This time of the year, it’s worth doing a few simple checks around your property to make sure it’s prepared for what winter might bring, so that any period of prolonged bad weather doesn’t take its toll.
EXTERNAL CHECKS
Winter wind and rain can cause severe damage, so check that your roof is in good repair. Are there any loose or broken tiles? Is the flashing around chimneys secure? Apart from the damage that can be caused by falling tiles, their loss can lead to damage to the fabric of the building. Make sure that your guttering is clear and free from obstructions like fallen leaves, moss and debris, as overflowing gutters can cause major structural damage to walls. It makes sense to drain or lag outside taps in case they freeze. Garden furniture and patio sets should be stowed away in a shed or garage to prevent winter damage.
Keeping walkways and paths clean and free from moss and algae will help ensure that they don’t become a hazard if they freeze. It’s worth keeping some de-icing salt handy in case of need. Check that outside lights and security lights are clean and working properly.
INTERNAL CHECKS
Central heating boilers and radiators need to be regularly serviced. If you have boiler cover, you may want to keep the emergency contact telephone number handy. Make sure you know where the stopcock is located, in case you need to turn the water off in an emergency. Pipes and tanks should be lagged and the tank should have a lid fitted.
Smoke alarms need regular testing to ensure the batteries are in working order, and burglar alarms need to be maintained and tested, especially as burglary rates increase during the dark winter months.
It’s worth checking your home insurance policy to see what cover you have for home emergencies, and keep your insurance company’s helpline contact number to hand.
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The last few years have been a boom time for buy-to-let landlords, with rental properties in high demand.
However, in 2015 the then Chancellor, George Osborne, introduced measures that he hoped would ‘level the playing field’. To deter more buy-to-let landlords from entering the market and encourage some to sell their properties, he restricted the tax concessions available on their mortgage interest payments, hoping that this would mean that more entry-level properties would be freed up for first-time buyers.
The changes start to bite
These tax changes mean that buy-to-let landlords, accustomed to claiming relief worth 40% or 45% will find their relief restricted to the basic rate of 20% once the changes are fully implemented in 2020. The tax relief that landlords of residential properties get for finance costs will be restricted to the basic rate of income tax, phased in from April 2017. This figure decreases by 25 percentage points each year until none can be accounted for in 2020-21, although a 20% tax credit will help. In addition, the 10% wear-and-tear allowance was discontinued from April; landlords can now only deduct the costs they have incurred.
This came on top of changes in Stamp Duty Land Tax (SDLT). From April 2016, anyone purchasing an additional residential property for £40,000 or more pays a surcharge of 3%. So, a landlord who bought a property for £200,000 prior to April 2016 would have paid just £1,500 SDLT. Now, a landlord purchasing the same property would see their bill rise to £7,500. Similar rules were adopted for Land and Buildings Transaction Tax in Scotland.
Effects being felt in the market place
Data from the Association of Residential Letting Agents1 suggests landlords seeing their rental yields fall are beginning to press their tenants for higher rents to cover their costs and income shortfall. In November 2016, only 16% of agents saw landlords increasing rents, but that figure has risen to 35%, and is widely expected to rise further over the coming months. Clearly, following the recent rise in interest rates, more landlords will be endeavouring to offset their rising costs by raising rents.
In addition, lenders have introduced more stringent vetting procedures for buy-to-let mortgages where landlords already own four or more mortgaged properties. This may give rise to further changes in the dynamics of the buy-to-let market.
The Financial Conduct Authority does not regulate Commercial Buy-to-Let mortgages & Tax advice
Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.
1ARLA (Association of Residential Letting Agents) Propertymark, Private Rented Sector report, August 2017
The increase in the Bank of England’s base rate from 0.25% to 0.5% at the beginning of November represented the first rise in rates in over a decade. Most lenders swiftly announced that they would be passing on the full increase to their variable rate mortgage borrowers.
Low interest rates have been a major characteristic of the savings market for many years, and banks and building societies haven’t been especially quick to pass on the increase. Those with savings accounts will be disappointed to learn that many banks and building societies are reluctant to increase rates, despite Theresa May’s call for rate rises to be passed on to savers. Santander, for instance, has announced to its 22 million account holders that the interest rate on its 123 Current Account is set to remain at its current level of 1.5%.
