Newsletter - Your Wealth - Summer 2019

CW Your Wealth - Summer 2019.pdf
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A Spring Statement in the eye of the Brexit storm

The Chancellor rose in a parliament preoccupied with the ongoing Brexit drama to deliver a Spring Statement on the state of the economy.

Mr Hammond made it clear some while ago that he wanted his Spring Statement to be a short financial briefing and he stuck to a no-frills script.

There were no new tax measures and only minor spending changes. The Office for Budget Responsibility (OBR) trimmed its projections for government borrowing, but Mr Hammond kept his powder dry for the forthcoming Spending Review.

While the Chancellor may have appeared to say little, he was able to launch a number of consultations and other papers. The subjects ranged from Making Tax Digital to Child Trust Funds and enterprise investment scheme funds.

April will see the usual changes to the income tax rates and allowances as well as national insurance contributions. This year, there will be another significant hike in the minimum auto-enrolment contributions for workplace pensions, further increases in the tax on company cars and another £25,000 added to the inheritance tax residence nil rate band, taking it to £150,000.

Key changes for the forthcoming 2019/20 tax year include:

  • The personal allowance will be raised to £12,500 from April 2019, one year earlier than previously planned. At the same time, the higher rate threshold will rise to £50,000, also a year ahead of schedule.
  • Scottish tax bands have been revised, but the higher rate tax threshold remains unchanged at £43,430 – much lower than in the rest of the UK.
  • The Junior ISA limit will rise to £4,368, although other ISA limits are unchanged.
  • The pension lifetime allowance will rise to £1.055 million, with no changes to the annual allowances.
  • The VAT registration threshold has been frozen for a further two years, meaning it will be £85,000 until April 2022.
  • Entrepreneurs’ relief has been kept, but the minimum qualifying period has been extended to 24 months, to encourage longer-term investments.
Your Spring Statement 2019.pdf
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Your Wealth - Newsletter - Winter 2019

Please see the following link to our Winter newsletter 

Cedar Wealth Winter 2019 Newsletter.pdf
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Autumn Budget Summary 2018

CW - Autumn 2018 Budget Summary.pdf
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CW Your Wealth - Summer 2018

Please see the following link for our summer 2018 newsletter

CW Your Wealth - Summer 2018.pdf
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The Chancellor's Spring Statement - March 2018

Please se the following link for our Spring Statement 2018 Summary

CW - Your Spring Statement 2018 Summary.[...]
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Newsletter - Your Wealth - Winter 2018

Please see the following link to our Winter newsletter 

CW Your Wealth - Winter 2018.pdf
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Autumn Budget Summary ~ 2017

Please see the following link for our Autumn 2017 Budget Summary

CW - Autumn 2017 Budget Summary.pdf
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Newsletter - Your Wealth - Summer 2017

Please see the following link for our latest newsletter delaing with current topical matters in the world of finance

CW Your Wealth - Summer 2017.pdf
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8th June 2017 - General Election - Comment

The Result Is In - After seven weeks of campaigning and two electioneering suspensions, due to the tragic Manchester and London terror attacks, the jury – in the form of the electorate – has delivered its verdict.

CW The General Election 8 June 2017.pdf
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The Chancellor’s first – and last – Spring Budget

The 2017 Spring Budget will be the last of its type. Probably.


The publication of the Finance Bill in the spring/summer of this year will presage a change in Parliamentary proceedings. A second Budget in autumn 2017 followed by a Spring Statement in 2018 marks the start of a process enabling Parliament to scrutinise tax changes well before the tax year where most will take effect.


As if the domestic ‘flip-flopping’ of a long-standing timetable wasn’t enough, the Chancellor, Philip Hammond, delivered his first Budget speech against a backdrop of Brexit uncertainty.


Before he stood up, punters could have obtained long odds about witnessing a wise-cracking ‘Spreadsheet Phil’, as he has become known, standing at the despatch box (the joke-o-meter registered seven during his hour-long address).


But beyond the laughs from the government benches combined with Opposition scowls, the Chancellor sent out some fairly serious messages. For starters, as part of a fiscally-tight Budget there was the Chancellor’s decision to target the self-employed, company owners and investors in a bid to raise billions of pounds and provide a “strong and stable platform” for the UK’s negotiations as it navigates a path away from the EU.


