Creative Financial

News from Bruce & Co

Taxing the 5%!

26th May 2017

The shadow chancellor has said that the Labour Party would finance its policies by increasing income tax on the top 5%, were it to win the election. So how do the numbers stack up?

According to the ever useful, you can get 17:1 on Labour forming the next government. Thus, it might seem that what John McDonnell, shadow chancellor, says about future tax policy is unlikely to become reality after 8 June. However, it is worth remembering that following the last election Mr Osborne 'borrowed' several policies from the Labour manifesto, including a crackdown on non-doms and the introduction of a sharply increasing minimum wage (an indirect form of tax on employers).

Labour's tax plans, as revealed so far, are that those earning £80,000

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How much money can I give to my children and grandchildren?

Bank of England steadies the ship

26th June 2016

Bank of England steadies the ship by pledging £250 Billion liquidity

The Bank of England has set aside an additional £250 billion of liquidity and said it 'will not hesitate to act' to support the economy in the wake of the shock Brexit vote. In a statement, governor Mark Carney stressed that the Bank had 'extensive contingency planning' in place and he had been in discussions with chancellor George Osborne throughout the night.

Carney also moved to reassure about the banking sector, which has been battered upon the news with Barclays down 23% and Royal Bank of Scotland 18% at 8:54am.

'The Bank of England has stress-tested these banks against scenarios far worse than the one the UK is facing,' he said. 'We will provide additional funds of £250 billion and the Bank of England will also be able to provide institutions with forex if required.'

Carney noted that the banking sector has raised £130 billion

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The importance of Wills & Trusts

26th May 2016

It is essential to have a valid Will in place before undertaking any other form of inheritance tax planning, because how can you even think about protecting your assets if you cannot be sure who will receive them on your death?

A very relevant and real situation has been reported in the media over recent weeks concerning the estate of Lynda Bellingham, who sadly passed away in 2014. Her immediate family, which consists of her husband (her third marriage) and her two sons, are now locked in a bitter feud over how her assets should be distributed.

Lynda did have a Will, which allocated all of her assets to her third husband. Reports suggest that he was left instructions to distribute set amounts to her sons and to others.

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