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From: Tilney <tilney@updates.tilney.co.uk>
Date: Wed, 22 Nov 2017 19:31:13 +0000
Subject: The Autumn Budget 2017 =?utf-8?b?4oCT?= our roundup
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Read up on the major announcements


The major announcements explained

Preparing for the exit =E2=80=93 in what is likely to be the penultima=
te Budget before Brexit, the challenges for the Chancellor, both from =
a fiscal and political perspective, have moved into sharper focus sinc=
e the last Budget in March 2017.

Noting that negotiations with the EU are in a =E2=80=9Ccritical phase=E2=
=80=9D, Mr Hammond struck a positive tone, speaking of a =E2=80=9Cworl=
d on the brink of technological revolution=E2=80=9D with Britain =E2=80=
=9Cat the forefront=E2=80=9D, whilst acknowledging the =E2=80=9Cchalle=
nges ahead=E2=80=9D.

The most eye-catching announcement to abolish stamp duty for the major=
ity of first-time buyers concentrated on the younger demographic, agai=
nst a backdrop of perceived intergenerational inequity. There were no =
other major giveaways.

Despite expectations, there were also no significant announcements aff=
ecting pensions, other routes to long-term saving or tax on inheritanc=
es, which will be a relief to many.



Income Tax

The personal allowance will increase in line with inflation to =C2=A31=
1,850 from April 2018

The Higher-rate Threshold will also increase in line with inflation to=
 =C2=A346,350

The 0% rate of savings allowance remains at =C2=A35,000



Capital Gains Tax

The annual allowance will increase to =C2=A311,700 from April 2018



Inheritance Tax

There were no changes announced for Inheritance Tax

National Insurance

As previously announced, the abolition of Class 2 NICs has been delaye=
d to allow time for review and the intended increase in Class 4 NICs w=
ill no longer proceed



Pensions

The State pension will increase by 3% (CPI rate for September) in Apri=
l 2018

The standard minimum guarantee in the pension credit increases by a si=
milar amount

There are no changes to the annual allowance, tapered annual allowance=
 or money purchase annual allowance

The lifetime allowance increases by CPI to =C2=A31,030,000 from April =
2018 as previously legislated



ISAs

The ISA allowance is held at =C2=A320,000

The JISA allowance increases by CPI to =C2=A34,260 in April 2018



Enterprise Investment Schemes

The Chancellor has doubled the Enterprise Investment Schemes (EIS) inv=
estment limit for Knowledge Intensive Companies

This means the maximum annual tax exemption on EIS investment would ri=
se from =C2=A31 million to =C2=A32 million

Part of the change ensures EIS are not used as a shelter for low-risk =
capital preservation schemes

Under the new proposals Knowledge Intensive Companies will be able to =
raise a maximum of =C2=A310 million, up from =C2=A35 million



Stamp duty

With immediate effect stamp duty will be abolished for first-time buye=
rs on properties worth up to =C2=A3300,000, or the first =C2=A3300,000=
 of a property worth up to =C2=A3500,000

First-time buyers will not get relief on the purchase of properties wo=
rth more than =C2=A3500,000



Taxation of trusts

The Government will publish a consultation in 2018 on how to make the =
taxation of trusts simpler, fairer and more transparent



Corporation Tax

The indexation allowance on capital gains will be frozen from 1 Januar=
y 2018. This removes relief for inflation, which is not available else=
where in the tax system



Anti-avoidance measures

The bulk of the spending in the Budget was paid for by a swathe of ant=
i-avoidance measures (along with the freeze in indexation for Corporat=
ion Tax)

The Government will also consult on extending the changes implemented =
for off-payroll working rules (known as IR35) for the public sector to=
 individuals in the private sector



An economic overview

Ben Seager-Scott, Chief Investment Strategist, has written an economic=
 overview of the Autumn Budget and what it could mean for investors.

Read Ben's article ( http://updates.tilney.co.uk/378T-LEZM-54P2BF-BC1X=
M-0/c.aspx )

We hope you have found this Budget update helpful. Please do get in to=
uch if you have any questions or would like more information.



Connect with us

( http://updates.tilney.co.uk/378T-LEZM-54P2BF-BBLDZ-0/c.aspx )

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( http://updates.tilney.co.uk/378T-LEZM-54P2BF-BBLE1-0/c.aspx )

Important Information

The value of investments, and the income derived from them, can go dow=
n as well as up and you can get back less than you originally invested=
. This email does not constitute personal advice. If you are in doubt =
as to the suitability of an investment please contact one of our advis=
ers. Past performance is not a guide to future performance.

