Posted Feb 11, 2016
This update covers:
1. CPD highlighted change
1. CPD highlighted change
Help to Buy ISAs seem like a no-brainer!
These seem like a no-brainer for anyone over 16 who is a first time buyer saving for a deposit on a house. Basically it’s a Cash ISA for first time buyers where the government gives a bonus of £50 for every £200 that is saved. There is of course a ceiling on the bonus and that is £3,000 on savings of £12,000. The minimum amount you have to save to qualify for the bonus is £1,600 which gives a bonus of £400.
The bonus is given if the saved monies are used to buy a house, the value of which is up to £450,000 in London and £250,000 elsewhere. The solicitor doing the conveyancing applies online for the bonus using a letter from the ISA provider. The bonus needs to be claimed by 1 December 2030.
If a couple are saving and both are first time buyers then they can both have a Help to Buy ISA and will be able to get up to £6,000 towards their house deposit.
Although the amount that can be saved is a lot less than ordinary Cash ISAs the bonus being offered is much higher than any interest that could be earned. Any surplus savings someone wants to make can always be held in a normal savings account which from this April will be tax free up to £1,000 worth of interest for basic rate taxpayers.
It’s a no-brainer because even if the money is not eventually used to buy a home - or the home costs more than the qualifying amounts – the interest made on the savings is still tax free. You just don’t get the bonus from the government.
3. Expected solution packages for April exams for R06 and AF5 - start preparing now
Our ability to provide detailed analysis in our R06 and AF5 expected solutions is based on the fact that the CII use a similar assessment method for each exam. This allows our panel of experts to identify, based on the information supplied by the CII before the exam, the questions you could most likely expect to face in the exam itself.
Our experts are qualified to at least chartered status and have considerable experience of preparing candidates for these exams.
Our expected solution packages:
If you use all of the tools provided in our expected solution packages, we can’t guarantee you that you will pass, but we can guarantee you will be well prepared.
4. Pension Reforms and Industry Views from Panacea Adviser
The development of the new reforms has impacted financial services significantly and almost a year on many retirees and advisers are sitting tight, waiting to see how new rules will affect the retirement marketplace before committing to any change to financial plans.
Additionally, in the recent budget the Chancellor launched a Green Paper to look at the pensions system as a whole, which could mean the system will be revolutionised further.
With the huge amount of changes going on, it is not only a challenging time for the adviser community but could also provide numerous opportunities for developing new business.
That is why Panacea Adviser are launching the first FREE virtual event for financial advisers and paraplanners in the UK.
Retirement Choices 2016 - a virtual conference
Live text debates will take place after some of the sessions, giving you the chance to put your questions to the experts and speakers to get real-time answers – ideal for people who shy away from putting their hand up and raising a point in front of an audience.
To register, simply type in a few details which will go to forming your virtual business card on the day.
Wizard Learning Ltd
Provider of accredited online training and CPD system for financial advisers and financial services professionals.
We are committed to helping you gain higher level qualifications and maintain this knowledge through effective continuous professional development.