The minutes from the Bank of England’s Monetary Policy Committee indicated that it was in no hurry to raise rates again, and that further rate rises would be limited.
Moving can be an exciting but expensive time. Drawing up a budget will help you work out how much cash you will need for the fees you can expect to pay. The exact figure will depend on which rung of the housing ladder you’re on, whether you’re buying and selling, and which part of the country you live in.
There are costs involved with arranging a mortgage and your adviser will talk you through these in detail and confirm them in writing.
You’ll need a solicitor or a conveyancer to carry out the legal work. Typically, they will charge between £500 and £1,500, and will provide an up-front estimate of their fees. If you’re selling a property at the same time, you may be able to negotiate a package deal to cover both.
The cost of selling
If you’re buying, you don’t have to pay estate agents’ fees, but if you’re selling you can expect to pay a percentage fee which can range between 0.75% and 3%, plus VAT, of the agreed selling price of your home, depending on the type of contract you opt for. Alternatively, you can adopt the DIY approach and put your property onto a website, in which case your costs will be lower, but you’ll need to do a lot of the work yourself, including arranging viewings.
You should also consider getting a survey done to ensure you aren’t buying somewhere that could end up costing you a lot of money in repairs. Depending on the type you choose, you could be paying anything from £250 for a basic report to around £1,000 for a more detailed structural survey.
Then there’s stamp duty (Lands & Building Tax or LBTT in Scotland). This is payable on properties bought for over £125,000 in England and Wales and £145,000 in Scotland, and goes up in bands. For example, it would be £5,000 on a £300,000 property in England and Wales (0% on the first £125,000, 2% on the next £125,000 and 5% on the last £50,000). Don’t forget you may also need to book a removal firm, so there are a whole myriad of costs to budget for.
As a mortgage is secured against your home, it could be repossessed if you do not keep up mortgage repayments.
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Experts have long expressed their concerns for those who don’t have protection policies, fearing that millions of households could face real financial hardship if the main breadwinner was unable to work due to a serious illness, accident or unemployment. For those new to insurance, short-term policies can be a cost-effective way to get some cover in place.
Short-term policies
This type of policy, sometimes referred to as accident, sickness and unemployment insurance, is designed to pay out a monthly income for one or two years. It covers a percentage of your monthly income to help you pay mortgage and household bills.
If you claim on your policy, there is a waiting period before it starts to pay out, and you can choose how long you want this to be when you take the policy out. This is usually referred to as the ‘deferred period’ and can be from a few days up to two years. The longer the deferred period, the lower the premiums are likely to be.
Long-term policies
These provide a regular income if you are unable to work due to illness or disability (but not if you are made redundant) until you are well enough to return to work, or until you reach the end of the policy term, or die. Here, the premiums are likely to be higher because they cover a wider range of illnesses, including debilitating strokes and heart attacks not usually covered by short-term policies.
So clearly there is a choice, depending on how much you can afford in premiums, the length of time you want the policy for, and the risks you want to cover. Short-term policies often don’t require a medical so can be quick and easy to arrange and have lower premiums, especially if you take the policy out when you’re younger. Longer-term policies often provide protection right up to retirement, and offer much wider cover, but are likely to be more expensive.
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In a move that demonstrates the Bank of England’s determination to prevent lenders getting too complacent about current low interest rates, strict new rules on mortgage affordability have been announced.
New tests to be applied
The rules, often referred to as “stress tests”, were set out in the Bank’s Financial Stability Report. Lenders will be forced to apply an interest rate stress test that would look at whether a borrower could still comfortably afford to make mortgage repayments at the end of an introductory period if the rate were then to rise by 3 percentage points.
When an introductory deal ends, it’s usual to move to a lender’s standard variable rate (SVR). The SVR is usually pegged to a percentage above bank base rate, and can be subject to change. SVRs can currently be as high as 5.75%, so this could mean that some lenders are forced to check whether a borrower’s finances could cope with a rate as high as 8.75%.
This could mean that someone with a 25-year mortgage of £200,000 paying around £700 a month would need to be able to prove they could still afford their mortgage if the monthly repayments doubled to £1,400.
In the same scenario, the previous stress test would have required a check at 5% which would mean the borrower being able to afford £1,100 per month. This means that under the new test they must be able to afford an additional £300 per month.