Prevailing tax rates and reliefs are dependent on your individual circ=
umstances and are subject to change. Please note we do not provide tax=
 advice.

Advice in relation to Trusts and Tax and Inheritance Tax Planning is n=
ot regulated by the Financial Conduct Authority. However, the products=
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We hope you've found this message helpful. However, if you would prefe=
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Read up on the major announcements
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ottom: 0px;padding-left: 10px" valign=3D"top" align=3D"left">
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<b>020 7189 2400</b>
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gin-bottom: 0px;margin-top: 0px;text-align: right;color: #eff7ea;font-=
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<a href=3D"http://updates.tilney.co.uk/378T-LEZM-54P2BF-BBLE3-1/c.aspx=
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uest a call back</a>
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nt-size: 14px;text-align: left;min-width: 100%;table-layout: auto" wid=
th=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><t=
r><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1p=
x;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif"=
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itle=3D"Image" style=3D"font-size: 14px;text-align: left;min-width: 10=
0%;table-layout: auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D=
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dding-left: 0px" align=3D"left">
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: 22px;color: #3a3a3a;width: 100%;min-height: auto;display: inline-blo=
ck;margin-left: 0px;margin-right: 0px;margin-top: 0px;vertical-align: =
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er=3D"0"></center>
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5, 255, 255);table-layout: auto" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0" bgcolor=3D"rgb(255, 255, 255)" align=3D"cen=
ter"><tbody><tr><td class=3D"row-inner f-size-0 col-inner element-pad"=
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r-width: 0;padding: 0;padding-top: 0px;padding-right: 20px;padding-bot=
tom: 0px;padding-left: 20px" valign=3D"top" align=3D"center"><!--[if m=
so]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"c=
enter" style=3D"width:620px;" width=3D"620" class=3D"mso-table-width">=
<tr><td align=3D"left" valign=3D"top" style=3D"width:620px;" width=3D"=
620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN =
--><div class=3D"stack-column stack-column-width" ee-percent-width=3D"=
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n-width: 100%;max-width: 620px"><table style=3D"table-layout: auto;" w=
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g: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"=
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ft;min-width: 100%;table-layout: auto" width=3D"100%" cellspacing=3D"0=
" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: =
Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=
=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; wi=
dth: 1px; height: 40px;" alt=3D"" class=3D"" height=3D"40" border=3D"0=
" width=3D"1"></td></tr></tbody></table><table class=3D"row one-cols e=
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yle=3D"max-width: 100%;min-width: 100%;position: relative;background-c=
olor: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellspacin=
g=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)" =
align=3D"center">
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ner element-pad" style=3D"font-family: Helvetica, Arial, sans-serif;fo=
nt-size: 0;border-width: 0;padding: 0;padding-top: 0px;padding-right: =
0px;padding-bottom: 0px;padding-left: 0px" valign=3D"top" align=3D"cen=
ter">

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cellpadding=3D"0" align=3D"center" style=3D"width:620px;" width=3D"620=
" class=3D"mso-table-width">
                                <tr>
                                <td align=3D"left" valign=3D"top" styl=
e=3D"width:620px;" width=3D"620" class=3D"mso-column-width">
                                <![endif]-->

