S&W The Pulse

As the US 10 year treasury yield tips over the symbolic 3% mark, it may mark the end of the ‘TINA' trade (‘There Is No Alternative'). Investors that have gravitated to stock markets as bond yields dipped now have a broader range of options, particularly as inflation appears to be nearing its peak. However, the inflation outlook is still uncertain and futures markets continue to suggest bond yields could rise further. There is increasing value in stock markets today, though volatility is likely to continue. This should mitigate any significant moves back into government bonds. There are increasing recessionary pressures, with economic growth dropping in the UK, US and Europe. As it stands, the US and UK are both expected to grow by around 3.7% in 2022, while the Eurozone is expected to expand by 2.7%.  There are material risks to these forecasts from geopolitical uncertainty, rising interest rates and a high cost of living.There are still opportunities for investors and the corporate sector remains in robust health. However, selectivity is important with a focus on those sectors and companies that can continue to thrive in a tougher environment. For more information on Evelyn Partners, please head to www.evelyn.comThis episode was recorded on 13/05/22Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

After a brief recovery, stock market volatility has returned since the start of April. Market sentiment remains dominated by the war in Ukraine, with its knock-on effects seen in soaring inflation and weakening economic data. However, while a resolution to the conflict in Eastern Europe looks remote, there are supportive factors for stock markets. Economic growth has remained fairly resilient, with corporates showing considerable pricing power, enabling them to pass on higher input costs. Households are still relatively robust, with savings made during the pandemic. Central banks remain committed to fighting inflation through higher rates. Government bond yields have spiked notably higher in recent weeks with US real yields turning positive for the first time since 2020. Markets are adjusting to an environment where real rates could be sustainably above zero, with potential opportunities emerging in fixed income.  For more information on Evelyn Partners, please head to www.evelyn.comThis episode was recorded on 20/04/2022Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

It is important for businesses to have a strong tax risk management framework, as this should lead to a good relationship with HMRC and fewer HMRC enquiries. Before a business receives an enquiry letter, HMRC will probably have conducted a risk assessment and estimated any potential tax lost. Understanding HMRC's process is therefore a good starting point. HMRC has access to a vast amount of information, both from the UK and overseas, to help identify potential risk areas within a business. These risks are usually identified when discrepancies are found between information from third party sources and details filed as part of a tax return.Find out more in our published article: HMRC enquiries: 'Why a strong tax risk management framework is critical for businesses'  SUBSCRIBE:Stay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/3ArrCoaGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 13/04/22 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.

While the Ukraine crisis has undoubtedly destabilised markets, they were already fragile. Inflation has been the key driver for this uncertainty, with CPI in the US tipping over 7%. For the first time in 40 years, investors need to contend with central banks tackling a sharply rising cost of living by raising interest ratesFood and fuel remain the key areas of rising prices. Labour shortages, rising processing costs and delivery concerns have pushed the UN Food and Agriculture Organisation's price index up by nearly 50%. At the same time, energy prices have spiked in response to the Ukrainian crisis. Having initially considered inflation to be transitory, central banks are now starting to act. All eyes are on the Federal Reserve, which may raise rates for the first time since 2018 in its March meeting. This change of mood has delivered higher bond yields and may prompt a significant rotation in markets in the year ahead.SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 01/03/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531 

The tax year end is approaching on 5th April.  In this episode we discuss what you can do ahead of the year end to put you in the best tax and financial position. Episode overview:Consider making tax-free investments through National Savings or ISAs. The annual ISA subscription limit for 2021/22 is £20,000, and this limit cannot be carried forward if not used.Remember, all investments fluctuate in value and you may not get back the amount investedPension contributions are still a really tax-efficient way of saving for retirement, with tax relief given at your highest marginal rate of income tax. This is quite a complex area as tax relief is restricted in various ways.Spouses and civil partners can review who holds any savings that generate taxable income to ensure allowances are used efficiently.If you pay tax at the 40% rate or higher, you may be able to claim tax relief on gift aid donations you make to charity.As capital gains tax is charged when an asset is sold, you have some control over when to pay it, for example, assets could be sold to use your CGT annual exemption or unrealised losses crystalised to offset gains.On IHT, there are various allowances for gifts, which many people are unaware of.Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trust (VCT) investments may provide tax relief and the opportunity to defer capital gains, but are higher risk.These options are relevant to most taxpayers but could be particularly valuable to those subject to an effective rate of tax of 60% on income between £100,000 and £125,140#.SUBSCRIBE:Stay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/3ArrCoaGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on 28/02/22This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22. 

Markets have had a volatile start to the year, with particular weakness from the technology sector. The immediate catalyst appears to have been the hawkish minutes from the most recent FOMC meeting, which raised expectations of faster and steeper interest rate rises. Global equities have fallen around 4%.1US equities have led the decline, with a significant sell-off in the 6 US mega caps, including Apple, Microsoft, Alphabet, Amazon, Tesla and Meta Platforms. Valuations had become stretched and the sector had looked ripe for a re-rating. Value markets, such as the UK, have fared better. While inflation, Covid variants and geopolitical tensions continue to weigh on investor sentiment, policy easing in China should improve global growth prospects and mitigate the impact of US rate rises. Inflation remains the key variable for the coming months. Source1 Refinitiv, Smith and Williamson SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on 31/01/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

Last year was a story of big numbers: seven billion vaccines delivered; a further $9 trillion in stimulus and global growth at an impressive 5.9%. This helped add $13 trillion to the value of global stock markets. However, this growth came with an inflationary sting in its tail. 1Consumer price inflation rose to multi-decade highs in the UK, Eurozone and US, pushed higher by accommodative policy, pent-up demand and supply chain difficulties. This saw treasuries deliver their 6th worst performance this century.1Continuing economic growth, with businesses and households in good shape, plus restocking from record low levels, should support the stock market in the year ahead. However, greater volatility is possible: parts of the market look highly valued, while economic growth could disappoint if inflation proves persistent. Source:1 Refinitiv, 4 January 2022

In this episode, Ami Jack Head of National Tax talks to by David Yewdall, from our Employer Solutions team and Clare Halligan, from our tax disputes and resolution team on HMRC enquiries into Coronavirus Job Retention Scheme claims.HMRC has estimated the amount lost due to fraudulent or erroneous CJRS claims is £5.3bn, or close to 9%. Attention has turned to recouping this.There are recent headlines about HMRC enquiries into the Coronavirus Job Retention Scheme/furlough scheme.  8.7% of all payouts in first year were deemed to be due to fraud or error. There may be a high number of errors due to the speed at which the scheme needed to be rolled out.  Can you explain more about why we have this high level of fraud and error?  SUBSCRIBE:Stay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/3ArrCoaGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on 07/12/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22. 

As the global economy moves back to pre-pandemic levels and inflation accelerates, central bankers are under increasing pressure to reverse easy monetary policy. Central banks in South Africa, Russia, New Zealand and Mexico have already raised interest rates this year to contain overheating risk, but all eyes are on the Federal Reserve, ECB and Bank of England. The US has already laid the groundwork to raise rates over the next year or so. In November, the Fed started to taper its asset purchases and expectations are currently for a rise in interest rates later in 2022. President Biden's recent reappointment of Jerome Powell as Fed chair increases the chances of this outcome. The Bank of England defied expectations by not raising rates in November. It cited uncertainty over strength of the labour market post-furlough. Some of these concerns will have been allayed by subsequent data. Given annual CPI inflation is now running at a decade high 4.2%, the final hurdle has probably been cleared for the BoE to hike rates at its next meeting on 16 December. SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on 29/11/21Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531 

