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Election fall-out

There's only one thing to talk about in this June newsletter - the Election. The fall-out has been enormous and the machinations are likely to continue for some months yet.

What might it mean for taxation? Read our views here.

Social care wasn't mentioned in the Queen's Speech but it is a political hot potato and how to pay for social care is yet to be resolved.

In light of what happened, the Prime Minister may be wondering why she ever called the snap-election - perhaps she should have listened to Brenda from Bristol!

Finally, as we continue to experience low interest rates, here's a reminder of what it means for savers.


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Tax increases: more likely after an Election?

Past performance is not a reliable indicator of future performance. However, when it comes to general elections, there is plenty of history to suggest that tax increases are more likely in the first Budget to occur after the polls have closed. One area which looks ripe for a further attack is tax relief on pension contributions. If you are contemplating large pension contributions in this tax year, it could be a wise precaution to make them before the Budget.


How to pay for social care 

The General Election campaign provided a stark reminder that the issue of funding social care remains unresolved. Labelled a 'dementia tax' the Government's proposal was so unpopular it led to some instant back-tracking. At present, there is no direct way of insuring against social care costs before they arise. One current potential solution is to build some provision into your retirement planning, using pension flexibility to draw the large sums needed.


Low interest rates: what's the future for savers?

Despite the recent rumours of a possible increase in interest rates, we remain in an historically low interest-rate period. So, is it all doom and gloom for savers? - Well, no. There are still opportunities to invest for income, although it does make the need for expert advice all the more important. Investing for income in the face of low interest rates is a challenge, but it can be done. To talk about savings and investment, please get in touch with the team at Hartsfield.

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Hartsfield Financial Services Limited is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 615731.

Please note that the FCA does not regulate tax advice.

Hartsfield Financial Services Limited, Hartham Park, Corsham, Wiltshire, SN13 0RP, United Kingdom

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