                                <!-- STACK COLUMN : BEGIN -->
                                <div class=3D"stack-column stack-colum=
n-width" ee-percent-width=3D"100" style=3D"display: inline-block;width=
: 100%;vertical-align: top;min-width: 100%;max-width: 620px">
                                <table style=3D"table-layout: auto;" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                                  <tbody>
                                    <tr>
                                      <td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"ee_element ee_=
spacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;te=
xt-align: left;min-width: 100%;background-color: rgb(249, 246, 242);ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
                            <tbody>
                              <tr>
                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"ee_element ee_textel=
ement col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td clas=
s=3D"element-pad element-bord" style=3D"font-family: Helvetica, Arial,=
 sans-serif;padding: 10px;border-width: 0;padding-top: 0px;padding-rig=
ht: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D=
"left"><div class=3D"ee_editable" style=3D"font-size: 14px;line-height=
: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-word;word-break: b=
reak-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-height: 32=
px;font-size: 26px;text-align: left;color: rgb(70, 70, 72)">
 <strong>The major announcements explained</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;background-color: rgb(249, 246, 242);table-=
layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" c=
ellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
                            <tbody>
                              <tr>
                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"ee_element ee_textel=
ement col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0">
                                        <tbody>
                                          <tr>
                                            <td class=3D"element-pad e=
lement-bord" style=3D"font-family: Helvetica, Arial, sans-serif;paddin=
g: 10px;border-width: 0;padding-top: 0px;padding-right: 20px;padding-b=
ottom: 0px;padding-left: 20px" valign=3D"top" align=3D"left">
                                            <div class=3D"ee_editable"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;position: s=
tatic"><p style=3D"word-wrap: break-word;word-break: break-word;Margin=
: 0;margin-bottom: 0px;margin-top: 0px;color: #4a4a4a;font-size: 14px;=
line-height: 23px">
Preparing for the exit =E2=80=93 in what is likely to be the penultima=
te Budget before Brexit, the challenges for the Chancellor, both from =
a fiscal and political perspective, have moved into sharper focus sinc=
e the last Budget in March 2017.
 <br>
 <br>
Noting that negotiations with the EU are in a =E2=80=9Ccritical phase=E2=
=80=9D, Mr Hammond struck a positive tone, speaking of a =E2=80=9Cworl=
d on the brink of technological revolution=E2=80=9D with Britain =E2=80=
=9Cat the forefront=E2=80=9D, whilst acknowledging the =E2=80=9Cchalle=
nges ahead=E2=80=9D.
 <br>
 <br>
The most eye-catching announcement to abolish stamp duty for the major=
ity of first-time buyers concentrated on the younger demographic, agai=
nst a backdrop of perceived intergenerational inequity. There were no =
other major giveaways.
 <br>
 <br>
Despite expectations, there were also no significant announcements aff=
ecting pensions, other routes to long-term saving or tax on inheritanc=
es, which will be a relief to many.
</p></div>
                                            </td>
                                          </tr>
                                        </tbody>
                                      </table>
                                      <table class=3D"ee_element ee_sp=
acer col-font-reset" ee-type=3D"element" data-title=3D"Spacer" style=3D=
"font-size: 14px;text-align: left;min-width: 100%;table-layout: auto" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody=
><tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size:=
 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.g=
if" style=3D"display: block; width: 1px; height: 20px;" alt=3D"" class=
=3D"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody></table=
>

                                      <!-- Spacer -->
                                     =20
                                      <!-- End spacer -->

                                     =20
                                      </td>
                                    </tr>
                                  </tbody>
                                </table>
                                </div>
                                <!-- STACK COLUMN : END -->

                                <!--[if mso]>
                                </td>
                                </tr>
                                </table>
                                <![endif]-->

                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"ee_element ee_spacer=
 col-font-reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"fo=
nt-size: 14px;text-align: left;min-width: 100%;table-layout: auto" wid=
th=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><t=
r><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1p=
x;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif"=
 style=3D"display: block; width: 1px; height: 20px;" alt=3D"" class=3D=
"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody></table></=
td></tr></tbody></table></div><!-- STACK COLUMN : END --><!--[if mso]>=
</td></tr></table><![endif]--></td></tr></tbody></table><table class=3D=
"row one-cols ee_columns ee_element" ee-type=3D"container" data-title=3D=
"1 column" style=3D"max-width: 100%;min-width: 100%;position: relative=
;background-color: rgb(255, 255, 255);table-layout: auto" width=3D"100=
%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(255=
, 255, 255)" align=3D"center">
                            <tbody>
                              <tr>
                                <td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" style=3D"font-family: Helvetica, Arial, sans-serif;fo=
nt-size: 0;border-width: 0;padding: 0;padding-top: 0px;padding-right: =
20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D"c=
enter">

                                <!--[if mso]>
                                <table border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" align=3D"center" style=3D"width:620px;" width=3D"620=
" class=3D"mso-table-width">
                                <tr>
                                <td align=3D"left" valign=3D"top" styl=
e=3D"width:620px;" width=3D"620" class=3D"mso-column-width">
                                <![endif]-->

                                <!-- STACK COLUMN : BEGIN -->
                                <div class=3D"stack-column stack-colum=
n-width" ee-percent-width=3D"100" style=3D"display: inline-block;width=
: 100%;vertical-align: top;min-width: 100%;max-width: 660px">
                                <table style=3D"table-layout: auto;" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                                  <tbody>
                                    <tr>
                                      <td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"ee_element ee_=
spacer col-font-reset" ee-type=3D"element" data-title=3D"Spacer" style=
=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout: aut=
o" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tb=
ody><tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-si=
ze: 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/=
s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D"" cl=
ass=3D"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody></ta=
ble>
                                     =20

                                      <!-- Spacer -->
                                     =20
                                      <!-- End spacer -->

