Lawrence Cook: Delivering value
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Contextual knowledge and specific know-how are key to delivering true value to clients, according to Lawrence Cook. Here he explains why.
There is little doubt that over time engagement with an experienced financial adviser delivers financial benefit that exceeds the cost. Detailed studies carried out by (amongst others) Vanguard and Morningstar,.
Tony Wickenden: Is Biden’s CGT raid a sign of things to come here?
By Tony Wickenden 6
th May 2021 12:26 pm
Following his recent proposals for a minimum global rate of corporation tax and increased taxation at the source of transactions for large multinationals, US President Joe Biden last week unveiled plans to raise taxes for the wealthiest American people.
The proposal would increase the top marginal income tax rate to 39.6% from 37%. Capital gains would then be taxed as income (as opposed to the current capital gains tax rate of 20%), which would nearly double CGT to 39.6% for those who earn more than $1m per annum. When combined with an existing Medicare surtax on investment earnings, the rate would top 43.4%.
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This text does what it says on the tin (well, the cover). Far from being a criticism, this is very much a compliment. The book declares itself a handbook. As explained in the preface, it is not a textbook but a helpful resource for practitioners to dip into for guidance.
The book begins with the first two parts covering some basics of trusts and estates, followed by practical points about probate and trusts. These sections are not voluminous and by no means cover the areas in great detail. This is fine as this is not – and should not be used as – a textbook. It is, however, pithy and easy to understand. The examples are particularly helpful in deftly elucidating some trickier points, such as the 14-year rule. The probate section is practical and prosaic.
National insurance has come a long way since it was first introduced 110 years ago. Has it strayed too far from its original purpose, or does it need to go further?
When national insurance (NI) was first introduced in 1911, it was more of an insurance scheme, of sorts. Employers were required to buy stamps from the post office and affix them to employees’ national insurance cards. These would act as proof that the individual was entitled to benefits once their employment ended.
The unemployment benefit element was administered by government, but health and pension insurance was provided by ‘approved societies’, including friendly societies and some trade unions.