There’s a big debate about the tax take from Capital Gains as it surges to record highs as ThisisMoney reports - Capital gains tax take soars to record high of £24.2bn,
Interestingly, this is part of a broader debate about tax. Octo Members covers an IPPR report here which essentially accuses the UK of having a pathology regarding tax. It suggests ways forward some of which will not appeal to advisers here - CGT bites and some want it to bite more,
The Burnham government is warned off wealth taxes especially on capital gains by Jim O’Neill, a former Goldman Sachs executive who has advised Andy Burnham informally. The Times reports.
A new note has been published regarding pensions and IHT with advisers continue to complain about the timetable for guidance which still extends to next spring. Professional Adviser reports.
The rumblings around the suspension of withdrawals from the Octopus Investments IHT scheme continue.
Citywire has recently reported the adviser view that the suspension highlights risks of IHT schemes.
Well quite, you may say. There are also reports that some of the big advisers have dropped the scheme. This was in the Times last week - Octopus inheritance tax scheme ditched by leading wealth managers.
Have to say that this feels like an official stance from these firms, because surely no adviser was recommending a currently closed scheme.
About ten days before, in Professional Adviser, Octopus had defended its approach to disclosure following reports in the Telegraph.
Writing in Money Marketing, Peter Wasko, senior portfolio manager at Copia Capital, discusses various unnerving things about markets.
These paragraphs sum it up.
“Reservations have grown regarding the heights that just a few companies have pushed the value of indices; the top ten US stocks now comprise 40% of the S&P 500’s notional value, nine of which are engaged in the AI race.
“By July 29, the Nasdaq-100 had reached correction territory, falling 11% below its June high. Although better-than-expected results has led to some recovery, the enduring ability for AI stocks to bounce back is under question as the fundamentals are increasingly scrutinised.”
