Tips & Advice

Head Up
(Posted 2nd August 2010)

I said something before about keeping your head up, not only to be realistic about what you are facing, but also now, continual tweaks of the tax legislation.

It was all very well having an ‘Emergency Budget‘ but as usual, the devil was in the detail. Or was it? I guess you can appreciate the problem. A new government and a coalition, so we could not expect the pre-election manifestos to be an accurate guide.

Furnished holiday lets (FHL) are a prime example. Labour abolished all the tax breaks as of 5th April 2010, the Emergency Budget reversed that decision (retrospectively), but just last week we have major restrictions being applied from 5th April 2011.

And I am still not totally clear about when the pension changes are going to settle down. Only last week, new limits were announced on contributions that will be tax relievable, so what does this mean? Whatever your status, you must talk to an IFA about your 2010-11 options.

Everything is still changing, so my friend, keep your head up and make sure you know what is going on around you.