There is a lot of continued conjecture about the Budget, and while frustrating, we think this review should keep you updated.
There are maybe three stories to be aware of. First it does seem that an income tax rise which definitely seems to be on the cards, may be offset by a national insurance cut, so potentially neutral for workers but not perhaps for pensioners who have substantial income, some of whom, of course, will be clients.
Here is a link to the story in the Observer, now not part of the Guardian, as part of a broader analysis. Will Labour argue this is not a manifesto breach, because it emphasised taxes on workers would not rise. Would be quite a trick to pull off.
It all feels rather fiddly, let’s say.
There is talk that some NI changes likely to be applied to partnerships may not be as high as first suggested. The FT suggests any clampdown will be less aggressive that at first suggested.
And there is talk of a cap on how much can be covered by salary sacrifice as CityAM reports. It does feel that we need to send a message to the Treasury not to damage pensions confidence and this could.
It feels as if big changes and little ones are still very much on the agenda.
In Money Marketing, research from Quilter suggests that nearly eight in ten (78%) people said uncertainty around future tax changes is taking a toll on their financial planning and investment decisions.
Of the 267 customers surveyed by Quilter, only 18% said it hasn’t had an impact.
Nearly half (48%) said they would prefer any future tax rises to come through explicit rate changes, rather than stealthier measures such as extending frozen thresholds or reducing allowances.
Advisers may hope the Chancellor takes note.
Perhaps pertinent again, Professional Adviser TV considers the renewed importance of onshore bonds in advice conversations.
Lots of launches and deals this week.
Ex-Transact CEO Jonathan Gunby has joined IFA referral RG start-up as board adviser. RQ provides a tracking service for accountants, law firms and advisers to refer client leads to one another. Citywire reports.
Former St James’s Place (SJP) duo Claire Blackwell and John Owen have launched a support service for financial advice firms called The Nexstage, as Professional Adviser reports.
FE fundinfo has bought technology provider Contengo for an undisclosed sum as FTAdviser reports.
The report says that Contengo collects and ingests transaction and client data from adviser platforms and back-office systems, enabling advisers to take data-driven decisions that help them better manage and grow their business.
It does feel as if a lot of services are fishing in the same pool. There are at least some questions to answer about how everything fits together in the ‘tech stack’.
