Morfitt's Mailshot Issue 19...          Can't see this email properly? View in browser

Morfitt & Turnbull

Issue 19   

Keeping everyone in the loop - it does not need to be so scary!
As the mailshot timing falls on Halloween then I thought it would be worth looking at some scary issues that we all have to encounter and perhaps provide some comfort in the knowledge that there are ways to make life easier.
In particular there are circumstances where you will undoubtedly need the services of a financial adviser, everyone should have one you!!! In addition there are times where you would also call upon an accountant, solicitor or stockbroker. These areas of expertise are of course beyond the realms of M&T but we do have excellent connections that work with us and use the same degree of ethics and care that we do. From our experience this gives a great peace of mind knowing that you can have your own set of advisers working together for your benefit, which could be for:

• Will writing and powers of attorney
• Tax returns and maximising income tax efficiently
• Investing in or managing shares
• Trust planning
These are a very small set of examples and if there are any needs you have that require the services of one of those professionals mentioned above, please let us know. We are more than happy to recommend someone that will treat you as we always have.


Pensions update
In Adam's section of issue 17 he discussed the changes that are afoot in the world of pensions from next April and we promised to keep you updated so this small section is to inform you that the Chancellor has announced recently that he is abolishing what he calls the "pensions death tax”. Let me explain this by showing the before and after situation...

Age at death

Tax-free lump sum
already taken?
Tax charge applied on the fund
if repaid as a cash sum
Before  After 
Under 75 No nil nil
Yes 55% nil
75 or over No 55% Income tax rate
Yes 55% Income tax rate
These changes, as with the other applicable ones mentioned in issue 17, come into effect from 6 April 2015 and there may be amendments prior to then. We will continue to keep you informed.

Adam's Technical...  Calling all Pensioners, something for you!
National Savings & Investments (NS&I) is launching a new bond in January 2015 which is commonly being referred to as a "pensioner bond". This product was announced in the Chancellor's March 2014 Budget.

The exact start date in January will be known nearer the time. The rates of interest payable are expected to be competitive but are unknown at present even though there have been rumours in the press.
  NS&I logo
 Older. Wiser.

The main features of the bond are as follows:

  • Term of either 1 or 3 years
  • Available to people aged 65 and over as at the date the product is launched.
  • Investments made in single or joint names.
  • Lump sums only – minimum of £500 and maximum of £10,000.
  • A limit of £10,000 per person per bond term, e.g. you can have £10,000 in a 1 year term bond plus another £10,000 in a 3 year term bond.
  • Interest rate is fixed for the term.
  • Interest added at each anniversary.
  • Tax is deducted from the interest and credited at basic rate.
  • Non-payers can reclaim the basic rate tax.
  • Higher rate taxpayers have additional tax to pay.
If you have any questions, please contact your Morfitt & Turnbull adviser on 01565 624370.

Gareth Says... 
FTSE movements as expected

The FTSE has seen some volatility but this is as expected...
"I mentioned back in June (issue 17) that the FTSE's surge towards 7000 would lead to some volatility as nerves and profit taking would be prevalent... FTSE
This has been the case and we can see that it stands, as at time of writing, just under 6500. For those invested it is of course time to sit tight!"

Staff Matters - valuation dates
I included an article a year ago to explain the work that goes into the valuation statements that we issue every four months and it is nice to note that so many clients find this information invaluable, as it not only tells them how their investments are doing but also keeps them in touch with M&T as an absolute minimum.

It is a surprise to hear that this is not something as widespread as we thought it would be within our industry!

The valuations for 2015 will be issued on Friday 27th February, Friday 26th June and Friday 30th October.



No. 1 Booths Park, Chelford Road, Knutsford, WA16 8GS
Tel: 01565 624 370   Email: 

Morfitt and Turnbull (Management Services) Limited 
Authorised and Regulated by the Financial Conduct Authority.
Registered Number 740613 England

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