He also proposed to enhance the fairness in the UK’s tax system with a view to transforming the economy into one that works for everyone.


With ISA allowances set to be worth £20,000 from April 2017 and a reduction from £5,000 to £2,000 in the tax-free dividend allowance from April 2018, here are two opportunities offering professional advisers the chance to demonstrate their expertise admirably to clients.


Throw in the need for businesses to seek out rates advice on their premises following the impending changes to the system, combined with the relief measures announced by the Chancellor, and the Spring Budget could prove a Spring-board to the forging of robust relationships between advisers and clients.


And that’s before the Chancellor even deigns to delve back into his joke book to help buff up his Autumn Budget announcements…


Please click on the attached link for the Cedar Wealth summary of the key announcements in the Chancellor’s Autumn Statement 2016. We hope you will find it useful and informative. 

Your Spring 2017 Budget Summary - Cedar [...]
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Newsletter - Your Wealth - Winter 2017

Please see the following link for our latest newsletter delaing with current topical matters in the world of finance

Cedar Wealth Winter Newsletter 2016-17.p[...]
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Autumn Statement 2016: all change for the Chancellor

The UK has experienced plenty of political upheaval this year with the EU referendum followed by a change of leadership. The Chancellor, Philip Hammond, delivered his first Autumn Statement on 23 November– which also turned out to be his last. His surprise announcement was that after two Budgets in 2017, from 2018 onwards we will have a Spring Statement and an Autumn Budget.


The Chancellor presented his Autumn Statement against a background of reduced growth forecasts and the ‘urgent’ need to tackle the long-term weaknesses of the UK economy. His declared ambition is to make UK ‘match-fit’ for Brexit.


The emphasis of the Chancellor’s speech was on increased infrastructure spending, a stop on further new welfare savings measures and an acceptance that government borrowing will be significantly higher than previously projected.


Non-tax provisions included a proposed ban – as in Scotland – on letting agents charging fees to renters, a continuing freeze on fuel duty, and a 30p an hour increase in the national living wage from April 2017 to £7.50.


On the tax front Mr Hammond announced the removal of tax and NIC advantages from salary sacrifice schemes (excluding pension contributions) and confirmation of the government’s commitment to reducing corporation tax to 17% by 2010. In a statement with little pensions news the Chancellor snuck in a reduction in the money purchase annual allowance (MPAA) from £10,000 to £4,000 from April 2017.


In a speech that ranged from welfare change to insurance premium tax by way of saving Wentworth Woodhouse, an historic stately home said to be the inspiration for Jane Austen’s Pemberley for the nation, Mr Hammond mixed in the serious challenges with some quirky touches. Perhaps he has started as he means to go on.


Please click on the attached link for the Cedar Wealth summary of the key announcements in the Chancellor’s Autumn Statement 2016. We hope you will find it useful and informative. 

Autumn Statement 2016 - Summary
Cedar Wealth Limited-Autumn Statement 20[...]
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Newsletter - Your Wealth - Summer 2016

Please see the following link for our latest newsletter delaing with current topical matters in the world of finance

CW Your Wealth - Summer 2016.pdf
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Spring Budget 2016

The third Budget in 12 months


This Budget looked as if it would be a difficult one for the Chancellor, faced as he was with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. What was to have been the big announcement – reform of pensions – was kicked into the long grass a few weeks ago. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions.


How will this Budget affect you? If you are – or want to be – a saver, then there is plenty to consider. From April 2017 a new ISA, the Lifetime ISA, will be launched for the under-40s. It looks as if it is a close relation of the recently abandoned pensions ISA. Also from 2017/18, the normal ISA contribution limit – unchanged for 2016/17 – will rise to £20,000.


Capital gains tax (CGT) rates will fall from 2016/17 to 20% and 10%, although the current rates of 28% and 18% will continue to apply to residential property (another buy-to-let attack) and carried interests. There will be a new entrepreneurs’ relief (effectively 10% CGT) for external long term investors in unlisted companies.


