Posted by: WealthIFA | July 2, 2010

Financial News Update we 02/07/2010

Ok, so not so much a piece of cake in the end was it, or even close, but that’s optimism for you I guess, oh well, come on Andy!!

As the euphoria subsides on the budget (as well as the football) we can start to analyse more closely what has been said over the last week or so or, more importantly, what hasn’t been said…

For example, the scrapping of compulsory annuities for the over 75’s could be construed to mean there is no immediate action required for those approaching 75?…

But this is not necessarily the case and it was a point made very clear to me recently as a new client (who turns 75 in July) wanted to secure an income and release the tax free cash from their pension…

“New rules so no immediate panic”, was my first thought as it is not uncommon for the whole process to be delayed for one reason or another… but then, upon digging a little deeper, I discover that although the scrapping of compulsory annuities for the 75 and over age group was in force from 22nd June, if that same 74 year old wanted their tax free cash, then the 75 year age limit was still applicable!!

Don’t you just love having to read between the lines!

At least the sun has been shining!… Have a good weekend!

Estate Planning

What the CGT hike means for trusts and international investors …
Budget imposes “stealth tax” on trusts and estates
Negative Court of Protection press prompts surge in lasting power of attorney calls

Long Term Care

Over 50s drastically under-estimate the cost of long term care
Survey claims care homes in England will receive just 0.5% more
BBC News – Care home closure plan unveiled by Kent County Council
MPs to probe long-term care funding


End of annuity rule gives pension savers more flexibility …
With the state pension age rising, it will pay to start planning now
Gap between best and worst annuities widens


Unitised portfolios and investment bonds will benefit from CGT …
A Reit by any other name

Let me know if you have any questions.



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