We have been busy rebalancing your portfolios and where possible sweeping up and ensuring we have taken advantage of Capital Gains Tax allowances for the financial year 2017/18 just ending to keep your investments as tax efficient as we can.
Attached are our quarterly valuations to the end of September. Across the board the portfolios have delivered performance in line with expectations with values falling back a little during September primarily on the back of Donald Trump, North Korea and what one might call slight confusion on the strategy for Brexit!
Whilst ‘Brenda from Bristol’ captivated the British public with her displeasure about the upcoming UK election, investors elsewhere in Europe were celebrating as the first round of the French Presidential contest appeared to continue the trend started by the Dutch vote in March of stepping away from the populist brink.
On Wednesday 29th March the UK gave official notice under Article 50 of the Lisbon Treaty to start the UK/EU divorce proceedings (just in case you missed it). Since the Referendum there has been plenty of speculation about what the divorce will mean for the UK and the rest of Europe, all of it meaningless, as in our view the outcome is impossible to predict, particularly if the UK invades Spain to secure Gibraltar!
This Budget was Mr Hammond’s first – and last – Spring Budget. From now on Budgets will take place in Autumn and there will be a financial statement each Spring. Thus, the next Budget is probably a little over eight months away although, as 2016 revealed, much can happen even over such a brief period.
All investors are likely to agree that ‘Brexit’ is an ungainly word that is likely to be heard far too often in the remaining time before the European Union ‘remain/leave’ vote on 23 June. But what should voters – and investors – think? Here we make the case for both sides… and leave the ultimate decision up to you.
This was Mr Osborne’s third Budget within the space of a year, even if you disregard the quasibudget measures announced in November’s Autumn Statement. Since last March’s preelection Budget Mr Osborne has been quietly tightening the tax screws with, for example, the revisions to dividend taxation and a new employment tax in the guise of an apprenticeship levy.