Soaring global energy prices have contributed to inflationary pressures, while economic growth has lost momentum. This has created fears of stagflation. This would be tough for stock markets, but is still only an outside possibility.  Stagflation happens when inflation pushes prices up faster than wages and profits, forcing consumers and businesses to cut back on expenditure. Demand drops and a downward spiral ensues. Previous periods of stagflation, such as those following the oil price shocks in the 1970s have been difficult for stock markets. US stocks performed particularly poorly during the 1973-1982 stagflation period, declining at an annualised rate of -1.5% after inflation, compared to 3.2% gains for the UK equity market. However, stagflation is not our central scenario. Strong GDP growth expectations means firms are expected to pass on some costs to consumers without materially affecting demand - so the trade-off between growth and inflation is still favourable for fundamental company earnings. This is the strongest underlying driver for share prices. SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 01/11/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

The Autumn Budget has maintained a relatively steady ship, with no major announcements in several tax areas. Focus remains on keeping the UK a competitive place for business and encouraging innovation to lead to economic growth.In today's special episode on the UK Autumn Budget, we highlight what the key changes can mean for you personally and for your business:Business TaxesResidential property developer tax rate confirmed 4%The annual investment allowance of £1 million will continue until March 2023Enhanced and extended cultural reliefsFollowing a consultation on the R&D tax incentive schemes, two major changes have been announced:Expenditure relating to cloud computing and data will be included within eligible spendThe wider scheme is being reformed to better support and incentivise innovation taking place in the UK, and not that undertaken overseas.Income taxes & Capital TaxesNo major changes for income tax, CGT, or IHT were included in the BudgetKey change is the previously announced 1.25% increase to dividend tax rates and NICThe continuing freeze on the personal allowance and income tax rate bands is likely to see more taxpayers start to exceed the personal allowance and creep into paying higher rates of tax.Despite speculation that this Budget could include significant changes to CGT or IHT, announcements to capital taxes were minimal. The OTS recommended much more extensive reforms to both the CGT and IHT regimes. The Treasury has been under significant strain and is unlikely to have had the opportunity to consider these recommendations, but reform cannot be ruled out in the future.  It may be worth considering what future changes could mean for you, for example, whether to accelerate the sale of assets or pass assets down to the next generation.Head to our UK Autumn Budget hub for further analysis and commentary from the Experts at Smith & Williamson SUBSCRIBE:Stay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/3ArrCoaGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 01/11/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22. 

Economic recovery and inflation are increasingly being shaped by supply-chain issues: notably labour shortages and production bottlenecks. Manufacturers say a lack of equipment and materials are limiting production, while transport costs have surged. These shortages could have a lingering impact on inflation, which is now being felt across a range of sectors. Labour shortages are forcing employers to raise wages. Provided the business cycle does not end abruptly, the environment still favours equities over bonds. Nevertheless, the risk for markets is that higher inflation becomes more entrenched, forcing central banks to raise rates. SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 30/09/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531 

In this episode, Ami Jack Head of National Tax and Susan Roller a Partner in our Private Client Tax team discuss offshore companies owning UK residential properties and key considerations you need to be aware of, including those arising as a result of the planned increase in corporation tax.Key discussion points to note in this episode:Offshore companies have been subject to a series of tax changes for the last 8 years and the corporation tax increase in April 2023 to 25% also affects all these companies.The new 25% rate applies to all non-resident companies regardless of the level of rental income – this is an increase from the current rate of 19% and will apply on any gains on sale.If you've got a UK residential rental property in a company that you are considering selling, think about exchanging contracts pre 1/4/23 so gain taxed at 19%. The Capital Gains Tax (CGT) will be based on market value at April 2015, which could be 20% gain on average.  The 7.8% indexation allowance (April 2015 to when stopped in Dec 17) wipes out half the gain and legal costs and agents costs may cover some of the rest.For some, it may be worth considering moving the management and control of the company to the UK so ‘normal' rates of Corporation Tax apply if rents are lower (under £50k).The 25% rate of tax could still apply if there are large gains on a sale. It might be possible to transfer the property at no tax cost to a UK company but tax on gains and Stamp Duty Land Tax (SDLT) will need reviewing . If a company is paying Annual Tax on Enveloped Dwellings (ATED) (£59k for £5m+ , £118,6000 for £10m, £237,400 for £20m ) the tax cost to unwind may only be a few years of ATED costs.  Moving forward, private residence relief might be available at personal or trust level to cover future gains.  If you rebase to April 2015, you'll need a valuation. For ATED, properties will need to recheck bandings based on April 22 values for paying ATED in April 2023 so it fits in well to get valuations for both at once. Some may have already got an April 15 valuation when ATED was lowered from £2m to £500k.Given the fact that everyone has the same April 2023 deadline it makes sense companies review their long term plans and, if they are happy retaining the property, consider whether the current structure is the best one for tax purposes. There may, of course, be many reasons the property should be kept in a company!  SUBSCRIBE:Stay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/3ArrCoaGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on 15/09/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22. 

As Ghandi once said ‘The future depends on what we do in the present'. In today's episode we discuss how best to get your affairs in order for when the inevitable happens. A big part of that is making a will but there's other things to consider. Our special guest; Stuart Adams, a Solicitor and Legal Director in the Tax and Wealth Planning Team at Mishcon De Reya joins the conversation and demonstrates the importance of solicitors and financial planners working together to get the best outcome for the client.Source:Three in five (59 per cent) UK adults have not written a will, new research from Canada Life today reveals. This equates to 31 million people, whose property, financial and other assets could be left to someone they have not chosen when they die.https://www.wealthadviser.co/2020/09/28/290151/thirty-one-million-uk-adults-dont-have-will-place-says-new-research SUBSCRIBE:Stay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/3ArrCoaGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on [09/08/2021]This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. 

Once President Nixon had abandoned the gold standard, the US could expand its money supply without being constrained by its holdings of bullion. This made it easier to issue debt to finance growth. This ability has been important in supporting the economy during the pandemic. Unprecedented monetary stimulus saw the pandemic-led recession last just two months, the shortest ever, but as financial markets grow increasingly dependent on the waves of central bank liquidity, there may be aftershocks as it is withdrawn. SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 31/08/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

In this introductory episode on transferring wealth, we touch on main issues families are facing and questions you should start thinking about to help you plan.When we refer to ‘wealth transfer', we are referring to wealth cascading from the older generation to the younger generation – weather this is during the lifetime of the older generation or at death.SUBSCRIBE:Stay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/3ArrCoaGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on 19/07/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22.Smith & Williamson Financial Services Limited Authorised and regulated by the Financial Conduct Authority. 

Bond and equity markets are telling a different story about the global growth outlook: equity markets have rallied significantly since the start of the year, while treasury yields have trended lower. Both markets can't be right.*We are sticking closer to the upbeat view taken by the equity market, believing that bond yields currently suggest excessive pessimism. That said, we are alert to a number of risks, including inflation and slowing global growth. * Source:  Refinitiv Datastream/Smith & Williamson, ONS, data as at 28 July 2021SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on 03/08/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

Crytposassets have dominated the headlines for a while. The FCA have also recently published a research note that estimated 2.3 million people now hold cryptoassets in the UK. Despite this increase, they also suggest that the level of understanding of cryptoassets is declining.One of the key considerations is whether they are held for investment or trading purposes.  This will impact whether they are subject to capital gains tax or income tax.Income tax rates are currently higher than CGT rates that apply to investors.In most cases, cryptoassets are held as investments and profits on sale are subject to capital gains tax (CGT).Capital losses on cryptoassets can only be relieved against other capital losses, which is far more restrictive than trading losses.Crypto traders, just like those in stocks and shares, may instead find their profits are subject to income tax if the activity amounts to a trade; this is likely characterised by frequent buying and selling.There is a high hurdle to clear in order to meet the trading criteria and HMRC may challenge a taxpayers who reports a crypto loss as a trading loss.HMRC have taken the view that cryptoassets are situated for tax purposes where the owner resides. Should a taxpayer take a contrary view and HMRC challenge this, the tribunals may ultimately resolve this matter.Although often referred to as cryptocurrencies, there are not a currency.  As such, the usual CGT exemption for currencies does not applies.Therefore, if you buy your Tesla with you bitcoin, you are disposing of that bitcoin and need to assess whether you have made a gain for tax purposes.HMRC are yet to provide detailed guidance on the taxation of non-fungible tokens (NFTs). For UK tax purposes, NFTs are comparable to a contract and similar tax treatment may apply.  SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/3qFWRaLGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 06/07/2021 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/222.  