What the changes might mean in practice
However, as many lenders have been operating under strict mortgage criteria for some years now, the general view is that this may not be the stumbling block to new mortgages it might appear. The Bank has estimated that if these rules had been in operation in 2016, it would only have reduced mortgage approvals by less than 0.5%.
As a mortgage is secured against your home, it could be repossessed if you do not keep up mortgage repayments.
https://oakhillifs.com/wp-content/uploads/2020/05/GettyImages-119190884-1.jpg508337motivehttps://oakhillifs.com/wp-content/uploads/2020/05/logo.pngmotive2017-11-16 10:23:302020-06-09 12:32:42Mortgages – bank of England tightens the rules
In 2015, then Chancellor George Osborne announced measures that he hoped would ‘level the playing field’ for first-time buyers by reducing the many tax concessions available to buy-to-let landlords, deterring more from entering that market and encouraging some to sell their rental properties.
Landlords accustomed to claiming relief worth 40% or 45% will find their relief restricted to the basic rate of 20% once the changes are fully implemented in 2020. In the 2017-18 tax year, the deduction from property income is being restricted to 75% of finance costs, with the remaining being available as a basic-rate reduction. In addition, the 10% wear-and-tear allowance has been revoked, meaning landlords are only able to deduct costs they have incurred.
Some landlords who foresaw their rental yields falling because of these tax changes chose to set up limited companies and to transfer their rental properties into them.
Limited company drawbacks
The main benefit of holding properties within a limited company is that profits are taxed at 19%. Limited companies aren’t affected by the restrictions that took effect from April, so mortgage interest is fully deductible against tax.
However, recent research suggests that only landlords who own four or more properties stand to gain from a limited company structure. This is in part because limited company mortgage products are only available through a small number of lenders, meaning that the rates charged are often higher than those available to personal borrowers, and more liable to change with market conditions. Plus, many lenders operate under significantly different criteria when lending to limited company borrowers.
Whilst some people have considered buying a property as an individual and then moving it into a limited company, this can have unintended tax consequences. Doing this could give rise to a major capital gains tax liability and create a problem with stamp duty.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
The information contained within the article is based on our current understanding of taxation and can be subject to change in future. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.
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We generally associate renting with the carefree 20 to 30-something age group who may be choosing to rent whilst saving up for a deposit on their first home, or simply prefer the freedom to move around that renting offers them. However, that view may now be rather outdated.
One in every 12 private rental sector tenants is a pensioner, according to a survey from estate agents Countrywide. The typical retiree pays £810 per month in rent, which is around 12% less than the average tenant. Unsurprisingly, 75% of them choose to live in one or two-bedroom properties.
While older people have typically been amongst those most likely to own rather than rent, this rise in numbers is explained in part by the increase in the number of couples divorcing later in life. These so-called “silver splitters” are often unable or unwilling because of their age to take out a mortgage and so are moving into rental accommodation after leaving the marital home.
In addition, with house prices remaining high, many people reaching retirement are selling their family homes and moving into specialist retirement developments where renting is increasingly popular. Those choosing this option tend to prefer renting as it gives them more control, removes the cost and worry of maintaining their own property and spares relatives the problems associated with selling a property when they move into long-term care or die.
The UK’s chronic shortage of readily-affordable housing also inevitably means that many more people of all ages are likely to rent rather than buy. Research has revealed that the number of pensioners who will never have managed to buy their own home is set to rise and it’s estimated that up to a third of 60-year-olds will be renting by 2040. Fears have been expressed that this may have an impact on housing benefit costs because many pensioners may not be able to afford their rent from their pensions.
Figures from the former Council of Mortgage Lenders (now part of the new trade body UK Finance) show that half of those born in 1960 were homeowners by the age of 30, but barely a third of those born in 1980 have achieved this. The figure for those born in 1990 is likely to drop even further, with only a quarter likely to be able to buy before they are 30.
https://oakhillifs.com/wp-content/uploads/2020/05/GettyImages-118967929-1.jpg338509motivehttps://oakhillifs.com/wp-content/uploads/2020/05/logo.pngmotive2017-10-24 10:37:462020-06-09 12:32:48Pensioners: The new generation rent?
