Morfitt's Mailshot Issue 27...          Can't see this email properly? View in browser

Morfitt & Turnbull

Issue 27   

Leap into 2016

As we are always looking to include number-related articles here, then I thought that 366 days in the current year would be tenuously accepted!
It’s not just the traditional day when ladies ask their lesser halves to tie the knot, there are reasons why the leap year exists when an extra day is added to February so here’s some background to it...

The leap year is due to the solar system’s disparity with the Gregorian calendar. The earth’s orbit of the sun takes exactly 365.2422 days to complete but of course we have 365 days in a standard year. The leap years ties it together every four years.

Some further facts about leap years are:
  The reason for February being used is down to Roman ego! Under Julius Caesar the month of July (named after him) had 31 days and at the time February had 30 and August 29. When Caesar Augustus came into power the two days were added to August and February lost out but picked up the leap year day every four years!
  The Summer Olympic Games are always held in a leap year. This year they take place in Rio de Janeiro, Brazil.
  US presidential elections are held every four years, in a leap year.
  In Greece couples often avoid getting married in a leap year, believing it to be bad luck.
  A year that is divisible by 100, but not by 400, is not technically a leap year, so 2000 was a leap year under the Gregorian calendar, as was 1600, but 1700, 1800 and 1900 were not.
  February 29 marks Rare Disease Day.
  Leap years are also known as intercalary or bissextile years.
  Finally... if you work on a fixed annual wage, today is just one more day's work than you would usually have to do for your salary!!!


Adam's Technical...  ISAs - tax year end is nigh
Adam's usual annual nudge about tax efficient saving into ISAs...

A gentle reminder for those of you who have not yet used all your allowance on a few of the benefits of equity ISAs:
  Every person aged 18 and over and UK resident receives an equity ISA allowance each tax year - currently £15,240 (2015/16).
  No Capital Gains Tax on gains when fund(s) are sold and no further tax to pay on dividends.
  Potential to build up a significant sum that is your own personal "tax haven" that can't be touched by the taxman. He doesn't need to be told about any lump sums or income received whatever your age.
  Investments can now be transferred from an equity ISA to a cash one. Previously it could only be done the other way around.
Also, two recent developments have been:
1)   An inheritable ISA allowance was introduced in April 2015. This is available to anyone who was married or in a civil partnership at their time of death on or after 3 December 2014.

The amount available is equivalent to the deceased's overall ISA valuation at their date of death. This is an additional allowance on top of the normal ISA allowance.
2)   Currently, if you remove monies from an ISA in the same tax year it was contributed, it still counts toward the allowance. For example, the maximum ISA allowance of £15,000 in 2014/15 was invested and later in the same tax year £5,000 was withdrawn. You would not be able to reinvest this £5,000 in the 2014/15 tax year because the ISA allowance has already been fully used.

This rule is due to be abolished from 6 April 2016. This means in the example above that the £5,000 withdrawn in the same tax year as the contribution was made can be reinvested but it must be done in the same tax year. If it is reinvested in a subsequent tax year it will count toward that year's ISA allowance.
Please note that once we enter a new tax year the unused ISA allowance from the last tax year is gone. The maximum ISA allowance will remain at £15,240 for the 2016/17 tax year.

If you wish to discuss using this tax year's ISA allowance before time runs out and/or setting the wheels in motion to utilise next year's allowance, please contact your usual M&T adviser.

As always this information is based on current legislation as we understand it which may change in the future.

Gareth Says... 

The BREXIT boat gets us rocking!
All eyes on Britain in Europe...
"Hang onto your hats, it's going to be a volatile ride with the BREXIT question taking the headlines. Interestingly the bookies are 2/5 that the UK stays in, so it looks like no change. However, sterling has weakened against most major currencies... which is bad for holiday makers but good for exports!"

Staff Matters - Adam's alternative view on British/Euro relations!

With all of the talk being about Britain's potential exit from Europe, it takes our very own Adam to build a different sort of bridge in the form of.... Wilma!

A rescue dog from Cyprus being the latest addition to Adam & Rachel's household showing there is always room for Brit/Euro relations!!!


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

This email was sent on behalf of Morfitt & Turnbull by 2ndimpression. If you do not want to receive email updates in the future, please send an email to