In this episode Anne McClean and Dougie Cameron chat about the annual tapered allowance, as well as the annual allowance limits that can be saved into a pension each year, and the ability to carry forward unused annual allowance from the previous three tax years.In case you missed our lifetime annual allowance episode, have a listen here: https://bit.ly/360jywvArticles mentioned:The Annual Allowance - pension contributions 2020/21: https://bit.ly/3ysq8bgTapered annual allowance timebomb - https://bit.ly/3kdSm67Pension Planning (Tapered Annual Allowance): https://bit.ly/2TEWSQ3SUBSCRIBE:Stay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/3ArrCoaGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 24/06/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.

In this episode we'll be looking at why equities could win out over bonds in the second half of 2021.Investors are heading into the second half of 2021 in a buoyant mood after an encouraging first half of the year for markets, supported by accommodative policy and rising growth expectations1. Though the global growth spurt may peak sometime this year, in this episode, we suggest the fundamental backdrop for equities remains positive. Private consumption, the driving force for the GDP expansion and company earnings, is underpinned by healthy finances.  Higher inflation could create more market volatility. The prospect of higher interest rates could disproportionally affect the US and we see more opportunities in non-US stocks. Source: 1 Refinitiv Datastream, data as at 29 June 2021SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you're interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 01/072021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

Whether or not it is practical for a business to have employees working overseas will depend on the business, but there are some benefits. In this episode on global mobility, we discuss key considerations businesses need to be thinking about.This is especially relevant now as the pandemic has had a big impact on how and where we work.  We are starting to adopt new ways of working again as restrictions begin to be relaxed.A key considering is whether or not to give employees flexibility to work outside the UK.  Businesses who choose to adopt international remote working arrangements may gain access to a more global and diverse talent pool, and also benefit from improved talent attraction and retention. There are, however, various tax, HR and legal considerations. To receive the latest tax updates, subscribe to our mailing list here: https://bit.ly/3qFWRaLThis episode was recorded on 23/06/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/222. 

What do you need to be thinking about when you're approaching retirement? In this episode Anne & Dougie discuss retirement planning and how peace of mind can be achieved.Topics covered in this episode: pension contributions, rental income, mortgages, cash deposits, the importance of budgeting, state pension and; what levels of income will you need in retirement.SOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Anne McClean, Dougie CameronProducer: Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comsmithandwilliamson.com This episode was recorded on 10/05/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22.Smith & Williamson Financial Services Limited. Authorised and regulated by the Financial Conduct Authority

In this episode we'll be looking at the recent volatility in stock markets and whether concerns on inflation are justified.Markets were spooked by concerns of a stagflation environment of high inflation and low growth. This followed higher-than-expected US inflation, where April headline CPI rose 4.2% from a year ago - the highest rate for 13 years - and a disappointing US non-farm payroll number for the same month to raise investor concerns about a sustained recovery. However, given that US and global 2021 real GDP growth is expected to grow at its fastest rate for decades, the risk of stagflation seems low GET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comSubscribe to our mailing list here, select the topics you would like to be contact on: https://bit.ly/2Sqp4paFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Daniel Casali, Cherry ReynardProducer: Laura BurrowsThis episode was recorded on 27/05/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

Throughout this episode, Julia and Anthony describe some of the key changes to capital gains tax and inheritance tax that have been proposed by various bodies such as the Office of Tax Simplification, and explore how this could potentially impact you and your family.Julia Rosenbloom and Anthony Whatling, Partners in our Private Client Tax Services team, discuss the possibility of tax reform in the UK.  Throughout this episode, Julia and Anthony describe some of the key changes to capital gains tax and inheritance tax that have been proposed by various bodies such as the Office of Tax Simplification, and explore  how this could potentially impact you and your family.SOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Julia Rosenbloom, Anthony WhatlingProducer: Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comWant to know more about our Private Client Tax Services and how we can help you? Head here for more info https://bit.ly/3wPQy5YThis episode was recorded on 26/05/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22. 

In this episode we will be discussing capital allowances, in particular the super deduction.As an incentive to encourage and accelerate capital investment and drive growth, the Government announced a series of generous capital allowances measures in the recent 2021 Budget. Throughout this episode we’ll be discussing the background to the new relief and an overview of what it covers and how it works; some of the key issues we’ve noticed and have been discussing with our clients; and as well as the practical advice and assistance we’re able to provide to our clients. SOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Zoe Thomas, Martin DyeProducer: Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.com This episode was recorded on 29/04/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax and Government legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22. 

In this episode We’ll be looking at what’s happening in markets with the vaccine roll-out underway and whether accommodative monetary and fiscal policy might come with an inflationary sting in the tail. FOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson CREDITS:Hosts: Daniel Casali, Cherry ReynardProducer: Laura Burrows GET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comCheck out our podcast episode library here: https://smithandwilliamson.com/thepulse/Want to find out more about Smith & Williamson, visit: smithandwilliamson.com This episode was recorded on 29/04/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

Lifetime allowances for pensions was first introduced in 2006. This is the amount an individual is allowed to accrue in pensions scheme before paying any tax charges. The lifetime allowance for 2021/22 has been frozen and sits at £1,073,100.Lifetime allowance can be extremely complex area to navigate. This podcast is not intended as advice and those who face any of the issues discussed in the podcast are  encouraged to seek appropriate financial planning advice. Want to know more about our Personal Financial Planning Services and how we can help you? Head here for more info: https://smithandwilliamson.com/en/services/personal-financial-planning/SOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Anne McClean, Douglas CameronProducer: Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comView all episodes for the Personal Financial Planning show here: https://bit.ly/3wWnSZW This episode was recorded on 19/04/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22.  

This episode is all about transfer pricing;  what is it, why does it matter, how it is applied to businesses, where does it need to be applied and how the UK documentation regime works. It’s not something to be afraid of – it’s something to be aware of.So what is transfer pricing? Transfer pricing is the pricing of transactions between associated enterprises. Most commonly, this is the pricing of interactions between companies within a group. From a tax authority perspective, they are looking for these interactions to be at a price that would be set between independent parties.For more information, or any questions around transfer pricing, please get in contact with Philip Newbold.SOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Philip Newbold, Rebecca Foley, Mike BeardProducer: Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.com This episode was recorded on 04/03/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2020/21. 

In this episode we’ll be talking about the Ides March and whether that will be a bad omen for stock markets.While a rise in longer-term bond yields has hurt parts of the market in the short-term, we believe any potential equity market vulnerability should be transitory: US interest rates are still low, economic recovery continues at pace and growth expectations are higher.  That said, the tug of war between stronger growth on one hand and higher rates on the other is likely to give rise to volatility. We discuss how we are approaching this in our portfolios, where the key risks lie and the outlook for financial markets over the next few months.  FOLLOW US:Twitter  @SmithWilliamsonLinkedIn @Smith&WilliamsonCREDITS:Hosts: Daniel Casali, Cherry ReynardProducer: Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comCheck out our podcast episode library here: smithandwilliamson.com/thepulse/Want to find out more about Smith & Williamson, visit: smithandwilliamson.com This episode was recorded on 01/04/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

In this episode, Nick Travis chats to Sir Rod about finding confidence in his early years, family values and his inner determination that shaped his career.Sir Rodney Aldridge founded Capita Group in 1987 and built it to become a FTSE 100 company. Today, his focus is on improving the education system that let him down, through the Aldridge Foundation.The Aldridge Foundation is a charity built on a desire to open the minds of young people, equipping them with essential, transferable employability and life skills and developing an enterprising mindset so that they will have the ability to create better life chances for themselves. And become catalysts for positive change in their communities.Rod is also using his wealth and time to get involved in mental health projects, being deeply involved in a business called Frog Systems.Frog Systems which offers a video based mental health and wellbeing solution that captures the power of the lived experience to offer hope and support to those in need.To find out more about Rod, head to our Hall of Fame page LINKS:Aldridge Foundation: www.aldridgefoundation.com/about/our-story/You’re Better than They Think You Are They book:  https://www.amazon.co.uk/Youre-Better-Than-They-Think/dp/1786065738Frog Systems:  frogsystems.co.uk/SOCIAL MEDIA:Twitter @SmithWilliamsonLinkedIn  @Smith&WilliamsonCREDITS:Hosts: Nick Travis, Rod AldridgeProducer: Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comWant to know more about our Entrepreneur Services and how we can help you? Head here for more info: https://smithandwilliamson.com/en/solutions/entrepreneurs/ This episode was recorded on 18/03/2021This S&W The Pulse  podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.

