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TAX NEWS - 2010

UK Tax: Emergency Budget boosts financial advisers

UK emergency Budget delivered on 22 June offers more opportunities to advisers using a platform, according to Technical Connection.

The consultant said proposed changes to capital gains tax, income tax, pensions and inheritance tax presented platform-enabled financial advisers with a wealth of financial planning opportunities.

Speaking at a Cofunds hosted web seminar on the subject, Technical Connection said the new capital gains tax (CGT) rate, entrepreneurs' relief limit and corporations tax changes presented financial advisers with client servicing opportunities.

Technical Connections said on issues such as CGT and the choice of tax wrapper, higher rate and additional rate taxpaying investors would need to be more careful over the selection of the type of investment wrapper that will give them the most tax efficient return on their investment.

Following the increase in the rate of CGT for higher and additional rate taxpayers, Technical Connections said, UK investment bonds may now look more tax attractive for a wider range of portfolios.

Alastair Conway, sales and marketing director at Cofunds, said: "As Technical Connection has highlighted, advisers should expect their platforms to provide a range of tools, videos and information on the post-recession financial environment to enable them to service their clients fully, especially in light of the emergency budget tax changes.

"There is a clear desire for help and assistance on this; the fact that we had over 400 advisers log in for our live web seminar on the subject proves that point emphatically."
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