Archive for March, 2016

Whale slaughter continues

IMG_4896While I’m no eco-warrior, I continue to be dismayed about the Japanese whaling fleet. In the news this week was the story that the fleet had killed 333 minke whales. I just can’t understand how a supposedly developed nation can still claim this is a scientific programme. There’s nothing scientific about it. It’s just outright slaughter and really needs to stop.

With demand for whale meat in Japan apparently declining and the Japanese government investing considerable amounts of tax money to artificially sustain whaling operations – why is this being allowed to continue? Is the International Court ruling that this whaling programme was not scientific just being ignored? What repercussions will Japan face? Why are no international sanctions being imposed?

And this hunt took place in Antarctic waters too. What right does the Japanese whaling industry claim in order to do this? It’s such an illogical argument that this completely unscientific slaughter is being carried out by Japan, in contravention of international rulings and outcries from other nations all around the world.

I just don’t know what we can do to bring this to an end. Other than signing online petitions (which I recommend) it seems we’re all powerless to stop this wanton destruction of a peaceful species sharing this planet with us.

Chester races fixtures 2016

Here are the Chester Races fixtures for 2016

  • Wednesday 4th May
  • Thursday 5th May
  • Friday 6th May
  • Saturday 28th May
  • Saturday 11th June
  • Friday 24th June
  • Saturday 25th June
  • Friday 8th July
  • Saturday 9th July
  • Saturday 23rd July
  • Sunday 31st July
  • Saturday 20th August
  • Friday 9th September
  • Saturday 10th September
  • Saturday 24th September

Buy tickets here

Expat woes with the Lifetime ISA

So we’ve recently had the budget from George Osborne and amongst other things, he announced the Lifetime ISA. On the surface of it, the Lifetime ISA seems like an attractive proposition. And for many, it will be.  

Effective 25% profit (interest) guaranteed from the government on up to £4,000 of annual investment, until a person reaches the age of 50 appears very attractive. And that’s before any natural growth on where the ISA is invested, until the age of 60 when it can typically be accessed.

And this is where Osborne has been crafty, in my opinion. Dangling that 25% carrot in front of many almost seems too good to be true. In many cases, it will make sense to take advantage of the Lifetime ISA – but is this going to be at the expense of pension saving? 

The key difference between a pension and a Lifetime ISA is when tax is paid. So, with a pension, the money we put in to it now is tax free and then we get taxed when we take it out in retirement, often at a more favourable tax rate.

With a Lifetime ISA, the money that goes in has already been taxed up front. This in itself is a shrewd move by Osborne, because in a single swipe, he’s potentially reducing the immediate burden of pension tax relief whilst also securing tax revenues from future chancellor’s budgets.

However, for many, retirement – at whatever age it comes – may include a move to a sunnier climate, retiring overseas and joining an expat community of like minded folk. And this is the issue I have with the Lifetime ISA. 

Because tax has already been paid when the money enters the ISA, it should be tax free when it comes out. But this isn’t the case for expats. ISA’s lose their tax free status for those permanently living overseas, so in effect, a Lifetime ISA will result in money being taxed twice.

This isn’t the same case for a pension though. Putting money into a pension now, benefitting from tax relief at a potentially higher rate and then paying tax on the money coming out, regardless of where you are in the world – may arguably be a better home for retirement investment, if retiring overseas is even remotely being considered.

This isn’t intended as financial advice, it’s just my take on the Lifetime ISA – so please carry out your own research before making any investment decisions!