In the last two episodes we discussed the governance landscape for family businesses and how the right governance structure can help family businesses build a sense of purpose. In today’s episode, we look at bringing in the next generation.Key questions raised in this episode:[0:42] The survey looked at how a family could become a brand in its own right. Can you talk about why that could be important? [2:37] To what extent are you seeing families develop a social purpose as well as a business purpose that reinforces that brand? [4:04] Can you give some examples of what this looks like in practice? [5:12] Is this an important tool to bring in the next generation? [5:52] What other elements are important for engaging the next generation?[7.20] How can the right governance structures encourage this engagement? You can read the full Family Business Survey here: https://bit.ly/3kuu3yQSOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Rupert Phelps, Cherry ReynardProducer: Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comWant to know more about our Family Wealth Services and how we can help you? Head here for more info: https://bit.ly/2O09WfKView all episodes for the Family Wealth show here: https://bit.ly/2Ow4O3msmithandwilliamson.com This episode was recorded on 03/03/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson LLP Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.Smith & Williamson Investment Management LLP Authorised and regulated by the Financial Conduct Authority. Registered No 580531The Financial Conduct Authority does not regulate all of the products and services referred to in this document, including Tax, Assurance and Business Services 

Last episode we talked about the need for good governance structures and where family businesses should start. This week we’re focusing on the upsides of good governance – the advantages it can bring to a family business.Key questions raised in this episode:[0:48] This episode we are focusing on the positives from governance, with that in mind, can you talk about how governance and ‘purpose’ interact for family businesses?[2:00] Presumably this ‘purpose’ should run through the DNA of a family business – what does this look like in practice?[3:40] What are the risks of not having that sense of shared purpose?[4:58] How does a family decide on the purpose of a business? What are the best ways to embed it in the governance structure?[6:30] What is good practice in terms of family meetings? How important are they?[8:15] How do the most successful family businesses collaborate?You can read the full Family Business Survey here: https://bit.ly/3kuu3yQSOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Rupert Phelps, Cherry ReynardProducer: https://www.linkedin.com/in/laura-burrows-99256b82/Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comWant to know more about our Family Wealth Services and how we can help you? Head here for more info: https://bit.ly/2O09WfKView all episodes for the Family Wealth show here: https://bit.ly/2Ow4O3msmithandwilliamson.com This episode was recorded on 03/03/2021 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson LLP Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.Smith & Williamson Investment Management LLP Authorised and regulated by the Financial Conduct Authority. Registered No 580531The Financial Conduct Authority does not regulate all of the products and services referred to in this document, including Tax, Assurance and Business Services

In our new Family Wealth Show, we discuss over the course of three episodes findings and insights from our latest biennial Family Business Survey. Today’s episode covers the governance landscape for family businesses.Key questions raised in this episode:[1:40] What did the survey reveal about attitudes to governance?[3:15] Do most families have governance structures in place? If so, which are most common? [4.28] From your experience, what galvanises families into implementing new governance procedures?[5:55] Where should families start when implementing new governance procedures and how have you seen different family approaching it? [7:30] Which areas do you believe are particularly important? [9:00] How can families assess what is working and what isn’t? You can read the full Family Business Survey here: https://bit.ly/3kuu3yQSOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Rupert Phelps, Cherry ReynardProducer: Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comWant to know more about our Family Wealth Services and how we can help you? Head here for more info: https://bit.ly/2O09WfKView all episodes for the Family Wealth show here: https://bit.ly/2Ow4O3mPodcast episode library : https://smithandwilliamson.com/thepulse/smithandwilliamson.com This episode was recorded on 23/02/2021 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson LLP Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.Smith & Williamson Investment Management LLP Authorised and regulated by the Financial Conduct Authority. Registered No 580531The Financial Conduct Authority does not regulate all of the products and services referred to in this document, including Tax, Assurance and Business Services 

March is a very exciting month from a tax point of view with the Budget on the 3rd and a range of tax consultations published on 23rd. In this episode we outline key tax changes for you and your business, as announced in the UK Budget on 3rd March by the Chancellor of the Exchequer, Rishi Sunak.In this budget Rishi Sunak delivered a targeted balance of new tax increases and tax reliefs as he tries to support struggling sectors and stabilise the national debt. With the pandemic creating a once in a lifetime cost to the Treasury, there was little that could be given away, yet the Chancellor could not do anything to curtail an economic recovery. Thus, we saw no headline changes to income tax rates or VAT rates: both impact consumer spending and therefore economic recovery. However, the Chancellor did bring in measures to claw back tax revenues. Some of these were obvious, such as corporation tax changes; others were more subtle such as freezing reliefs and allowances. The Chancellor can only hope for a controlled increase in inflation to reduce the real cost of debt and increase tax revenues as a result. To view  the key elements from a tax perspective and questions raised throughout this episode, head to our dedicated budget hub or follow the links below: smithandwilliamson.com/budget2021 S&W LINKS:Capital Taxes - https://bit.ly/38rBRwmIncome Tax  - https://bit.ly/3t3pMFyPayroll and employee incentives  - https://bit.ly/3qucWyhBusiness Taxes - https://bit.ly/38rNWSiVAT and indirect taxes - https://bit.ly/38t5WvtGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comSOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Ray Abercromby, Julia Rosenbloom, John Manis, Barnaby Redwood, John RainsfordProducer: Laura Burrows View all episodes for the Talking Tax show here: https://smithandwilliamson.com/en/insights-landing/sw-the-pulse/talking-tax-podcast/ smithandwilliamson.comThis episode was recorded on 08/03/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2020/21. Smith & Williamson LLP Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.  

In this episode we look at how the growth in money supply in the US could impact the global economy looking forward. US broad M2 money supply increased by 27.5% in January 2021 from a year ago, the fastest growth rate in 150 years. What does this mean for equity valuations? FOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Daniel Casali, Cherry ReynardGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comCheck out our podcast episode library here: https://smithandwilliamson.com/thepulse/Want to find out more about Smith & Williamson, visit: smithandwilliamson.com This episode was recorded on 02/03/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

Douglas Cameron, Financial Planner in our Glasgow office joins us today with Anne McClean, Financial Planner in our London office. Discussing end of year tax planning such as pensions, ISAs, personal allowance, tax reliefs, to ensure you have a successful financial future.Douglas Cameron, Financial Planner in our Glasgow office joins us today with Anne McClean, Financial Planner in our London office. Discussed end of year tax planning such as pensions, ISAs, personal allowance, tax reliefs to ensure you have a successful financial future. In this episode, Anne and Douglas will talk through a client example of what end of tax year planning they should be considering, covering:Pensions contributions, tapped annual allowance, pension income, lifetime allowanceISA, junior ISA, cash ISA allowancesPersonal allowanceTax reliefs: SEED Enterprise Investment Schemes (EIS), EIS, Capital Gains Tax (CGT)Charitable giftsGift allowanceLINKS:Case study discussed in episode: https://bit.ly/3rjDGTGThe Annual Allowance - pension contributions 2020/21: https://bit.ly/2NQQAKmA guide to enterprise investment schemes PDF: https://bit.ly/3bXJLOXA guide to Venture Capital Trusts PDF: https://bit.ly/3kG5QWgFollow us on Twitter @SmithWilliamson CREDITS:Hosts: Anne McClean, Douglas Cameron GET IN TOUCH:Have any feedback? We're listening, email at: podcast@smithandwilliamson.comCheck out our podcast episode library here: https://smithandwilliamson.com/thepulse/Want to find out more about  Smith & Williamson, visit: smithandwilliamson.com This episode was recorded on 08/02/2020 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Capital at risk. The value of investments and the income from them can fall as well as rise and the investor may not receive back the original amount invested.Tax legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2020/21.Smith & Williamson Financial Services Limited. Authorised and regulated by the Financial Conduct Authority.