Other important changes for included:


Increases in the personal allowance for 2017/18 to £11,500 and the higher rate threshold to £45,000.


A restructuring of stamp duty land tax (SDLT) on commercial properties. 


A major revamp of business rates, permanently doubling the Small Business Rate Relief.


As usual, we are on hand to help you if you would like to discuss any of the issues raised in the Spring Budget in further details. We will be pleased to hear from you.


Budget Briefing 2016

Summer Budget 2015

The Budget contained some surprises and major developments, as well as proposals that were widely reported beforehand.

Personal taxation and pay featured heavily, with the Chancellor announcing the introduction of a new national living wage for all workers aged 25 and over, starting at £7.20 an hour from April 2016 and expected to reach over £9 by 2020. This is set to give a boost in earnings to an estimated 2.7 million low paid workers.

Another area that is the target for significant change is welfare, with child-related tax credits and Universal Credit to be restricted to two children (affecting those born after 6 April 2017).

Other particular points of interest were:

  • The cost of funding free TV licenses for the over-75s will be transferred from the government to the BBC between 2018 and 2021.
  • The annual household benefit cap will be reduced to £23,000 in London and £20,000 elsewhere.
  • There will be a consultation on changing Sunday trading laws.
  • Subsidies for social housing will be phased out for local authority and housing association tenants in England who earn more than £30,000 (£40,000 in London). Tenants will have to pay up to the market rate. 
Cedar Wealth - Budget Summary July 2015.[...]
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Was this George Osborne’s last Budget?  - March 2015

This year’s Budget was pretty political – which is no great surprise given the forthcoming general election in May. There can be little doubt that a number of the Chancellor’s measures were designed to attract voters. Non-pension savers, for example, were offered a new personal savings allowance, which is worth up to £200 a year and are to be given more flexibility and investment options for their ISAs after the election. The Budget is also likely to be good news for existing pension annuity owners, who are to be allowed to sell their income in return for a lump sum.


House prices and the difficulties of getting onto the property ladder are rarely out of the news these days and the Chancellor has proposed to give those who aspire to own their own home a helping hand – a new Help to Buy ISA. This scheme, due to start in August 2015, will see the government provide a £50 bonus for every £200 of monthly savings deposited in this ISA, up to a maximum of £3,000 on £12,000 of savings.


Unfortunately, the Budget can’t all be good news for everyone. Those who have not yet retired received a bit of a blow in the form of a further reduction in the lifetime allowance, which the Chancellor has cut down to £1 million – a measure proposed by the Shadow Chancellor in February.


So, we heard lots of interesting announcements in this Budget but whether these proposals become legislation very much depends on the outcome of the election


Click here for our Budget 2015 summary document
Budget Summary 2015.pdf
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Tax tables for the 2015/2016 tax year
2015-16 Tax Tables.pdf
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Autumn Statement 2014 - Summary

Although winter is definitely here George Osborne has finally released his Autumn Statement. With a General Election in May we were not expecting any major surprises particularly when compared to the fundamental reforms to pensions announced in his March Budget, which delivered the biggest shake up to retirement planning for decades. The main announcements included a new inheritability of ISAs for married couples and confirmation of how pension wealth can be cascaded down the generations.


See this link for a full summary

Budget 2014 - Summary

On Wednesday 19th March 2014, the Chancellor of the Exchequer George Osborne heralded a savings revolution with a radical shake up of pensions, annuities, income drawdown and Individual Savings Accounts.


In particular the Government have introduced the most fundamental reform to the way people access their pensions in almost a century by abolishing the effective requirement to buy an annuity, giving people much greater freedom over how they access their pension savings.


See this link for a full summary

Chancellor delivers Autumn statement - 2013

There were a few surprises among the array of consulted and well-trailed announcements in the Chancellor's speech. See this link for our summary.

Bluefin acquired by Towry

Bluefin's owners AXA, have for some time been looking to sell the business having sold Bluefin Corporate Consulting in 2011 to Capita. This deal has now been concluded with a successful aquisition made by advice firm Towry 


See the following articles for more details:


IFA Online - 5th Sep 2013


New Model Adviser - 5th Sep 2013


Money Marketing - 10th Sep 2013


Business News from Yahoo Finance

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