice

I know we cannot all get what we want all the time but I have always believed advice should be available to everyone. Why? Because research shows time and time again money under advice is more efficiently managed for individuals in both sickness  and health, in poverty and in prosperity. But it is important consumers know […]

Danby Bloch: Lifetime Isa or pension?

Should a client under the age of 40 invest in a pension or a Lifetime Isa? This is a new issue thousands of advisers will be considering. From April next year, any adult under 40 will be able to open a Lifetime Isa. Investors can save up to £4,000 each year and will receive a […]

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Lee Robertson: MAS should have been reformed, not abolished

Last week’s Budget contained some big news for advisers, not least the announcement of the demise of the Money Advice Service. After six controversy-filled but rather self-congratulatory years it appears MAS is to be retired by the Chancellor. Those six years have seen runaway spending of over a third of a billion pounds, which beggars […]

Leader: The rise and rise of the Isa

Away from the death of the Money Advice Service, the revelation of the Lifetime Isa was undoubtedly the biggest story to come out of the Budget. From simple beginnings the humble Isa has been put through the Government machine to become all things to all men, deployed for kids’ savings, a house deposit, peer-to-peer lending, […]

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Pension freedoms generate £900m for Treasury

Taxes generated by the pension freedoms are almost 30 per cent higher than forecast, according to figures from the Office for Budget Responsibility. In the OBR’s economic and fiscal outlook, released yesterday alongside the Budget, the economists said Treasury coffers were boosted by £900m as a result of the reforms. The sum is a dramatic […]

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Martin Lewis: ‘Abominable’ MAS deserved stay of execution

Chancellor George Osborne was wrong to axe the Money Advice Service despite it being guilty of an “abominable” waste of advisers’ money, according to Moneysavingexpert founder Martin Lewis. Lewis, who has been scathing of the MAS in the past and once described the service as “crap” to the Treasury select committee, says recent reforms had […]

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MAS destruction: The £400m cost of failed quango

George Osborne’s decision to close the Money Advice Service brings to an end a sorry six years during which hundreds of millions of pounds of cash has been wasted on the failed body. The Chancellor revealed in the Budget the MAS will be axed as part of a restructure of financial guidance that will see […]

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Andrew Tully: Is Osborne sneaking pension Isa in by the back door?

Many in the industry will have sighed in relief a week or so ago when briefings confirmed there would be no changes to pension tax relief. However that may have been premature. Despite the Chancellor saying during his Budget speech that moving to a new system is not on the agenda as there is no […]

Govt confirms timetable for Lloyds share sale

The Government has committed to selling its shares of Lloyds Banking Group to the retail sector and returning its stake to the private sector in 2016/17. Chancellor George Osborne had been expected to sell £2bn of discounted Lloyds shares to retail investors in February, but the sale was postponed due to poor market conditions. The […]

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Govt to review house buying process

The Government is set to investigate ways to improve the house buying process. In today’s Budget document the Treasury claimed consumers spend £270m each year on failed housing transactions. When a transaction falls through buyers normally end up losing their legal, survey and mortgage fees. It said: “The Government will shortly publish a call for […]

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Govt rules out stamp duty exemption for larger B2L investors

The Government has ruled out a stamp duty exemption for corporate investors. The Government first announced a consultation on the exemption in the 2015 Autumn Statement, after it announced a 3 percentage point surcharge on second homes and buy-to-let properties. The mooted exemption would have applied to investors with 15 or more residential properties, although […]