In this episode we’ll be looking at whether vaccines can outrun new variants and what this is likely to mean for economies and stock markets.Let’s start by looking at the virus situation. The vaccine rollout appears to be gathering pace, but new variants threaten to undermine some of the good work. It seems equity investors still believe the vaccine will triumph – where do you think the balance lies?Despite higher levels of new COVID-19 cases prompting stricter lockdowns in many parts of the world, the MSCI All Country World equity index (ACWI) is currently up around 3% so far in January(1). This optimism is largely down to the COVID-19 vaccine rollout, plus some ongoing stimulus and expectations of an earnings recovery. There are reasons to be encouraged: globally, around 1% of the population have been vaccinated, at a run rate of nearly 4 million per day(2). The new Biden administration has promised to deliver 100 million shots to Americans in his first 100 days. Given the current pace is 1.5 million per day and rising, this seems to be an achievable ambition(3). While that would only immunise around 30% of the population, it should nonetheless, protect front-line workers and the most vulnerable to the virus. In turn, this should reduce hospital admissions and encourage the US authorities to lift lockdown restrictions.  Can you see lockdown in the UK being lifted anytime soon? And how is the economy faring under lockdown 3.0?In the UK, the government has made lifting lockdowns dependent on vaccinating 15 million of the top four priority groups(4). Given that 6.3 million people have already received their first shot, the inoculation program is on track to meet this target(5). Potentially this would allow schools to open after half-term on 22 February and non-essential shops by mid-March. Moreover, the third lockdown is likely to have less impact on growth than previously. Unlike last spring, construction and manufacturing firms have remained open, while retailers can provide click and collect service and have had more time to adjust to provide online deliveries.  Do you think markets are sufficiently pricing in the risks associated with the vaccine rollouts?Considering the gains seen in equities since last March, there is plenty of market risk dependent on the efficacy and speed of the vaccine roll out. Mutated strains of the virus may emerge which are more resistant to current vaccines, and the population may not be inoculated fast enough to drive consumer confidence and spending up. As an insurance against this uncertainty, governments around the world have shown a willingness to take pre-emptive action to stimulate demand and protect against downside risk to the economy. For instance, following the $900 billion pandemic relief package already legislated by US Congress in December, President Biden announced the $1.9 trillion “American Rescue Plan” in January. While not all elements of this latest fiscal package will end up in law, $1,400 stimulus cheques to qualified individuals (on top of $600 payments passed in December) and more generous unemployment benefits should pass the now Democrat-controlled Congress(6). This front-loaded boost to take-home pay increases the likelihood that consumer spending can recover quickly to boost growth. Consensus forecasts are for US real GDP to grow by 4.1% in 2021, which if realised would be the fastest growth rate for 21 years(7).It is largely because of the vaccine rollout, stimulus measures and economic recovery that analysts continue to remain upbeat about company earnings. The consensus range for MSCI ACWI Earning Per Share annual growth has held remarkably steady at around 28% and 16% for 2021 and 2022 respectively, since the summer(8). This fundamental support suggests that equities can continue to rally even during the pandemic and lockdowns.  Do you think inflation is likely to rise? And if so, will it be a boost for “value” markets such as the UK & emerging markets?The short answer is yes. The direction of inflation, and particularly in the US, is likely to be an important determinant for relative equity market performance. US implied inflation (derived from the Treasury market) has swung round from 0.5% per annum over the next 10 years last March to 2.1% currently, the highest rate since late 2018(9). This is consistent with the Fed’s policy change last summer to encourage higher inflation. The macro backdrop appears a little more inflationary. Given high involuntary household savings rates from fiscal stimulus, pent-up cyclical consumer demand could absorb slack in the economy, as a result of the pandemic easing relatively quickly. Structurally, the downward pressure on wages (and inflation) from the last couple of decades may be reversing too. China’s working age population started to fall in 2011, reducing the size of the global labour pool, and this could lift future wage rates(10). Furthermore, manufacturers may bring more costly production closer to home to avoid COVID-related supply chain issues. If realised, this de-globalization could raise future inflation rates. We see investment implications from higher US inflation expectations. Looking at data going back to 2009, we find that “value” orientated equity regions like the UK and emerging markets typically outperform their global peers in a rising US inflationary environment. These markets benefit from their relatively high exposure to value sectors, such as energy, materials and industrials, and low valuations. Is there anything else to recommend these markets?Both the UK and emerging markets are also likely to profit from an easing in idiosyncratic risks. UK equity valuations should improve following the Free Trade Agreement in goods agreed with the EU at the end of last year, while emerging markets should gain from an expected multilateral approach by the US over trade policy under a Biden administration, compared to Donald Trump’s policy to impose ad-hoc trade tariffs on China. The UK and emerging markets fit into our “Loving Unloved Stocks” theme for 2021. Sources:1,2,3,5,8,9 Refinitiv Datastream, 20 January 20214 Pantheon Macroeconomics, The weekly UK Economic Monitor, 18 January 20215 HSBC Global Research, US Fiscal Policy report, 20 January 20217 Bloomberg, 20 January 202110 The Inflation Outlook, Raymond James, 19 January 2021*** Head to our website to read the full episode show notes smithandwilliamson.com This episode was recorded on 26/01/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

In this episode we discuss how much money will you need to retire? This is very much a personal question that doesn’t really come with an easy answer. There’s a lot of work that goes into planning for a big event like retirement and to give yourselves the best chance we’ve covered the essential things you need to understand to make sure you are confident and able to enjoy your first day of retirement from the very start! Retirement planning is a very popular topic and most people will need to take advice to achieve the best outcome. Visit our website to view the show notes: https://smithandwilliamson.com/en/insights-landing/sw-the-pulse/financial-planning-show/Articles:How much do you need to retireRetirement and life planning - ensure you enjoy retirement from day one This episode was recorded on 07/12/2020 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Capital at risk. The value of investments and the income from them can fall as well as rise and the investor may not receive back the original amount invested.Smith & Williamson Financial Services Limited. Authorised and regulated by the Financial Conduct Authority. 

While businesses and individuals alike will welcome the free trade deal and the certainty that the Brexit agreement will create, there is much for businesses to understand and adapt to in a short timescale. They must navigate new requirements as best they can to preserve supply chains and trading lines, while also meeting regulatory and tax obligations.In this podcast we cover the key areas that businesses should focus on such as Value Added Tax (VAT), employment tax and corporation tax.Visit our Brexit page to view the top ten actions that businesses should take to ensure they are in the best position to do business in the UK and EU after Brexit https://bit.ly/2LKaHbDSmith & Williamson Brexit hub page

In this episode we talk about 2020, though it’s a year most of us would rather forget, the pandemic led to a global economic shock that established new multigenerational records.*** Head to our website to read the full episode show notes: https://bit.ly/3dk3OGBsmithandwilliamson.comThis episode was recorded on 05/01/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

