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Karen Barrett, Chief Executive of unbiased.co.uk, comments on the Emergency Budget announcement:

Karen Barrett, Chief Executive of unbiased.co.uk, comments on today’s Emergency Budget announcement:

Capital Gains Tax:

“While today’s announcement that the Coalition Government will increase CGT at midnight tonight from 18 per cent to 28 per cent for higher rate tax payers, will certainly help towards reducing Britain’s £156billion deficit, consumers should ensure they are being tax efficient and not handing over more than they should to the taxman.  Our Tax Action research shows that even when CGT was at 18 per cent for all, individuals who are subject to CGT are already wasting a massive £516 million which could have been avoided if they were being tax efficient.  This wastage is only set to increase with today’s CGT rise for higher rate tax payers.  An independent financial adviser will be able to assess your personal CGT liabilities and ensure you are handling your assets in the most tax efficient manner.”

Personal Allowances:

“We welcome today’s announcement that personal allowances have been raised by £1,000 to £7,475 which will allow people to keep up to £7,475 of their income free of tax.  This will come into play in April 2011 and it is a positive financial step for the man on the street from today’s Emergency Budget.  Those who can benefit from this increase need to ensure they don’t miss out, as our Tax Action research shows that even prior to this increase, individuals are wasting £328 million through either failing to reclaim tax that has been deducted because of non-completion of a form, or through not utilising partners who are in non-taxpaying bands.  An independent financial adviser will be able to adviser you across all of your finances and ensure you are being as tax efficient as possible.”

Pensions/long term savings:

“It was announced today that the increase to state pension age to 66 will be accelerated.  Over the last the last three years retirement planning has been the biggest driver for those seeking expert advice from an independent financial adviser. Last month alone, over a third (35%) of people searching for a local IFA on unbiased.co.uk were looking for help with their retirement planning and we expect this demand to continue following today’s announcement.”

ENDS

Karen Barrett, Chief Executive, unbiased.co.uk: 020 7833 3131

Anna Moulds/Ellie Brooke, Lansons Communications: 020 7294 3682

For expert commentary or case studies from over 150 media-friendly IFAs, journalists should visit www.unbiased.co.uk/bluebook.

About unbiased.co.uk, the professional advice website

The unbiased.co.uk portal is a free and confidential UK-wide search matching consumers with local professional advisers: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is currently inviting registrations for its ‘find an accountant’ service.  These searches enable consumers to find professional advisers by postcode, area of specialism, qualification and payment method. In 2009, unbiased.co.uk fulfilled half a million searches for local, professional advice. 

IFA Promotion, the organisation behind unbiased.co.uk, is now in its 21st year, and was set up to promote the benefits of independent financial advice to consumers.  IFAP is sponsored by the following companies:

Registered Office: unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606