Arthur BeverlyPWP IFA WK Jan14 blue
2 Stewart Street Milngavie Glasgow G62 6BW
[email protected] 0141 956 5525
As always, please contact us if you would like to discuss any areas of your inancial planning.
Stamp duty on ETF shares abolished Stamp duty paid by end investors on shares purchased in Exchange Traded
According to research and consultancy irm ETFGI, there are currently more than 400 ETFs domiciled in Ireland but none domiciled in the UK. This means that there will be no immediate impact on end investors but the Treasury hopes that the measure will encourage fund managers to establish ETFs in the UK. Julie Patterson, from the Investment Management Association, said the announcement was, “... a further important step in a series of signiicant changes made by the
Funds (ETFs) will be abolished from
Government over recent months to make the UK a more attractive location for
April 2014, Chancellor George Osborne
investment funds to be based.
announced in his Autumn Statement. “For every extra £1 billion of new funds domiciling in the UK, an additional The Chancellor said the change was
£700,000 could be generated in UK tax revenues, as well as contributing to the
designed to “encourage those funds
economic growth of this country by creating jobs around the UK.”
[ETFs] to locate in the UK.” It follows the announcement at the March 2013 Budget that stamp duty on shares traded on the Alternative Investment Market would be scrapped.
We can advise on stamp duty. Talk to us to ind out more.
Arthur Beverly Financial Management is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 485198. Registered in Scotland Number 342744. Registered Office: 22 Backbrae Street, Kilsyth, G65 0NH
www.abfm.co.uk
In this month’s Wealth Knowledge newsletter… stamp duty on Exchange Traded Fund shares will be abolished in a bid to encourage funds to domicile in the UK, the Chancellor announced in the Autumn Statement. More than 1.9 million workers have been automatically-enrolled into a workplace pension scheme, according to the Department of Work and Pensions. In other auto-enrolment news, the Chartered Institute for Personnel and Development has warned SMEs not to delay their preparations. HM Revenue & Customs has announced plans to expand its online self-assessment system. And mortgage lending increased 24 per cent in the year to October 2013.
JANUARY 2014
Welcome to your January newsletter ...
Almost two million auto-enrolled More than 1.9 million workers have been automatically enrolled across nearly 3,000 employers, according to a recent report by the Department of Work and Pensions (DWP).
• Opt-out rates are at nine per
The latest progress report from the DWP shows: • Overall participation in a workplace pension has increased from 61 per cent to 83 per cent as a result of automatic enrolment
Elsewhere, the Chartered Institute of Personnel and Development (CIPD) has warned all small and mediumsized businesses (SMEs) scheduled to begin auto-enrolment in 2014 that they should begin preparations now.
• More than 600,000 people are currently
members of the National Employment Savings Trust
cent among large employers who started automatically enrolling their employees between October 2012 and April 2013.
SMEs anticipated the need to reduce pay growth, while a ifth expected to freeze pay to absorb the costs of autoenrolment. The CIPD said limited resources and expertise, as well as the cost of implementing the reforms, will present challenges to unprepared SMEs. The institute said small employers can avoid having to take extreme measures if they start planning now.
A CIPD survey of 400 private sector companies found that a quarter of
Paperless selfassessment proposed HM Revenue & Customs (HMRC) has announced plans to make the online self-assessment (SA) service “a more complete end-to-end digital experience”. In 2011/12, 7.65 million SA returns were submitted online but 75 per cent of communications with those customers were made by print-and-post. Under the plans, the SA online service will be upgraded to allow users to receive electronic communications from HMRC. If a user opts-in, they would receive a message - by email or SMS - telling them that certain notices, reminders or statements were available to view in their online account. The Exchequer Secretary to the Treasury, David Gauke, said: “HMRC’s digital strategy will make processes like SA faster and simpler. It will deliver the tax system for the 21st century that taxpayers expect.” The vast majority of HMRC’s SA customers already ile electronically, but only 25 per cent of their dealings with HMRC are online. Paperless SA will allow customers to do it all online.
Mortgage lending up 24 per cent year-on-year The total number of mortgages lent to home-owners is up 24 per cent since October 2012, according to the Council of Mortgage Lenders (CML). Following a fall in September 2013, loan numbers rebounded strongly with data showing a 17 per cent monthly rise in October. The Bank of England reported that gross UK mortgage lending for October 2013 totalled £17.6 billion, a nine per cent increase from September 2013 and 36 per cent higher than the £12.9 billion in October 2012. The CML data also shows: • The number of loans to irst-time-buyers increased by 33 per cent since October 2012 • The number of loans given to home-movers in October 2013 totalled
33,900, up 16 per cent compared to October 2012 • Home-owner remortgage activity fell by three per cent over the year to
October 2013 • Lending for buy-to-let was up 11 per cent compared with
September 2013. CML director-general Paul Smee said: “After years of a relatively lat mortgage market, 2013 has shown signs of lending turning a corner and looks set to inish the year strongly. Increased inancial optimism among the public as the economy recovers seems to be driving this upward trend and it is welcome to see that irsttime buyers continue lending momentum as more look to own their irst home.”
Important Information
The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content. The value of investments can fall as well as rise and you may not get back the full amount you originally invested. Your home may be repossessed if you do not keep up repayments on your mortgage. Whilst considerable care has been taken to ensure that the information contained within this document is accurate and upto-date, no warranty is given as to the accuracy or completeness of any information. Errors and omissions excepted.