The importance of tax for professional sports people, part two; in this episode with Martin Rankin, we discuss the tax liability issues contented with image rights.Listen to part one on ‘Current issues with agent’s fees’.What is an image right?Image rights concerns the various rights an individual holds of their own persona, it is something that is intangible and they rightfully exist in varying degrees for commercial appeal. For example, could be someone’s name, nickname, photograph, likeness, signature, personal brand, a slogan, logos associated with the player etc.One of the phrases that the tax authorities state is the concept of an image right is one that is not recognised under English Law. It certainly is recognised in other jurisdictions such as France, Germany, the US. The Guernsey authorities have now produced a register where a high-profile or not so high-profile individual; living or dead, can come forward with the executors (in the case of deceased person) to register image rights as an asset that is owned. Show links:Article: What footballers need to know about image rights deals The Sports & Media podcast page Smith & Williamson’s Sports, media & entertainment webpage This episode was recorded on 25/11/2020This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice from their financial adviser before making financial decisions. HMRC Tax Year 2020/21 

Over the next two episodes we’ll be discussing the importance of tax for professional sports people. In episode part one, Martin Rankin an Associate Director in our London tax group joins us, we’ll be discussing current issues with agent’s fees.Seeing a number of enquiries from HMRC in this area, querying the fees paid by clubs to agents in respect of player transfers and contract renegotiations.Common area where queries crop up with HMRC which struggles to understand the nature of transfer negotiations and the relationship between players, clubs and agents.  HMRC often seek for documentation confirming a position, which simply does not exist because the common way of doing business is word of mouth and on a handshake.What is the background to this issue?When player signs for a club there will be a fee due to the agent for the work carried on behalf of the club and the player, reflecting agent’s role as an intermediary bringing club and player together.Part of the fee relates to work done for the player and part of that fee relates to work done for the club.  With UK resident agents this fee will have 20% VAT added to it.It is quite common for the club to settle the portion of the player’s fee on the player’s behalf.  This represents a benefit to the player and the club will include it on the form P11D, which records the taxable value of any benefits a player receives from the club during a tax year.The player pays 45% tax on the value of the benefit and the club pays national insurance on it.The Sports & Media podcast pageSmith & Williamson’s Sports, media & entertainment webpage This episode was recorded on 25/11/2020This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.

In this episode we discuss the Covid-19 vaccine announcement and whether this stock market strength can endure, particularly in the US, and also the implications for government bond markets. Vaccine progress has boosted equity markets throughout November, even if there are still logistical challenges. This makes it more likely that global GDP will reach consensus expectations of +5.2% growth in 2021, with less need to implement economically damaging national lockdowns. View all Investment Show episodes here along with the full episode show notes. www.smithandwilliamson.co.ukThis episode was recorded on 26/11/2020Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

Smith & Williamson worked very closely with British Land this time last year designing, implementing and running a robotic automation process for the submission of approximately 240 of British lands tax computations. Sally Cowen at British Land led this project so I thought it'd be really helpful to hear Sally's views on the process on what went well, where we added value and of course, what we can do better this year.Head to our Tax Technology and Real Estate webpages for an overview on our services and how the teams can help your business.Tax Technology: https://bit.ly/35qZq7zBusiness Tax: https://bit.ly/38xZ6G1This episode was recorded on 05.11.2020 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.  

In this episode we'll be discussing recent GDP and retail sales data and what this suggests about the economic recovery.Global equities have largely recovered from their losses in the wake of the pandemic sell-off in March, with fiscal and monetary stimulus helping support private consumption across the globe. Retail sales and residential housing have both seen strength in recent months. Can this last? *** Head to our website to view all Investment Show episodes and show notes: https://bit.ly/3dk3OGB This episode was recorded on 02/11/2020Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531

In this episode we’ll be discussing what impact the events of 2020 has had on financial planning.The main thing we are really seeing is peoples focus and priorities are really changing and what’s important to them in life, moving from city centers to outside cities and achieving work life balance. What is at the forefront of their minds is retirement planning and if they can afford to retire, cashflow planning; mapping out the rest of their life through the eyes of their finances, diversified portfolios and thinking about having an emergency fund.Head to the Financial Planning Show for all episodes: https://bit.ly/2U8F10uRelated articles:Now is an opportune moment to give your finances a health check: https://bit.ly/2GIi697Retirement and life planning - ensure you enjoy retirement from day one: https://bit.ly/3n5X5ET This episode was recorded on 30/09/2020 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. 

In this episode we discuss how COVID-19 continues to drive market risk.There has been a pick-up in new Covid-19 cases across Europe - and with it, the prospect of another round of national lockdowns. This poses a major risk to markets, but it is not the only potential source of volatility. The Brexit deadline is looming, with just a few weeks to reach a Free Trade Agreement ahead of the European Council meeting. If an agreement is not forthcoming, it could lead to significant turmoil in financial and currency markets.Then there is the US election, which has been more contentious than most. Biden is still ahead in the polls, but Donald Trump has made it clear he won’t go quietly. History suggests that a disputed election may upset stockmarkets.[0.28] We’ve seen a pick up in new Covid-19 cases across Europe - and with it, the prospect of another round of national lockdowns. Is this a major risk to markets – and are there any other risks we should be thinking about?Yes, we see the risk of more lockdowns as the major risk to markets today, but we also see a number of other tail risks looming this autumnsome of these issues could include a no-deal Brexit, a disputed US election and a sell-off in technology stocks, each of which has the potential to put material downward pressure on equities (at home and abroad). [1.05] OK – let's look at some of those risks in more detail. The Brexit deadline is looming, what’s your reading of the situation?The UK has already left the EU, however, by effectively reopening-up the legislated Withdrawal Agreement, PM Boris Johnson has raised the possibility that the UK may not get even a very basic Free Trade Agreement on goods with the EU when the transition period expires at year endthe British government is changing the Withdrawal Agreement text on fears that in the event of no Free Trade Agreement, the EU could restrict trade between Great Britain and Northern Ireland and undermine the integrity of the UK the government is also concerned that the Northern Ireland Protocol (NIP) in the Withdrawal Agreement could potentially give the EU powers over UK state aid in perpetuity. The UK could make a case for reneging on some commitments made in the revised NIP in October 2019 around the government needing to play a larger role in helping the economy recover from the pandemiccertainly, article 62 of the Vienna Convention on the Law of Treaties enables parties to discharge their legal obligations when there has been a “fundamental change in circumstances” since the treaty was signed.  [2.27] And they’re arguing that the Covid-19 outbreak is just this kind of ‘change in circumstances?Exactly, and certainly this has been the biggest economic shock in modern historynevertheless, the EU is unimpressed that the UK is willing to make changes to commitments made less than a year agoBoris Johnson has given the EU a deadline of 15 October to reach a Free Trade Agreement at the European Council meetingif an agreement is not forthcoming, it could lead to volatility in financial and currency markets. [2.59] OK, let’s turn to the US. There’s a lot of noise generated by the election, but what do you see as important? Since the coronavirus crisis hit the media headlines at the start of this year, Joe Biden’s strategy has been to make the November US election an effective referendum on President Trump’s handling of the pandemicin opinion polls President Trump’s job approval rating slipped from 47% at the start of April to a low of 41% at the end of July(1)as lockdown has ended it has steadily recovered to 45% currently(2)for comparison, job approval rating data from Gallup show that in June of an election year, previous incumbents, like George H.W. Bush in 1992 on 37%, Jimmy Carter on 32% in 1980 and Gerald Ford on 45% in 1976, all lost office after one term on such low stats(3)the exception was Harry Truman, who was re-elected in 1948on just 40%(4)it is possible that the race for the keys of the White House is influenced by whether a COVID-19 vaccine is approved for distribution ahead of the electionopinion polls could narrow further and potentially lead to a wafer-thin win for either Joe Biden or Donald Trumpconsidering the partisanship between Democrats and Republicans, a tight election result would be hotly disputed, as it was when Republican George Bush was initially shown to have beaten Democrat Al Gore on 7 November 2000 by a slender margin in Floridagiven the closeness of the result, the Democrats demanded recounts, the S&P 500 fell over 8% during this period of political uncertainty until the Supreme Court ordered recounting to stop after 34 days.(5) [4.46] So mail-in voting could be the big area of contention?Yes. Lingering concerns over COVID-19 are likely to boost voting by mail. This opens a whole can of risks, ranging from allegations of fraud, lost, uncounted or rejected ballots from voters unfamiliar to verification requirementsgiven the time it will take to count voting by mail, the election result may not be known on the daythe election is on 3 November, but the deadline for all states to certify voting results is 8 Decemberultimately, unless there is a clear win for either side, the result could be disputed and that could undermine financial markets performance.  [5.28] There’s finally been some sell-off among the big tech stocks. What do you believe is happening there?The so-called FAAMG (Facebook, Apple, Amazon, Microsoft and Google) basket of technology stocks have sold off in aggregate by 16% from peak to trough so far in September(6)the biggest correction seen since the market downturn in Marchinvestors may be simply taking profits after such a strong run or getting apprehensive about increasingly demanding valuationsas the economy opens up again competitors will be able to recover at least some market share thus slowing FAAMG growth rates and reducing their relative attractivenessthe risk to equities is the size of the FAAMGs, which collectively account for around a quarter of S&P 500 market cap and around 8% of global GDP(7)a larger correction in the FAAMGs stocks could lead to a broader equity market correctionhowever, it is encouraging to see that the recent correction in the FAAMGs has had less of an impact on global equities in September than in late February and March. [6.37] What do you believe might happen if a vaccine is found and what is your outlook for markets?Even if an effective COVID-19 vaccine is found and used by the bulk of the population, related markets risks are likely to linger so we expect volatility to continuenonetheless, when viewed from a longer-term perspective, we believe the sheer scale of the unprecedented global financial stimulus and indeed hope of some medical progress against the virus leave sufficient room for some guarded optimismmoreover, the opening-up of the global economy is unleashing pent-up demandone example of where this is happening is in the important US residential sector, which reported its fastest pace of existing home sales in August for 14 years(8)confidence is returning to the US economy, as furloughed workers returns to jobs; the unemployment rate has now fallen to 8.4% currently from a peak of 14.7% back in April. This improving macro backdrop has broadened to the global economy and company earnings(9)the consensus now expects global forward Earnings Per Share growth of +15% expected over the next 12 months, a dramatic improvement from -2% just 6 months ago. As such, we see this fundamental pick-up in company earnings to support equity prices and so, we remain positive.(10)References:1-4 Real Clear Politics, data as at 24 September 20205, 8-10 Refinitiv Datastream6-7 Refinitiv Datastream, calculations by Smith & Williamson data as at 24 September 2020This episode was recorded on 30/09/2020Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance. This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531 

