Posted by: WealthIFA | July 6, 2012

Financial News Update we 06/07/2012

Hope you have had a good week?

Our eldest daughter made her Brownie “promise” this week, having been going for a few months, then announced at home later that evening that she was not sure if she liked it anymore or if she wanted to continue going – although she still wants to go bowling and join in with the other activities they have planned over the next few weeks…. is it just me or were we less fickle as children?!…

Not sure if you have caught any of the tennis but it is proving to be an exciting watch this week what with Serena Williams looking to make it 5 singles titles on Saturday whilst Agnieszka Radwanska became the first Polish woman to reach a grand slam final for 75 years and, in the men’s tournament, Andy Murray is hoping to break the 74 year drought by becoming the first Briton to reach the final since Bunny Austin in 1938 when he plays Jo-Wilfried Tsonga in the men’s semi final today… but I am not going to tempt fate by talking about anything else though…

Away from the tennis, the HMRC unit responsible for tracking offshore tax “dodgers” issued its first fine of £469,444 to someone for not paying inheritance tax on offshore assets received – proving that they have ways and means to discover not only who has what but, more importantly, where it is – you have been warned!

The thunderbirds creator, Gerry Anderson, gets behind the Alzheimers Society’s Memory Walk campaign as he comes to terms with dementia himself whilst many others come to terms with the prospect of further reductions their spending power as yet more money (another £50bn) is pumped into the economy. This will probably mean a reduced income for those who may be contemplating an annuity for their retirement income.

The attempts of those at the top to protect the reputation of Barclays by resigning doesn’t seem to have worked in the short term as it’s credit rating is cut by both Moodys and Standard & Poors but, away from the doom and gloom, one lucky Kent resident is celebrating after becoming the 270th Premium Bond millionaire!

Well, that’s all for now so I hope you have had a good week and enjoy your weekend!

This Week …

Estate Planning

Offshore HMRC dept issue £469,444 fine for failure to pay IHT http://bbc.in/NbtyEJ
ICAEW consults on its plans to regulate legal services http://bit.ly/N9PrAr
Excluded Property Trusts: Amendments to IHT anti-avoidance provisions http://bit.ly/Nbu4Tl
IHT – Getting the correct advice is crucial (an example): http://bit.ly/NbudpF

Long Term Care

Thunderbirds Gerry Anderson speaks about his dementia & Memory Walk: http://bit.ly/NbjkQM

Retirement

QE: what it could mean for your pension: http://bit.ly/OhmxD9
Quantitative easing: its affect on annuities, pensions and inflation: http://bit.ly/MBlejD

Investment

£1m jackpot winner from Kent becomes ERNIE’S 270th Premium Bond millionaire http://bit.ly/NeawLW
Bank of England pumps £50bn more into economy http://bbc.in/MXuLgt
Barclays credit rating outlook cut by Moody’s and S&P http://bbc.in/O89iRO

Regards
Kieron

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Please Note: The purpose of these communications is to report article content that may be of interest to you and/or your clients. Any information should not be construed as specific financial advice. Therefore, before any financial decision is made or plans are implemented, independent financial advice should be sought.

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