[email protected] 0141 956 5525
As always, please contact us if you would like to discuss any areas of your inancial planning.
Stamp duty on ETF shares abolished Stamp duty paid by end investors on shares purchased in Exchange Traded
According to research and consultancy irm ETFGI, there are currently more than 400 ETFs domiciled in Ireland but none domiciled in the UK. This means that there will be no immediate impact on end investors but the Treasury hopes that the measure will encourage fund managers to establish ETFs in the UK. Julie Patterson, from the Investment Management Association, said the announcement was, “... a further important step in a series of signiicant changes made by the
Funds (ETFs) will be abolished from
Government over recent months to make the UK a more attractive location for
April 2014, Chancellor George Osborne
investment funds to be based.
announced in his Autumn Statement. “For every extra £1 billion of new funds domiciling in the UK, an additional The Chancellor said the change was
£700,000 could be generated in UK tax revenues, as well as contributing to the
designed to “encourage those funds
economic growth of this country by creating jobs around the UK.”
[ETFs] to locate in the UK.” It follows the announcement at the March 2013 Budget that stamp duty on shares traded on the Alternative Investment Market would be scrapped.
We can advise on stamp duty. Talk to us to ind out more.
Arthur Beverly Financial Management is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 485198. Registered in Scotland Number 342744. Registered Office: 22 Backbrae Street, Kilsyth, G65 0NH
www.abfm.co.uk
In this month’s Wealth Knowledge newsletter… stamp duty on Exchange Traded Fund shares will be abolished in a bid to encourage funds to domicile in the UK, the Chancellor announced in the Autumn Statement. More than 1.9 million workers have been automatically-enrolled into a workplace pension scheme, according to the Department of Work and Pensions. In other auto-enrolment news, the Chartered Institute for Personnel and Development has warned SMEs not to delay their preparations. HM Revenue & Customs has announced plans to expand its online self-assessment system. And mortgage lending increased 24 per cent in the year to October 2013.
JANUARY 2014
Welcome to your January newsletter ...
Almost two million auto-enrolled More than 1.9 million workers have been automatically enrolled across nearly 3,000 employers, according to a recent report by the Department of Work and Pensions (DWP).
• Opt-out rates are at nine per
The latest progress report from the DWP shows: • Overall participation in a workplace pension has increased from 61 per cent to 83 per cent as a result of automatic enrolment
Elsewhere, the Chartered Institute of Personnel and Development (CIPD) has warned all small and mediumsized businesses (SMEs) scheduled to begin auto-enrolment in 2014 that they should begin preparations now.
• More than 600,000 people are currently
members of the National Employment Savings Trust
cent among large employers who started automatically enrolling their employees between October 2012 and April 2013.
SMEs anticipated the need to reduce pay growth, while a ifth expected to freeze pay to absorb the costs of autoenrolment. The CIPD said limited resources and expertise, as well as the cost of implementing the reforms, will present challenges to unprepared SMEs. The institute said small employers can avoid having to take extreme measures if they start planning now.
A CIPD survey of 400 private sector companies found that a quarter of
Paperless selfassessment proposed HM Revenue & Customs (HMRC) has announced plans to make the online self-assessment (SA) service “a more complete end-to-end digital experience”. In 2011/12, 7.65 million SA returns were submitted online but 75 per cent of communications with those customers were made by print-and-post. Under the plans, the SA online service will be upgraded to allow users to receive electronic communications from HMRC. If a user opts-in, they would receive a message - by email or SMS - telling them that certain notices, reminders or statements were available to view in their online account. The Exchequer Secretary to the Treasury, David Gauke, said: “HMRC’s digital strategy will make processes like SA faster and simpler. It will deliver the tax system for the 21st century that taxpayers expect.” The vast majority of HMRC’s SA customers already ile electronically, but only 25 per cent of their dealings with HMRC are online. Paperless SA will allow customers to do it all online.
Mortgage lending up 24 per cent year-on-year The total number of mortgages lent to home-owners is up 24 per cent since October 2012, according to the Council of Mortgage Lenders (CML). Following a fall in September 2013, loan numbers rebounded strongly with data showing a 17 per cent monthly rise in October. The Bank of England reported that gross UK mortgage lending for October 2013 totalled £17.6 billion, a nine per cent increase from September 2013 and 36 per cent higher than the £12.9 billion in October 2012. The CML data also shows: • The number of loans to irst-time-buyers increased by 33 per cent since October 2012 • The number of loans given to home-movers in October 2013 totalled
33,900, up 16 per cent compared to October 2012 • Home-owner remortgage activity fell by three per cent over the year to
October 2013 • Lending for buy-to-let was up 11 per cent compared with
September 2013. CML director-general Paul Smee said: “After years of a relatively lat mortgage market, 2013 has shown signs of lending turning a corner and looks set to inish the year strongly. Increased inancial optimism among the public as the economy recovers seems to be driving this upward trend and it is welcome to see that irsttime buyers continue lending momentum as more look to own their irst home.”
Important Information
The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content. The value of investments can fall as well as rise and you may not get back the full amount you originally invested. Your home may be repossessed if you do not keep up repayments on your mortgage. Whilst considerable care has been taken to ensure that the information contained within this document is accurate and upto-date, no warranty is given as to the accuracy or completeness of any information. Errors and omissions excepted.
