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Harrison Rowe Financial Planning is part of a global group of businesses known asThe Harrison Rowe Group. Harrison Rowe Financial Planning Limited is registered in England and is established at 56, Wentworth Road, Blacker Hill, Barnsley, United Kingdom, S74 0RP, which is its registered office.
Unless otherwise stated in relevant sections of the website, this website is targeted at investors who are generally classified as qualified, professional, accredited or institutional. The information contained in this website is directed only at persons in a country or jurisdiction where access to the information and the use thereof is not contrary to local law or regulation. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction when accessing the information contained in this website. In particular, no offer or invitation is made to any US persons (being residents of the United States of America or partnerships or corporations organised under the laws of the United States of America or any state, territory or possession thereof), who are excluded from the services, funds and products included in this site. There will be no public offering of services, funds and products in the United States.
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In these Terms
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Changes to our Terms
You acknowledge that we may amend these Terms from time to time, at our sole discretion. If we elect to amend these Terms, the revised version will be posted on the Site. You undertake to check the Site regularly for any changes we may have made since your last visit to the Site, since any such changes will be binding on you. By using the Site after we have changed or amended these Terms, you acknowledge that you will be accepting those changes or amendments.
These Terms & Conditions were last updated on 6th February 2019.
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The Content, including layout, of this Site or products or services available via this Site may be wholly or partially suspended, withdrawn or changed at any time.
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Data protection and Privacy
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Your Autumn 2018 Budget Summary
Monday 29 October saw Philip Hammond’s third Budget and his last before we find out what’s in store with the final deal on Brexit. The Chancellor also left the door open for a Spring Budget in case the Brexit outcome is a ‘no deal’.
We already knew his top two headlines:
- An end of austerity, and
- Increased funding for the NHS
So the highlights of the day turned out to be funding to fix potholes and the increase of the personal allowance and higher rate tax bracket being brought forward to April 2019.
Here are some of the other things our experts have pulled out which might be of interest to you.
The Income Tax personal allowance will be increased to £12,500 on 6 April 2019 for the 2019-2020 tax year. That’s a year earlier than originally planned. The allowance will remain the same for 2020/21 and then increase in line with Consumer Price Index (CPI) changes.
For higher rate taxpayers, the threshold above which higher earners start paying 40% tax is being increased to £50,000 in 2019-20, again a year earlier than planned. The threshold will remain the same for 2020/21.
Individual Savings Account
The ISA annual subscription limit for 2019/20 will remain unchanged at £20,000. The annual subscription limit for Junior ISAs and Child Trust Funds for 2019/20 will be increased in line with CPI to £4,368. The Government will publish a consultation in 2019 on draft regulations for making a Child Trust Fund account.
Stamp Duty Land Tax
First time buyers
Stamp Duty Land Tax (SDLT) first-time buyers relief will be extended in England and Northern Ireland to apply to all first-time buyers purchasing residential property worth up to £500,000 through a qualifying shared ownership scheme. The relief will also apply to shared ownership property buyers who have already paid SDLT on the initial equity stake and rental amount since the introduction of the relief on 22 November 2017.
They will have a year to make a backdated claim for the relief. This measure will be effective from 29 October 2018.
A consultation will be issued in January 2019, on an SDLT surcharge of 1% for non-residents buying residential property in England and Northern Ireland.
Capital Gains Tax
Private Residence Relief: Lettings relief
Currently, the relief can be claimed by individuals who let out a property that is, or has in the past been, their main residence. From April 2020, the government will reform lettings relief so that it is only available to individuals in shared occupancy with a tenant.
Private Residence Relief: Final period exemption
Currently, the exemption means that people do not have to pay CGT on gains made in the final 18 months of ownership. From April 2020, the exemption will be reduced to 9 months. There will be no changes to the 36 months final period exemption available to disabled people or those in a care home.
To claim Entrepreneurs’ Relief the minimum period over which the relevant qualifying conditions must be met is being extended from 12 months to 24 months for disposals from 6 April 2019. It is expected that 95% of claimants will be unaffected by this change.
Taxing gains made by non-residents on UK immovable property
Taxation of gains accruing to non-UK residents has been extended to include gains on disposals of interests in non-residential UK property. The measure also taxes non-UK residents’ gains on interests in UK property rich entities (for example, selling shares in a company that derives 75% or more of its value from UK land). All non-UK resident persons, whether liable to Capital Gains Tax or Corporation Tax, will be taxable on gains on disposals of interests in any type of UK land for disposal on or after 6 April 2019.
We are still waiting for the outcome of the recent inheritance tax review which is expected to be in two parts.
