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Newsletter April 2020

Coronavirus pandemic could halve global growth outlook to 1.5%

Coronavirus could slow global economic growth to its slowest rate since 2009,  the Organisation for Economic Cooperation and Development (OECD) has warned.

The organisation currently estimates global growth of 2.4% over the course of 2020 – down from 2.9% last year – and 0.6% down on the 3% previous growth forecast for 2020.

A longer lasting and more intense coronavirus pandemic could weaken growth to as low as 1.5% this year, half the projected growth rate prior to the outbreak.

We at Herts & Essex Financial Services can review your investment portfolio.http://www.handefs.co.uk/our-services/investments-and-nisas

‘Raising the junior ISA allowance is an empty gesture for most parents’

Parents and grandparents can save up to £9,000 into a child or grandchild’s junior ISA, following changes announced in last month’s Spring Budget.

Chancellor Rishi Sunak raised the junior ISA allowance from £4,368 to £9,000, although the main ISA allowance remains unchanged for 2020/21 at £20,000.

Get in touch to discuss financial plans for the family.

Chancellor ups annual pension allowance thresholds by £90,000

The point at which tapering of the annual pension allowance kicks in increases by £90,000 to £200,000 for 2020/21.

The move, announced in last month’s Spring Budget, means the taper will not affect anyone with income of less than £200,000.

Talk to us @ Herts & Essex Financial Services about pension planning.http://www.handefs.co.uk/our-services/pensions

Significant changes to capital gains tax take effect

People who are planning to sell a second home this year must report any capital gains tax due within 30 days of the sale going through.

 

 

Source:  Practiceweb April 2020

 

 

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