                                     =20
                                      <table class=3D"row one-cols ee_=
columns ee_element" ee-type=3D"container" data-title=3D"1 column" styl=
e=3D"max-width: 100%;min-width: 100%;position: relative;background-col=
or: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellspacing=3D=
"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)" alig=
n=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 element-pad co=
l-inner" valign=3D"top" align=3D"center" style=3D"font-family: Helveti=
ca, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"><!--[if=
 mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D=
"center" style=3D"width:620px;" width=3D"620" class=3D"mso-table-width=
"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;" width=3D=
"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN=
 --><div class=3D"stack-column stack-column-width" ee-percent-width=3D=
"100" style=3D"display: inline-block;width: 100%;vertical-align: top;m=
in-width: 100%;max-width: 660px"><table style=3D"table-layout: auto;" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody=
><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" st=
yle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;paddi=
ng: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" data-title=3D"Spacer" style=3D"font-size: 14px;text-align: l=
eft;min-width: 100%;table-layout: auto" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 20px;" alt=3D"" class=3D"" height=3D"20" border=3D"=
0" width=3D"1"></td></tr></tbody></table><table class=3D"col-font-rese=
t ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D=
"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><=
td class=3D"element-pad element-bord" style=3D"font-family: Helvetica,=
 Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;padd=
ing-right: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top"=
 align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;li=
ne-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-word;word=
-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-h=
eight: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align: left">
<strong>Income Tax</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The personal allowance will increase in line with inflation to =C2=A31=
1,850 from April 2018
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" style=3D"font-size: 14px;text-align: left;m=
in-width: 100%;table-layout: auto" data-title=3D"Spacer" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The Higher-rate Threshold will also increase in line with inflation to=
 =C2=A346,350
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" style=3D"font-size: 14px;text-align: left;m=
in-width: 100%;table-layout: auto" data-title=3D"Spacer" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The 0% rate of savings allowance remains at =C2=A35,000
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>Capital Gains Tax</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The annual allowance will increase to =C2=A311,700 from April 2018
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>Inheritance Tax</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
There were no changes announced for Inheritance Tax
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>National Insurance </strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
As previously announced, the abolition of Class 2 NICs has been delaye=
d to allow time for review and the intended increase in Class 4 NICs w=
ill no longer proceed
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>Pensions</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The State pension will increase by 3% (CPI rate for September) in Apri=
l 2018
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The standard minimum guarantee in the pension credit increases by a si=
milar amount
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
There are no changes to the annual allowance, tapered annual allowance=
 or money purchase annual allowance
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The lifetime allowance increases by CPI to =C2=A31,030,000 from April =
2018 as previously legislated
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>ISAs</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The ISA allowance is held at =C2=A320,000
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The JISA allowance increases by CPI to =C2=A34,260 in April 2018
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>Enterprise Investment Schemes</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The Chancellor has doubled the Enterprise Investment Schemes (EIS) inv=
estment limit for Knowledge Intensive Companies
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
This means the maximum annual tax exemption on EIS investment would ri=
se from =C2=A31 million to =C2=A32 million
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
Part of the change ensures EIS are not used as a shelter for low-risk =
capital preservation schemes
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
Under the new proposals Knowledge Intensive Companies will be able to =
raise a maximum of =C2=A310 million, up from =C2=A35 million
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>Stamp duty</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
With immediate effect stamp duty will be abolished for first-time buye=
rs on properties worth up to =C2=A3300,000, or the first =C2=A3300,000=
 of a property worth up to =C2=A3500,000
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
First-time buyers will not get relief on the purchase of properties wo=
rth more than =C2=A3500,000
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>Taxation of trusts</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The Government will publish a consultation in 2018 on how to make the =
taxation of trusts simpler, fairer and more transparent
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>Corporation Tax</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The indexation allowance on capital gains will be frozen from 1 Januar=
y 2018.  This removes relief for inflation, which is not available els=
