Emergency budget tax and RDR probably do coincide

The shape of top end advice is changing due to the RDR but the emergency budget tax changes may well reinforce it. The changes lend themselves to ongoing advice and will help hasten a move from last minute pension contributions as execs get close to retirement to more regular, smaller but still significant amounts invested hopefully over decades. Certainly what has been suggested for reliefs and allowances on pensions makes this the likely outcome.

The point was made by Raymond James head of retail business development David Hazelton at the Tax Exempt Savings Association’s emergency budget seminar last week. (David had several conversations with advisers before his speech including Robert Reid and Jason Butler.)

I think this is probably undeniable and in a way, for those lucky enough to have well off client bases, the tax landscape may make their lives easier as they convert model or indeed consolidate their new model businesses.

However, I did make one point to the seminar which I think is still pertinent and not so rosy. It is not just the mass affluent who are expected by the coaliton government to make much more provision for themselves but several income groups below this too and I still can’t see how they are going to be advised economically or indeed at all after 2013.

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