Archive for September 2016

Another Chinese export

The next stage of the opening up of the Chinese stock markets has been agreed. Many major companies incorporated in China have dual share classes: A Shares, which is the main share category, are denominated in renminbi, the Chinese currency. They are listed on the Chinese stock exchanges, the major ones being Shanghai and Shenzhen,…

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HMRC plans another turn of the anti-avoidance screw

In August, HMRC published a consultation document on adding a new weapon to its anti-avoidance armoury: penalties on ‘enablers’. While many were enjoying their holidays, HM Revenue & Customs (HMRC) released yet another paper examining ways of “strengthening tax avoidance sanctions and deterrents”. Over recent years, HMRC has been gaining the upper hand in its…

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Pensions freedom: taking too much or too little  

New statistics have been published showing just how much has been withdrawn in the first year of pensions freedom. In August, the Association of British Insurers (ABI) published data showing how much had been withdrawn from pension arrangements in the 12 months to April 2016, the first year in which the pension flexibility reforms introduced…

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The six figure pension fund      

The fall in interest rates is boosting some pension transfer values. Pension scheme deficits have been hitting the headlines again, and not just those of BHS. The Bank of England’s efforts to bolster the post-referendum economy have been to blame. On one widely quoted measure – the Pension Protection Fund’s PPF7800 Index – the overall…

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Interest rates are now down to 0.25 per cent

The Bank of England halved its base rate in August. By the end of the year, it could be lower still. At its first formal meeting after the Brexit vote, in early July the Bank of England’s interest rate setters (the Monetary Policy Committee) surprised some economists by not cutting rates. The (non-) move resurrected…

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Protecting your pension

The interim procedure for claiming the 2016 pension protections has come to an end. The referendum vote has disrupted many plans and timetables this year. Among them is the passage of the Finance Bill, which in any other year would by now have been given Royal Assent and become a Finance Act. In 2016 it…

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