Brewin Dolphin’s surprise at CGT changes
By Andy Pearson
Investment expert Richard Croydon, divisional director of Brewin Dolphin’s Swansea office, has commented on June 22’s Emergency Budget.
Brewin Dolphin is one of the largest investment managers for private investors with 41 offices throughout the UK. The Group manages £23 billion for over 130,000 private clients and has been making representations to the Government about possible changes to CGT.
Mr Croydon said, “The retention of the annual CGT free allowance will be hugely welcomed by all our clients. They are Britain’s hidden entrepreneurs, as they risk their own savings as capital to help businesses and enterprise in the private sector. These savers, many of whom are retired, will continue to manage their portfolios according to their circumstances and to benefit from paying CGT at 18 per cent. Higher rate tax payers should be breathing at least half a sigh of relief too – the higher 28 per cent rate should not deter them from making investment decisions in future.”
On Pensions reform, Mr Croydon said “There will be a warm welcome for the expected end to the compulsory annuity rule at age 75 and considerable relief otherwise, that the trend of significant changes to pensions every Budget has been halted – which only adds to costs and uncertainty. We look forward to the consultation into long term reform that has been announced today and to making representations on behalf of investors in the full range of private sector pensions.”
Tags: Brewin Dolphin, Budget, CGT, George Osborne, Pensions, Richard Croydon