With interest rates at their lowest levels for some years, borrowers are often content to stick with their existing mortgage deal. However, new research from Citizens Advice reveals that being a long-standing loyal customer of your mortgage provider might be costing you money. What’s more, they calculated that 1.2m mortgage holders could be better off by shopping around for a new deal.
Their conclusions are based on homeowners who remain on their lender’s standard variable rate after their two-year fixed term mortgage deal has come to an end. The penalty for staying with their existing lender can be around £439 a year. For first-time buyers, who are likely to have a bigger mortgage outstanding payable over a longer period, the figure based on the same scenario is even higher at £1,359 a year.
As the monthly mortgage repayment is often a family’s major outgoing, it’s a good idea to review your mortgage from time to time. If you’d like some advice please contact us.
As a mortgage is secured against your home, it could be repossessed if you do not keep up mortgage repayments.
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HOW THE HOUSING MARKET MUST CHANGE TO MEET NEW NEEDS
Newly built homes
The arrival of the summer months is usually a busy time for estate agents. However, it seems that the market is being held back by a lack of supply.
In their April survey, the Royal Institution of Chartered Surveyors reports that there is a marked lack of property for sale, with each estate agent having on average just 43 properties on their books. Market stagnation is blamed on inflated asking prices, tougher lending rules, rises in stamp duty and economic uncertainty in the face of Brexit, meaning that more people decide to renovate their homes rather than move.
THE HOUSING WHITE PAPER
February’s housing white paper which the government aptly entitled “Fixing our broken housing market”, looked at several ways in which the supply of new housing can be increased to meet the growing shortfall. In 2016, just 168,000 new-build properties came onto the market, way below the 250,000 needed every year to keep pace with demand.
To broaden housing options, the white paper proposes a shift away from an almost exclusive focus on home ownership to, and increased emphasis on, multi-tenure house building, and the construction of more rental property. Family-friendly tenancies which are two to three years long are to be actively encouraged.
GREEN BELT ISSUES AND HOUSING STARTS
Under its proposals, councils will be required to produce a realistic plan for local housing demand and review it every five years. Preservation of the Green Belt concept is confirmed and councils will only be allowed to alter Green Belt boundaries in exceptional circumstances.
Councils and developers are expected to consider higher density, especially in areas which have good transport links. The proposed strategy also includes giving councils powers to pressurise developers to start building on land they own. They will be expected to start building within two years of receiving planning permission, as opposed to the current three-year deadline.
Currently 60% of new homes are built by just ten companies, so the government will offer support to small independent builders through a £3bn Home Building Fund.
To free up more family homes, the government plans to prioritise the building of retirement housing, enabling older people to downsize from properties that are too big for their needs to affordable property designed and tailored to their later life needs.
WHY BEING BAD AT MATHS COULD COST YOU MONEY
Getting your numbers wrong when working out how much home insurance cover you need could prove to be a costly mistake that could have serious consequences. If you don’t check your home contents sum insured on a regular basis, then you could find that if you need to make a claim you are underinsured. If you’ve had the same level of cover in place for a few years, then it may no longer reflect the up-to-date value of all your possessions.
If you don’t have the right level of cover in place and you need to make a claim, you could find that your insurance company reduces the value of your claim substantially, even if your claim is for less than the total amount of your sum insured.
If for example, you have possessions worth £50,000 but only insure them for £25,000, and you make a claim for £10,000, your insurer may reduce the amount they pay out to £5,000 because you are underinsured.
So, make sure you check the value of your home contents when renewing your policy.
WITH 11 BUYERS FOR EVERY HOME, HOW CAN YOU GET AHEAD IN THE RACE?
Team
Figures from the National Association of Estate Agents confirm that housing demand remains extremely high, with an astonishing 11 buyers chasing every property on the market.
Whether you’re a first-time buyer, second-stepper or a last-time mover looking for a property, with a shortage of houses for sale you’re likely to face some stiff competition. So how do you give yourself the best chance of getting your offer accepted?
DON’T HANG AROUND
If you like the look of a property listed on a website, acting swiftly makes sense. Contact the agent and book a viewing as soon as you can. Make sure the agent knows your circumstances and that you’re a serious buyer.
