As we near the end of the year, Phillip Hammond has already delivered the Autumn Budget, Brexit remains the topic of conversation for many and lately markets have been reacting to this and wider political news. This newsletter will expand on these topics as well as giving you a brief update on what’s going on at Quayside Wealth Management.
“Austerity is coming to an end – but discipline will remain” Philip Hammond, Budget 2019
There were some expensive public spending pledges announced in the budget, particularly for the NHS, and no major taxation surprises, with many of the proposals subject to consultation. All in all, a positive message, however caveated by Mr Hammond that he was “reserving the right to upgrade the Spring statement to a full fiscal event” if “the economic or fiscal outlook changes materially in-year”.
More money in your pocket – a year earlier than expected, the government have confirmed the Personal Allowance threshold will be increased to £12,500 and the higher rate threshold to £50,000 in April 2019. Alongside this, the Capital Gains Tax annual exemption will increase to £12,000, both changes reducing tax liabilities for all.
Adult ISA allowances will remain the same from the 2019/20 tax year whilst the Junior ISA and Child Trust Funds subscriptions will increase by Consumer Prices Inflation (CPI) to £4,368.
In September we published an article detailing how the long run of a ‘bull market’ seemed to be causing investors to become more nervous that the positive period was soon to end1. Alas toward the end of September and early October markets became more volatile and some of the global indices started to see some greater than more recent times levels of fluctuation.
The difficulty with timing a market’s position is, in truth with so many varying factors no one really knows where we are on the curve in relation to an up or a down. This therefore cements our constant reminder to you all that investing is not for short term wins, it is not a case of timing the market but ‘time in’. In addition the role of the Investment Management team is to ensure we are able to offer you well diversified portfolios with a blend of multiple asset classes and geographical locations so you do not suffer from fluctuations caused by concentration. If we do suffer times of volatility our recommendation is and always has been to contact us with any questions, but also always remember the initial plan, whether that be 5 years, 10 years or for some of our younger clients with pensions, 30 years +(!). Short term fluctuations are common place when it comes to investing.
It feels like every time we write you a newsletter, we have some news to share about our team and this quarter is no different. Andrew made the decision to leave us earlier in the year to pursue his youth and go travelling, we’re not sure he’s gone yet but wish him well on the adventure ahead.
We have also since recruited Vicki Lowe. Vicki’s role is to support the administration and research of the mortgage part of Quayside, she will be assisting collecting information from clients and ensuring effective and efficient communication with those of you who decide to use us for your mortgage services, as well as with the providers and at times conveyancing departments of various legal forms.
With Andrew leaving, we also had a role to fill to support the day to day operation of the business. We were approached at the same time as looking to fill the mortgage administration role by Helen Pepler. Helen joined the team in the same week as Vicki and will be assisting the whole of the team with crucial organisation and administration of everything from marketing material, client record keeping and coordinating the team.
Hopefully whether it be a time you visit us at the office or a future event you will get to meet them both.
2019, the year to come
As with previous years, we intend to organise further events where we can attract a guest speaker to keep you up to date with the current economic climate, we promise to continue to keep them a balance of informative and entertaining. If there are any particular topics that would be of interest to you, please let us know.
We are also looking to expand our use of the new Forest of Dean office further and ensure we are delivering the same service from this location as we do in Gloucester. Finally, we continue to welcome opportunities to assist you in addition to any of your friends and family whom you believe would benefit from meeting with either Andrina, Alex or both.
We wish you a wonderful Christmas Break and look forward to seeing you in the New Year.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
- More up than down [accessed 27 November 2018]
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