Spending Review – how was it for you?
The debate over the effectiveness of the Comprehensive spending Review is likely to continue for many years, but there is little doubt that all of us will be affected in one way or another.
We at robinson+co may be able to help you if you are affected by:
• State Pensions to be paid at age 66 (from 2010) – our IFA can help you to plan for retirement. Please contact email@example.com for an appointment.
Compensation was also announced for those affected by the collapse of Equitable Life and, again, our highly qualified Investment Services Team can help if you are a disaffected policyholder.
Prior to the Spending Review it was announced that the annual maximum contribution to a pension scheme was to be reduce to £50,000 with effect from 6 April 2011. Whilst this may not affect a lot of people, again, if you have concerns about this issue, then contact firstname.lastname@example.org for an appointment.
• Loss of Child Benefit and Working Tax Credit – it may be possible to plan your household income so that these valuable benefits can be maximised. Please contact email@example.com for further information.
• Future of Nuclear Power - it has already been announced that Kirksanton and Braystones will not be the site of new nuclear plants and unfortunately it looks increasingly unlikely that Sellafield will be chosen either – what does this mean to you? Rumours abound, including one that Cumbria will be the site of a Nuclear Repository.
robinson+co can help keep you informed as we are involved with the “Energy Coast” initiative, and government remains committed to alternative fuels such as wind technology. Contact firstname.lastname@example.org for more information.
• “Big Society” – on the one hand charities may face a downfall in income as government grants fall, as well as donations. However, on the other hand, the demand for services may well increase as the government’s “Big Society” pushes more services to the voluntary sector. Contact our Charity Expert email@example.com if you require further information.
• DEFRA – farmers who have complained at the slow payment of the Single Farm Payment will be concerned about the news that DEFRA have to find savings of 29% by 2014/15 on top of savings of £66million from the Rural Development Programme. A reduction in red tape is promised to help fund these savings but farmers have to wait until 2011 for a report on Farming Regulation.
Of interest to West Cumbria, however, is the confirmation that money for flood defences will continue, with a total of £2billion being spent over the next four years.
Environmental Stewardship Schemes are to remain but it is likely that they will have higher entry and compliance levels.
Contact our Agricultural Team for further information at firstname.lastname@example.org.
• H M Revenue & Customs – this department has to find overall savings of 15% together with efficiency savings of 25% which may lead to further deterioration of the service provided by this important government department – the one that has to raise the funds rather than spend them!
However it is also to receive extra funds of £900million to help combat tax evasion and fraud, with the aim of bringing in £8billion of extra funds. With the recent débacle over PAYE underpayments fresh in our minds, it seems clear that H M Revenue & Customs have a remit to collect as much as they can.
robinson+co recognises that tax matters are always important and if you have any queries contact Tax Partner email@example.com.