Can you reorganise your assets in a downturn?
As we move into the 2009/10 tax year there is still a general disenchantment with the UK economy and the short to medium term future. However, while many people may not have made use of their various tax allowances towards the end of the last tax year, there are still opportunities to reorganise our assets for the future, even in a downturn. When was the last time you spoke with your financial adviser?
While individual situations and circumstances are very different there will still be many people in the UK who hold substantial paper profits on various assets which may have been acquired some time ago. While there has probably have been a substantial reduction in the value of these assets over the last 12 to 18 months there may be opportunities to realise cash and make use of the capital gains tax allowance, among others, to reduce or negate any potential capital gains tax liabilities.
It is situations such as these which many people forget, preferring to take profits in the good times when they may have missed an opportunity to take part profits on the way up. It is vital that you discuss your overall assets and income with your financial adviser on a regular basis as options and opportunities will and do arise on a regular basis.
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