Morfitt's Mailshot Issue 25...          Can't see this email properly? View in browser

Morfitt & Turnbull

Issue 25   

Tick Tock change your Clock

The drive to and from work has become darker as the clocks went back an hour last weekend as we came to the end of "daylight saving time" (DST) that began when the clocks went forward in March. As usual when these things occur it makes me think how the rest of the world is affected (if at all)!
It was William Willett who introduced the idea of DST in 1907 to prevent people from losing valuable hours of light during the evening. In the northern hemisphere the clocks move in the same way as the UK and it is the reverse in the southern hemisphere. This is not something that has to be done and so some countries will not make a change or will do so only for part of the country (when they are large enough to cover a number of time zones). Some examples of what has happened in 2015 are as follows:
DST March to October UK
USA (most locations)
DST October to March  Australia (South Aus, Capital Territory, Victoria, NSW, Tasmania)
Brazil (Sao Paulo, Rio de Janeiro and some other areas)
New Zealand
No DST  Australia (Queensland, Northern Territory, Western Aus)
Brazil (most locations such as Manaus)
Saudi Arabia
South Africa
USA (Hawaii, Arizona and part of Alaska)
Interestingly enough Mr Willett is the great-great-grandfather of Chris Martin, the lead singer of the band Coldplay, who had a hit with "Clocks" in 2002!!!

Finally, if you are like me and can't always remember which way the clocks move then it is (using the American version of Autumn) "Fall back and Spring forward"!


Stuart just wants to protect us all!

In his unofficial role as the Dad of M&T, Stuart is usually bringing in apples from the trees in his garden but his thoughts took a different turn when he bought some electrical goods recently. It was when he relayed the story that it brought to mind a very important issue for our clients. The matter in question was regarding insurance.

So for example if you buy a kettle or microwave, you can get it insured against breaking down usually for a few extra pounds a year. This is often tempting as it's "sod's law" that the item breaks down the day after the standard warranty runs out. This is a voluntary insurance and yet when we look at our own lives we tend to be very much underinsured according to life insurance companies (recent research from Legal & General stated as much). It is always a judgement call and down to the risk you are prepared to take.
However, what we have found in the past is that it's not just about what sort of insurance you have but whether you have the right sort of cover, e.g. a policy you took out years ago to cover a mortgage that no longer exists or that £10 per month that is paid to a company and you have no idea what it is for!

It is essential that you review what you have and what you need and it is our role to help you through that – not only to put in place what you need but possibly save you some money on premiums for policies you don't need!

What Stuart is saying is that we should all look at what we have got and what we need whether it is life insurance for the other half or the family, critical illness cover or income protection – there is never any harm in having a discussion. So get looking then give your usual Adviser a call. In the meantime we'll have another apple – cheers Stu!

Adam's Technical...  ISAs are protected!!!
Moving seamlessly onto the next article, Adam takes us through the changes to legislation that were brought about in the 2014 Autumn Statement which provides protection (!) of accumulated ISA accounts. It is no coincidence that Stuart and Adam share an office...

It is now possible for a surviving spouse or civil partner to inherit their partner's accumulated ISA wealth on death and I have provided a little more detail on how it will work in practice below.
  Anyone married or in a civil partnership with someone who died on or after the 3 December 2014 may apply for this additional ISA allowance. This has been labelled an Additional Permitted Subscription (APS).
  The APS has been allowed since 6 April 2015.
  The APS amount is equal to the value of the deceased's ISA wealth at date of death.
  If ISAs are held with a number of providers a separate APS will be available from each one. The ISA provider(s) can confirm the APS amount.
  The APS is a further allowance that does not impact the usual ISA allowance each tax year.
  It is possible to invest a cash sum using the APS or transfer investments held in the deceased's ISA over to the surviving spouse/civil partner. If investments are transferred without being sold it has to be done internally with the same ISA provider.
  The APS can be used with the old provider or a new one as long as they accept. If the APS is transferred to a new provider the contribution can only be made in cash and it can only be transferred once.
  The timescale permitted for using the APS differs depending on whether cash is used or investments are transferred internally.
    For cash it is three years from the date of death or 180 days after the estates assets have been distributed, whichever is later. If investments are transferred internally the time period is shorter. It is 180 days following the date the ownership passed to the spouse/civil partner.
If you have any queries, please speak to your M&T Adviser.

Gareth Says... 

Know your limits!
The limits for financial compensation are changing with regards to the amount you can have protected on deposit. Gareth explains...        
"Please note that due to the strengthening of the pound against the euro the Financial Services Compensation Scheme (FSCS) limit for money held on deposit will reduce from £85,000 to £75,000 on 1 January 2016. This limit is reviewed every five years and brings us in line with the rest of the EU with a limit of €100,000.

A new rule has also been introduced that protects deposits of up to £1 million for a period of 6 months. This is when monies have been placed on deposit temporarily, for example, following a house sale or a large inheritance."

Staff Matters - valuation dates
The latest valuation statements were issued just last week and as you know, we like to inform you what the dates are for next year, so they are as follows:
  • Friday 26 February 2016
  • Friday 24 June 2016
  • Friday 21 October 2016
The majority are posted but if you would like yours emailed then this can be arranged. Please contact us and advise which email address should be used if this is your preference.


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

Morfitt and Turnbull (Management Services) Limited 
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Registered Number 740613 England

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