BE BUSINESS-LIKE
If you’re a first-time buyer with a mortgage offer in place, you are in a better position than someone further up the housing ladder who will need to sell their existing property. If your seller is keen to move quickly, your offer may be more appealing than one at a higher price.
BUILD RAPPORT WITH THE SELLER
Getting to know more about your seller’s situation and their moving plans can help you demonstrate that you’re a suitable buyer. Letting them know what you like about the property and reassuring them that you’ll take good care of it, could help them to warm to your offer. Having a good relationship with the seller can also help you find out valuable information about the neighbourhood and the property in a way that the agent’s details can’t do.
BE PREPARED TO BE FLEXIBLE
If you can help the seller by accommodating their moving dates, then they may see you as the most suitable buyer. For instance, they might appreciate a delayed completion to give them more time to find their next property, so it’s worth asking how you can help them with their plans.
HALF OF UK FAMILIES COULDN’T SURVIVE A MONTH ON THEIR SAVINGS IF ILL HEALTH STRUCK
Children enjoying in making soap bubbles
A recent report from Aviva1 shows that 24% of UK families would have no savings to fall back on if ill health were to strike and almost half couldn’t survive financially for a month.
It’s a sad fact of life that a major illness can strike at any time. Figures for the UK show more than 800 people a day receive a diagnosis of cancer and every six minutes someone suffers a heart attack. Only 18% of people surveyed had a protection policy in place that would provide for them financially if this were to happen to them.
Critical illness insurance means that if you were to be diagnosed with a serious medical condition, you would receive a tax-free lump sum payment. At a time like this, no-one would want their loved ones to be burdened with financial worries, so having this type of cover in place can provide valuable reassurance for you and your family.
CONDITIONS COVERED
There are core conditions that most policies cover. These include cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. Permanent disability resulting from an illness or injury is usually included too. You can take out cover for a set number of years, whilst your family is growing up and your financial commitments are often at their greatest, or for life. There’s a variety of policies on the market covering various medical conditions, so taking expert advice will help ensure you make the right choice and get the cover you need.
Many people buy a policy when they take on a major financial commitment such as a mortgage, buying a combined life and critical illness policy. It certainly pays to start a policy at a young age, rather than leaving it until later in life when the cost of cover starts to rise, as does the risk of developing a critical illness.
INTEREST-ONLY MORTGAGES UNDER INVESTIGATION BY THE FCA
Symbol house with wood key on bed and sunlight.
The Financial Conduct Authority (FCA) has announced that it will investigate mortgage lenders with borrowers on their books who have interest-only mortgages to ensure that they are being treated fairly.
The FCA says that 1.8 million UK home owners have this type of mortgage (excluding buy-to-let) and many loans are due to be repaid over the next couple of years. In some cases, borrowers don’t have adequate plans to repay them. The FCA acknowledges that these borrowers will need urgent help and support from their lender to find a workable solution.
Before the new stricter rules on mortgage eligibility came into force, interest-only mortgages were in widespread use. An interest-only mortgage is one where the monthly payment only covers the interest owed, meaning that at the end of the mortgage term the borrower must repay the original capital sum that they were lent.
THE SCALE OF THE PROBLEM
The average amount owed by those aged over 55 with interest-only mortgages is put at £91,000, with one in seven owing more than £150,000.
Many borrowers have yet to give proper consideration as to how they will repay the capital amount when it becomes due at the end of the mortgage term. They may have to resort to selling the property, downsizing, or using their savings or pension pots to clear the debt. If the money can’t be found, then the homeowner could, in extreme cases, face repossession.
Lenders are increasingly aware that some people with interest-only mortgages are likely to face difficulties in the future and are putting plans in place to avoid the risk of borrowers defaulting and the need to sell. Some are providing their interest-only borrowers with information on mainstream or lifetime mortgages (a form of equity release), for example.
If you could use some advice on your interest-only mortgage, please get in touch.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
WILLS AND POWER OF ATTORNEY – DON’T LEAVE IT TOO LATE
Female writing on paper
Statistics from the Alzheimer’s Society show that there are around 850,000 people living with dementia and the number is expected to rise to over one million by 2025.
Charities that care for the elderly advise everyone to plan for a time when they might not have the mental capacity needed to handle their own financial affairs or deal with decisions about their care, and to make sure they make their Will.
