February 2015 Dear Client,
Greek Financial Reforms
 Greece's huge economic problems and German pressure on Greece to reform continue to weigh heavy on the European stock and bond markets. The much anticipated deadline extension will give Greece two months (until the end of April) to come up with sufficient financial reforms to satisfy both Germany and the "Troika" of lenders. Greece has long been our favourite holiday destination, but we find it difficult to imagine them transforming from what is effectively a "black economy" into one where all citizens start paying their fair share of taxes, especially in a short space of time! Along with Greece, it is the more fragile economies of the Eurozone, such as Italy, Spain and Portugal, who help to maintain the current status of the Euro as a weak currency. In turn, this greatly benefits the exports of Germany, so our opinion leads us to believe that it's actually unlikely that anyone will actually exit... and thus, the debate will rumble on... UK Income Tax Receipts High  By contrast, whilst this confusing economic scenario is unfolding in Europe, it is extremely encouraging to learn that, within the United Kingdom, income tax receipts continue to rise and in January they reached their highest levels since records began, almost twenty years ago. Self-evidently, as income tax is payable on income which has already been earned, this provides a reliable barometer for a steadily improving economy. ISA Deadline and Pension Changes The end of the 2014/15 tax year is fast approaching and if you wish to add funds to your Portfolio (to utilise this year's ISA or Pension allowances) then please let us know in good time. April 6th also brings key changes to the rules under which you can access your Pension fund and we would be pleased to discuss how this affects you, now or in the future.
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