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Latest News

2016

Glen Callow

19 Dec 2016

BTL buyers go limited

There has been a huge rise in the number of Buy To Let owners using companies to hold their properties, says the Mail. In the first 9 months of 2016 there were over 100,000 BTL loans to companies, more than double the number for the whole of 2015. Most are doing so to avoid the effect of a tax change in April 2017, when tax relief against the higher rate of income tax on mortgage interest will be disallowed. It's estimated the changes will push half a million BTL owners into paying higher rate income tax at 40%.
Glen Callow

18 Dec 2016

New measures mean some will pay IHT at 80%

The 'residential nil rate band' that will be introduced to inheritance tax law from April 2017 means a couple will be able to hand down an estate of up to £1 million with no tax after 2020, says the Telegraph. The 'taper' provisions mean that if your estate is over £2.2 million you do not get the new allowance, but if it is £2 million you do get it. That means there's an effective tax rate of 80% on the £200,000 difference. Clearly there is scope for some tax planning in such cases.
Glen Callow

17 Dec 2016

Modest gift for savers with new NSI Bond

Philip Hammond's Autumn Statement contained few giveaways, but there was a modest gift for savers. Next Spring a new National Savings & Investments Bond will be launched that will pay 2.2% interest for three years. This is well ahead of the best 3-year rates currently available. The maximum investment will be just £3,000 per person – though Mr Hammond could do what previous Chancellors have done and hope to win a popular headline by raising the limit next year.
Glen Callow

16 Dec 2016

Bank of England's QE has hurt business

The Bank of England's Quantitative Easing, which has kept interest rates at near-zero since the financial crisis, has caused business to reduce pay and fire employees, according to a report cited by the Financial Times. This is because businesses have had to put more money into their pension funds, whose future liabilities to pensioners have been substantially increased by lower interest rates. 
Glen Callow

12 Oct 2016

BREXIT prompts banks to slash saver rates

The Bank of England's post-BREXIT cut in its base rate has prompted banks to cut the rates they pay savers, says the Telegraph. It says Lloyds is to cut its main saver rate from 0.25% to 0.05%, which will affect hundreds of thousands of account holders. Banks are also cutting the rates they pay regular savers.

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