Utilise personal pension tax relief
When you contribute to a registered pension scheme, you automatically receive basic rate tax relief on your contributions. Your personal pension tax relief depends on your circumstances. These are the current UK pension tax relief rules for the 2014/15 tax year, so don’t miss out.
Do you know how much your pension is worth? Do you know how many you have or where they are? How about the type of funds they’re invested in or how much risk is involved?
This year is best described as the year of the pension. After grabbing the headlines following the Chancellor’s Budget 2014 speech, pensions were once again top of the agenda. In an 11-bill programme, pensions took centre stage, with major changes to annuities and workplace schemes also announced.
May 2014 marked the 253rd anniversary of the first life insurance policy being issued in the USA. Life insurance protects your family and anyone else who may depend on you for financial support. If you die prematurely, the people who are dependent upon your income could lose that financial support, which may leave them having to fend for themselves.
Not saving enough for retirement is the biggest financial regret among those aged 55 or over (today’s baby boomers), according to the findings of an annual online survey from Standard Life by YouGov Plc. Nearly one in five (18%) baby boomers said they wish they’d started saving for their retirement when they were younger.
A tax-efficient investment offering capital gains tax deferral
Enterprise Investment Schemes (EISs) are tax-efficient vehicles set up to encourage investment into small, unquoted trading companies. The EIS is the only tax-efficient investment offering a capital gains tax (CGT) deferral. CGT on the disposal of other assets can be deferred by reinvesting the proceeds in EIS shares.
Wealthier investors taking a long-term view
A Venture Capital Trust (VCT) is a company whose shares trade on the London stock market. A VCT aims to make money by investing in other companies. These are typically very small companies which are looking for further investment to help develop their business.
Not sacrificing your life principles in exchange for chasing the best financial returns
For investors concerned about global warming and other environmental issues, there are a plethora of ethical investments that cover a multitude of different strategies. The terms ‘ethical investment’ and ‘socially responsible investment’ (SRI) are often used interchangeably to mean an approach to selecting investments whereby the usual investment criteria are overlaid with an additional set of ethical or socially responsible criteria.
Safeguarding your money at a time of low interest rates
How do you generate a reliable income when interest rates are stuck at all-time lows and the Bank of England’s quantitative easing policy of ‘printing’ money is squeezing yields on government bonds (gilts) and other investments? Investors today can still rely on a well-balanced portfolio to meet their needs for income. However, they must be open-minded about the sources of that income and recognise that low-risk income generation is a thing of the past.
Utilising tax deferral benefits to minimise tax liabilities
Finding the right offshore investments can be a key factor in making the most of your wealth, and it’s not only for the wealthiest of investors. With a few well-advised decisions, you could broaden your investment portfolio.
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