Residence Nil Rate Band (RNRB)
There are some minor technical amendments to the Residence Nil Rate Band (RNRB) relating to downsizing provisions and the definition of ‘inherited’ for RNRB purposes. The amendments will apply for deaths after 29 October 2018.
Inheritance tax – trusts settlement definition
The government will introduce legislation in the Finance Bill 2019-20 to reflect HMRC’s position in relation to the Inheritance Tax (IHT) treatment of additions to existing trusts.
The legislation will confirm that additions of assets by UK-domiciled (or deemed domiciled) individuals to trusts made when they were non-domiciled are not excluded property.
The detail will be reviewed once the legislation is issued. However, there isn’t enough detail to determine the impact at this time.
Inheritance tax rates and exemptions
The Nil Rate Band will remain frozen until 2021/2022. The Residence Nil Rate Band will rise to £150,000 from April 2019.
Tax payment to HMRC highest priority in liquidation
From 6 April 2020, when a business enters insolvency, more of the taxes paid by its employees and customers, and temporarily held in trust by the business, will go to fund public services rather than being distributed to other creditors.
Simplifying Trust Taxation Consultation
This Budget confirmed there will be a consultation on the taxation of trusts to make their taxation simple, fairer and more transparent which will be published in 2018.
Standard lifetime allowance
The standard lifetime allowance for pensions will increase in line with the rise in the consumer prices index (CPI) for 2019/20 to £1,055,000.
Banning pensions cold calling and other scams
As soon as possible, the government will ban pensions cold calling or unsolicited direct marketing calls in relation to pensions products/services. They will prohibit cold calling in relation to pensions unless the caller is authorised by the Financial Conduct Authority (FCA), or a trustee/manager of an occupational or personal pension scheme.
The ban covers direct marketing in relation to pensions and is not limited to calls in relation to pension transfers.
Use of email and text messaging for direct marketing purposes is already restricted.
The ban will be enforced by the Information Commissioner’s Office (ICO) and they will publish industry guidance later this year.
An awareness campaign will be launched by the government shortly before the ban is implemented. The message will be that all pensions cold calling is illegal and that people should put the phone down if they believe they are receiving a cold call.
The Government is committed to introducing legislation to limit the statutory right to a pension transfer. This is a measure aimed at preventing pension savings from being transferred to fraudulent pension schemes, and to help protect members at the crucial point where a scammer has persuaded them to transfer. The Government may seek views on draft regulations for this measure.
The Government is supporting the launch of Pension Dashboards; innovative tools that will allow an individual to see their pension pots, including their State Pension, in one place.
The Department for Work and Pensions (DWP) will consult later this year on the detailed design for industry-led Pension Dashboards.
The Budget announced extra one-off funding of £5m in 2019/20.
Boosting pensions for the self-employed
This winter, following the 2017 review of automatic enrolment, the DWP will publish a paper setting out the Government’s approach to increasing pension participation and savings persistency among the self-employed. It will focus on expanding evidence through a programme of targeted interventions and partnerships.
Public service pensions
Following reforms to public service pensions in 2015, further changes are likely from 2019/20 to make pension benefits more generous for public servants, including teachers, police, armed forces and NHS staff.
The Budget confirms a reduction of the discount rate for calculating employer contributions in unfunded public service pension schemes. The valuations indicate that there will be additional costs to employers in providing public service pensions over the long term.
The Government is trying to ensure that these costs do not jeopardise the delivery of frontline public services or put undue pressure on public employers, particularly for the National Health Service (NHS) and state schools.
The Spending Review next year will settle the funding for costs beyond 2019/20 arising from the valuations.
Pension fund investment in patient capital
The Autumn Budget in 2017 announced a plan to unlock £20 billion of finance for innovative high-growth firms, and established a taskforce to address the barriers to pensions investment in companies once they have gone through the initial set-up phase.
The Budget announces that the Government will support pension funds to invest in growing UK businesses with several of the largest defined contribution pension providers in the UK having committed to explore options for pooled investment in patient capital.
For the retail market, the FCA will consult by the end of 2018 on updating the permitted links framework to allow unit-linked pension funds to invest in an appropriate range of patient capital assets.
No QROPS changes were announced in the budget.
It is based on Harrison Rowe Private Wealth’s interpretation of the relevant law and is correct at the date shown on the title page. While we believe this interpretation to be correct, we cannot guarantee it. Harrison Rowe Private Wealth cannot accept any responsibility for any action taken or refrained from being taken as a result of the information contained in this article. The information provided in this article is not intended to offer advice.
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