A WILL IS IMPORTANT
Having a valid Will in place will ensure that after your death, your assets are distributed as you would wish. If you don’t leave a Will, then your estate will be distributed according to the rules of intestacy, and this could mean that those close to you who you would have wanted to benefit from your estate might receive nothing, while distant relatives you hardly know might benefit instead. You need to make your Will when you still have the mental capacity to make your wishes known.
PROTECTING YOUR INTERESTS
Lasting Powers of Attorney (LPA), or Continuing and Welfare Powers of Attorney in Scotland, are becoming much more widely used. They can be written to cover both financial matters and health care provision, and give you the satisfaction of knowing that you have nominated someone who can legally act on your behalf if you no longer have the capacity to deal with matters yourself.
Many people wrongly assume that their loved ones can automatically deal with banks and building societies or health authorities on their behalf. However, this isn’t how the law operates. If you lose mental capacity or become seriously ill and haven’t made an LPA, a family member wouldn’t have the legal authority to deal with matters on your behalf, and would need to apply to the Court of Protection to be appointed as your Deputy (Guardian in Scotland). This can be a lengthy and expensive process.
TO BUY OR RENT? WHAT YOU NEED TO CONSIDER
Buying your own home is a big financial decision and one you need to approach with your eyes wide open. There are many things to consider and you’ll need to weigh up the pros and cons carefully before opting to become a homeowner.
RENTING GIVES YOU FLEXIBILITY, BUT YOU PAY FOR IT
Renting your home gives you a roof over your head, the flexibility to move on pretty much when you choose and has the added benefit that you aren’t generally liable for any maintenance costs. However, the downside is that you aren’t building up valuable equity in your home. Buying gives you a growing stake in your property and means that if it increases in value you make a profit. You also have the satisfaction of knowing that when you’ve finally paid off your mortgage, you’ll own your home outright. Is buying a property right for you? Here are some questions that can help you decide.
IS IT CHEAPER TO RENT OR BUY?
In the short term, it can be a cheaper option to rent. The rent you pay could be cheaper than the cost of a mortgage. Also, the deposit for a rental property can often be much less than the deposit required to purchase a property. However, the mortgage market is currently very competitive and there are some good deals available. We can advise you on what type of deal might be available for someone in your financial circumstances.
WILL YOU BE ABLE TO AFFORD TO OWN?
Saving up for the deposit is only the first step. You and your mortgage lender will need to be certain that you can budget wisely and will be able to afford the monthly payments now and in the future. You will also need to have enough cash available for other home buying expenses like survey costs, legal fees, stamp duty (payable on properties with a purchase price of more than £125,000 in England and Wales, and LBTT above £145,000 in Scotland), plus moving costs. You’ll need to consider all the ongoing expenses that come with home ownership, like buying furniture, utility bills, insurance and maintenance costs.
WHAT ARE YOUR OTHER FINANCIAL GOALS?
Whilst buying a home is a major goal, it won’t be your only one. Everyone should have a financial plan in place that takes care of important things like saving for the future and making provision for retirement. For instance, if you’re thinking of setting up your own business or pursuing other interests or dreams, you might want to prioritise these goals over buying a home for now.
If you would like some professional advice, do get in touch.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
NEWS IN BRIEF
New formula for Personal Injury compensation payments looks set to increase premiums
A new formula for calculating compensation payments for those who suffer long-term injuries has been introduced by the Ministry of Justice. The discount rate is used when arriving at the compensation to be awarded to claimants. It is intended to give claimants the ability to invest their money in such a way that they can live off their compensation for many years, in some cases for the rest of their lives. It is calculated in line with returns on low-risk investments such as index-linked gilt-edged government stocks. The sum payable is adjusted based on the amount of interest a claimant might receive if they invested the money. With interest rates at historically low levels, from 20 March 2017 the rate has been revised down from 2.5% to a negative figure, – 0.75%, meaning that insurance payouts will need to be much higher. Although the change has been welcomed by groups representing personal injury claimants, it will inevitably push insurers’ costs up, and could mean an increase of up to £75 in motor insurance premiums.
It is important to take professional advice before making any decision relating to your personal finances. Information within this newsletter is based on our current understanding of taxation and can be subject to change in future. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from taxation, are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.
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