It would be difficult to argue against the claim that 2020 has so far been the most significant year within the legal industry since our annual law firm survey began back in 1994. In association with The Lawyer, in this episode we will discuss our key findings of our latest 2020 Law firm survey. Key themes being discussed: competitive pressure, business direction, lock-up, impact of the pandemic and working from home.Firms would have a right to feel nervous, but our survey respondents suggest that this isn’t the case. 69% of respondents feel reasonably confident about the business outlook for their firm, while 11% feel very confident. Just 20% feel not very or not at all confident, which is perhaps low considering the impending economic shocks.When we look back to our findings in 2008, confidence was much lower; 42% of respondents were feeling not very or not at all confident in their business outlook following the global financial crisis. The source of confidence in 2020 isn’t particularly clear.It could stem from the fact that many senior executives successfully navigated the 2008crisis, and so feel better prepared this time around. It could also be that the government’s support measures are providing what many feel is a safety net; indeed 70% of the firms in this year’s survey have signed up to the government’s furlough scheme.One respondent admitted that their confident outlook was underpinned by “foolish bravado.If you had asked me in March, I would’ve given a very different answer as we didn’t know what the world would look like.”Further down the line, this begs the question: Do we really know what the world is going to look like yet? The sensible answer is probably no.To get to the bottom of the trends affecting the legal industry we have sought the opinions of 198 senior personnel working at law firms throughout the UK. This is the most respondents we’ve ever had in the survey's 26 year history, possibly because lockdown has heightened interest. This year’s focus has centred on changes in competitive pressure, business direction, the future of lock-up, and the short and long-term impact of the coronaviruspandemic.Head to our 2020 Law firm survey findings for more information and to download your copy of the latest survey findings.https://bit.ly/32ELbdM About this surveyThe 26th annual Smith & Williamson law firm survey was carried out across May and June 2020 and completed by 198 respondents.   This episode was recorded on 15/09/2020 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned. Smith & Williamson LLPRegulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International

In this episode we discuss an improving UK economic outlook, but with labour market uncertainty.The UK reported a record 20.4% slide in real GDP decline in the second quarter of 2020 as government lock-downs to limit the spread of the coronavirus took their toll. This was the worst decline on record.However, as many lock-down measures have been lifted, the more recent monthly data showed a significant improvement in June, an encouraging sign that the economy is moving in the right direction.August has a few anniversaries in British history: the 400th anniversary of the Mayflower’s departure from Southampton; the 75th anniversary for Victory in Japan in the UK and the 250th anniversary for when explorer Captain James Cook claimed Eastern Australia for Great Britain. Let’s talk about another date, 12 August, that might be a future candidate. Yes, this was the day the UK reported a record non-annualised 20.4% real GDP decline in the second quarter of 2020(1), in response to government lockdowns to limit the spread of the coronavirus. This is the worst decline on recordwe make four observations from the GDP data:first, the previous worst decline (-12.2%) occurred during the third quarter of the 1921 recession, as the country struggled in its transition to a peacetime economy from the first World War and from the Spanish flu influenza pandemic that lasted until 1920(2)second, GDP has fallen to a level last seen in 2002, so effectively erasing 18 years of growth(3)third, the fall was four times deeper and six times faster than during the Global Financial Crisis; andthe quarterly GDP decline was more than twice that of the US and worse than all other EU member states.(4)We knew things would be pretty bad – was this worse than expected?To some extent, yesthe UK’s poor relative economic underperformance was largely due to the length of the lockdown, which was necessitated by our densely populated country and the slow initial response of the government;for instance, non-essential shops closed for 84 days in the UK, compared to 30 days (Germany), 55 days (Italy) and 58 days (France).(5)How is the future looking? V-shaped? L-shaped? W-shaped? What are your assumptions moving forward?The second quarter UK GDP data is now historyas many lockdown measures have been lifted, the more recent monthly data showed an 8.7% real GDP rise in June which is an encouraging sign that the economy is moving in the right direction;(6)The Bank of England expects GDP growth to be only 5% below the level of a year ago by the fourth quarter.(7)How much of this is stimulus measures? And is there a danger that it evaporates once those measures are withdrawn? There is evidence that simulative policy actions are feeding through to the economy, and particularly in the important residential property sectorChancellor Rishi Sunak’s decision to raise the stamp duty threshold from £125k to £500k, has seen a record number of new home buyer enquiries in July, according to the Royal Institute of Chartered Surveyors housing survey.(8)the eat out to help out scheme, which offers 50% off for people eating out from Monday to Wednesday in the month of August, also provides a much needed boost for restaurants;high frequency data from Open Table, a restaurant booking app, shows that restaurant bookings has recovered to the same levels last year, a quick turn-around after lockdown was lifted.What does this mean for the UK stock market? As it stands, a recovering UK economy is being reflected in higher projections of company earnings: the consensus now forecasts +2% Earnings Per Share growth over the next 12 months, a sharp reversal from a -14% projected decline at the end of May(9)the improving fundamental backdrop has helped lift the MSCI UK benchmark equity index by 25% from its low in March;(10)even after this rally though, UK stocks are still down 16% since the beginning of the year, weighed down by dividend cuts, uncertainty over Brexit and its relatively more difficult coronavirus experience.(11)Does that make them cheap relative to international peers?Most definitely, a key test will be how the economy fares as the government reins back policy support for the labour marketthis has already started with the Job Retention Scheme being scaled back in stages employers will now have to pay pension contributions and National Insurance for furloughed workers in August, 10% of wages in September, rising to 20% in October when the scheme finally ends it is not clear how many furloughed workers will lose their jobs and what impact this would have on the recovery. Let’s turn to the US. Investors are currently focused on the election, but is there anything else they should be worried about?Across the pond, investors have shrugged off higher coronavirus new cases as well as selective retightening of restrictions in many states plus the start of the US November election campaign where Joe Biden is currently favouritethe S&P 500 is up over 50% from its low in March and trading close to an all-time high thanks to the dominance of the big five technology companies(12)improving economic activity and labour data, better than expected company earnings in the second quarter, hope for a future COVID-19 vaccine and a super-dovish Federal Reserve have all contributed to US stock returns, and particularly the Big Tech stocksnevertheless, given that an increasing share of personal income is made up of federal stimulus payments, investors are perhaps a little complacent about the risk of a so-called “fiscal (aka benefits) cliff” that could undermine the economic recoverya bipartisan agreement in Congress to pass a second stimulus program is widely assumed;President Trump’s recent executive orders to bypass Congress and provide coronavirus relief funding should be viewed as only a temporary fillip for the economy.And what happens if it’s not agreed?The available cash for additional unemployment insurance will only last around a month before it runs out and it is unclear whether his plan of a payroll tax deferral (note it is not a tax cut) will encourage consumers to spend moreit is not certain whether the President’s unilateral action has helped negotiations in Capitol Hill or delayed them, as it lessened the need for urgent legislation before the holiday break the bottom line is that without additional government stimulus, US household incomes could fall like Wile E. Coyote chasing the Road Runner off a cliff in a Looney Tunes cartoonunder that scenario, the US recovery could come to an abrupt halt and put downward pressure on equities more broadly. (1-4 & 6-7) Bloomberg, data as at August, calculations by Smith & Williamson Investment Management5() IMF, Ourworldindata.org, as at August 2020(8-12) Refinitiv datastream, data as at 24 August 2020*** Head to our website to read the full episode show notes https://smithandwilliamson.com/en/insights-landing/sw-the-pulse/investment-show/?utm_source=simplecast&utm_medium=podcast&utm_campaign=thepulse This episode was recorded on 26.08.2020Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.Copyright © 2020, S&P Dow Jones Indices LLC. Reproduction of S&P US Index Alert in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P US Index Alert. (2020)

