Article by Christina
July news from your Christina Clegg your local investment planner:
- Mortgage Lender GenH has launched a new interest only mortgage product.
- According to Henley & Partners, 16,500 millionaires are set to leave the UK this year alone. That is the highest number in the world. The top destination is Dubai closely followed by the US. But in Europe lost are moving to Italy, France and Spain who are offering tax incentives for the rich. All the exact opposite of the UK. No prizes for guessing who will be paying for all the lost tax revenue.
- According to Market Financial Solutions, 33% of people in the UK would like to become a buy to let landlord. That rises to over 50% in the under 35’s. Even though 25% of the people wanting to become landlords don’t own their own homes.
- GDP fell by 0.1% in May, on the back of a 0.3% fall in April. Another fall would mean we are in a recession. According to M&G 60% of people think that the economy is only going to get worse.
- According to the FCA the number of vulnerable clients has halved since 2023. But people don’t like being called Old Age Pensioners, Pensioners or Senior Citizens according to a survey.
- HMRC are warning savers that interest earnings of over £500 on savings could trigger an income tax liability. There are over 1 million one-year fixed rate savings accounts maturing between June and the end of the year which will generate over £500 in interest. So please be aware. Maybe speak to your local investment planner about what to do with your maturing savings.
- Women look for a local investment planner who can provide clear communications and can demonstrate their qualifications. That’s good for us with our long track record of Vouched For top ratings.
- According to a study by Moneyfarm, 70% of parents are still paying for their children at the age of 30. In fact, on average, they are contributing over £300 a month. 40% of parents say that they are fed up with paying out. But 80% say it would be nice to get a treat back from their children now and gain. And 15% of parents say that they would happily accept financial support from their children. But over 50% don’t think that this will ever happen.
- Inflation rose again in June. Up to 3.6% an increase of 0.2% over May.
- It turns out that HMRC has no idea how much tax it collects from UK billionaires. That’s according to the Public Accounts Committee. They have no record of an individual’s wealth at all, which puts into question their claim that they could raise an additional £1.9 billion in taxes from the richest people in the UK.
- The FCA is all set to take over the regulation of Buy Now Pay Later schemes. 20% of people in the UK use these schemes, but up to now there have been no regulations in place to protect customers and make sure that they can afford the payments. This is about to change.
- Capital Gains Tax (CGT) receipts fell by 13% in the first six months of the year. Despite the chancellor increasing the CGT tax rates.
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For more information from your local investment planner, why not contact Christina today. We offer a free initial meeting to discuss your requirements and explain how our service works. You are under no obligation to use us after that if you don’t want to and we won’t pester you.
So why not call us today on 01282 614444 or e mail us enquiries@ccfps.co.uk or use our contact form online.