In this episode we will be discussing what Impact and recovery COVID-19 has had on sports professionals.In unprecedented times, it feels like an understatement given the impact COVID-19 has had on world affairs and of course team sports. We’ll drill down on how different people have been affected in vastly different degrees. This period has been a time of reviewing for advisors, to generate discussions on what this means for players and how it affects lifestyle going forward. It has also changed the players attitude towards their finance, taking more of a keen interest more than ever.Impact in Rugby Union As of the 30 June 2020, more than 50 premiership players found themselves out of contract, a large proportion of those were negotiating deals back in March. During lockdown – all those negotiations were put on hold and some players had provisional contracts rescinded. A fortunate few have found new clubs, although most are on short-term deals or reduced wages for the remainder of the season.95% of rugby players will need a second career, at least half will experience financial difficulties within five years of retirement. All occurring before the premiership’s clubs imposed 25% salary cuts.­1There are a lot of considerations all parties must advise on players futures, such as cashflow, forecasting, outgoings, lifestyle in the coming years.We’ve had a range of dialogues with sports people on: potentially cutting back on savings for a monthplanned big capital purchases or outlay to be deferred or cancelledThe Rugby Professionals Association have development programs that are more crucial than ever to – prepare and educate players for life after rugby.In 2010, 30% of the RPA’s members were engaged in off-field development. In 2020, this had reached a record 91%.1The RPA has been very well positioned and has adapted in helping the players transition across to life after their professional sporting career. It has been a preconceived idea that rugby players will go into a business development or business role after sport. However, this is not always the case. The transition for life after sport is a struggle, as it’s entirely different way of living. For many years it has provided an enormous structure, daily activities, a ready-made social life. Then suddenly you have a complete disconnect. We encourage players to try and focus on getting some additional skills sets and working on outside interests.Impact on FootballersWhen COVID-19 become an extremely serious matter as lockdown was occurring. Birmingham City FC asked players earning more than £6,000 per week to defer half of their wages for the next four months.2 Hearts in Scotland then asked all staff to take 50 % pay cut.3Mackrell Solicitors had several enquiries from early April to May, who didn’t understand wage deferrals or know if they could be forced into a position with their club. And if by saying ‘no’ how this could impact them in the future.Under Scottish Law, there is a clause in players contracts that states if the Scottish FA suspends a season, then the club does have the right to postpone or change salaries. Contrasting this with English Law – contracts do not contain a force majeure clause, which is therefore difficult for an English club to propose a wage reduction or deferral. Any variation or reduction to the players salary will require the consent of the player.As football players and clubs are participants under the regulations of the Football Association (FA), it is possible for a player to take their club for unpaid wages to the FA. Under FIFA rules, they class a change in contract terms grounds for early termination. So, a player in affect, could walk away from a club, which opens the door for players to strategize their career going forward.Many conversations have also been had with players over receiving their weekly wages which has come at a surprise as the wage had dropped considerably. There appears to be a lack of understanding on the two pay component parts of their contract. First being the guaranteed weekly wage, secondly the performance wage which was non-existent as they weren’t playing games, winning matches, scoring goals to receive those bonuses. Another issue that has caused headaches and worrying times for players and clubs is that in the vast majority of cases; contacts for footballers usually terminates on the 30th June every year. There was this uncertain period while the season was continuing as to where players stood if they have a situation if their contract was running out 30 June 2020. It was made known to help clubs and players during this uncertain period, terms of the contract could be extended till the season concluded. In the future, contracts should reflect this period of questions and uncertainly raised.Although conversations were repetitive to have with players, it was welcomed as many for the first time, had an uptake and interest in their personal finance position. In the past, it is often the case parents or other family members, or everything is left to the agent to deal with. During lockdown, personal finances and contracts sparked a level of interest with players, with players reaching out to advisors to get a better understanding. A positive result from these conversations was a stronger client advisor relationship.Now is the time for players and agents to assess the financial impact of COVID-19.The requirement and value of the professional advisor during this period cannot really be understated. Sometimes it might be difficult to know who to speak to. If you’re unsure of where to go, please contact either Peter Fairchild or Mo Pasricha who would be more than happy to assist.**Sources**1 Research conducted by the Professional Player’s Federation. Reference in The Telegraph article:  https://digitaleditions.telegraph.co.uk/data/304/reader/reader.html?#!preferred/0/package/304/pub/304/page/173/article/664962 https://www.bbc.co.uk/sport/football/520227413 https://www.bbc.co.uk/sport/football/51953399***LINKS***Sports & Media podcast show page https://bit.ly/2TsBUAxSmith & Williamson Sports, Media & Entertainment Services https://bit.ly/3e57L23Mackrell Solicitors https://www.mackrell.com/ This episode was recorded on 05/08/2020This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson LLPRegulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International

In this episode we discuss the growing attractiveness of non-US markets and large US technology stocks.Much of the recent rally has been led by the US market and large technology stocks in particular. While the crisis has created significant demand for video conferencing, social media and e-commerce, the rise in market value for many technology stocks has far exceeded their increase in profits.At the same time, big tech faces some political risk from the US election in November, with the potential for a regulatory backlash should the Democrats win a clean sweep. Any corporate tax hikes could also knock earnings. As such, the outlook for US stocks is less appealing. In this month’s Investment Show, we discuss why we are seeing greater opportunities outside the US. We believe emerging markets may be poised for a stronger run, benefiting from a weaker Dollar and lower valuations.  Sources:Refinitiv Datastream, data as at 31 July 2020Have Equities Become A Bubble?, Gavekal, 10 July 2020Refinitiv Datastream, data as at 27 July 2020 LINKS*** Head to our website to read the full episode show notes https://bit.ly/3dk3OGB This episode was recorded on [date 29/07/2020] This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531