ewhere in the tax system
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"row one-co=
ls ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column=
" style=3D"max-width: 100%;min-width: 100%;position: relative;backgrou=
nd-color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 24=
2)" align=3D"center"><tbody><tr><td class=3D"row-inner f-size-0 elemen=
t-pad col-inner" valign=3D"top" align=3D"center" style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;padding: 0"=
><!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:620px;" width=3D"620" class=3D"mso-tab=
le-width"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;"=
 width=3D"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUM=
N : BEGIN --><div class=3D"stack-column stack-column-width" ee-percent=
-width=3D"100" style=3D"display: inline-block;width: 100%;vertical-ali=
gn: top;min-width: 100%;max-width: 660px"><table style=3D"table-layout=
: auto;" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D=
"left" style=3D"font-family: Helvetica, Arial, sans-serif;border-width=
: 0;padding: 0"><table class=3D"ee_element ee_spacer col-font-reset" e=
e-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 14px;text=
-align: left;min-width: 100%;table-layout: auto" width=3D"100%" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"fon=
t-family: Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px=
"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display:=
 block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D"10" b=
order=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D"col-=
font-reset ee_element ee_textelement" ee-type=3D"element" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" data=
-title=3D"Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tb=
ody><tr><td class=3D"element-pad element-bord" style=3D"font-family: H=
elvetica, Arial, sans-serif;padding: 10px;border-width: 0;padding-top:=
 0px;padding-right: 20px;padding-bottom: 0px;padding-left: 20px" valig=
n=3D"top" align=3D"left"><div class=3D"ee_editable" style=3D"font-size=
: 14px;line-height: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-=
word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin-top: 0=
px;line-height: 32px;font-size: 22px;color: rgb(74, 74, 74);text-align=
: left">
<strong>Anti-avoidance measures</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;text-a=
lign: left;min-width: 100%;table-layout: auto" data-title=3D"Spacer" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 10px;" alt=3D"" class=3D=
"" height=3D"10" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"row two-cols ee_columns ee_nostack ee_element" ee-type=3D=
"container" data-title=3D"2 columns" style=3D"max-width: 100%;min-widt=
h: 100%;position: relative;table-layout: auto" width=3D"100%" cellspac=
ing=3D"0" cellpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><=
td class=3D"row-inner f-size-0 element-pad col-inner" dir=3D"ltr" styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;border-wid=
th: 0;padding: 0;padding-top: 0px;padding-right: 10px;padding-bottom: =
0px;padding-left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><=
table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center=
" style=3D"width:600px;" width=3D"600" class=3D"mso-table-width"><tr><=
td align=3D"left" valign=3D"top" style=3D"width:30px;" width=3D"30" cl=
ass=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div=
 class=3D"no-stack-column no-stack-column-width" ee-percent-width=3D"5=
" style=3D"display: inline-block;vertical-align: top;float: left;min-w=
idth: 5%;max-width: 5%;width: 5%"><table style=3D"table-layout: auto;"=
 width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbod=
y><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" s=
tyle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;padd=
ing: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" style=3D"font-size: 14px;text-align: left;min-width: 100%;ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0"=
 width=3D"1"></td></tr></tbody></table><table class=3D"col-font-reset =
ee_element ee_imageelement" ee-type=3D"element" data-title=3D"Image" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
>
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The bulk of the spending in the Budget was paid for by a swathe of ant=
i-avoidance measures (along with the freeze in indexation for Corporat=
ion Tax)
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 10px;" alt=3D"" class=3D"" height=3D=
"10" border=3D"0" width=3D"1"></td></tr></tbody></table><table class=3D=
"row two-cols ee_columns ee_nostack ee_element" ee-type=3D"container" =
data-title=3D"2 columns" style=3D"max-width: 100%;min-width: 100%;posi=
tion: relative;table-layout: auto" width=3D"100%" cellspacing=3D"0" ce=
llpadding=3D"0" border=3D"0" align=3D"center"><tbody><tr><td class=3D"=
row-inner f-size-0 element-pad col-inner" dir=3D"ltr" style=3D"font-fa=
mily: Helvetica, Arial, sans-serif;font-size: 0;border-width: 0;paddin=
g: 0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-=
left: 10px" valign=3D"top" align=3D"center"><!--[if mso]><table border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"w=
idth:600px;" width=3D"600" class=3D"mso-table-width"><tr><td align=3D"=
left" valign=3D"top" style=3D"width:30px;" width=3D"30" class=3D"mso-c=
olumn-width"><![endif]--><!-- STACK COLUMN : BEGIN --><div class=3D"no=
-stack-column no-stack-column-width" ee-percent-width=3D"5" style=3D"d=
isplay: inline-block;vertical-align: top;float: left;min-width: 5%;max=
-width: 5%;width: 5%"><table style=3D"table-layout: auto;" width=3D"10=
0%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td di=
r=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font=
-family: Helvetica, Arial, sans-serif;border-width: 0;padding: 0"><tab=
le class=3D"ee_element ee_spacer col-font-reset" ee-type=3D"element" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"0" cellpadd=
ing=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family: Helvetica,=
 Arial, sans-serif;font-size: 1px;line-height: 1px"><img src=3D"http:/=
/i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; width: 1px; =
height: 6px;" alt=3D"" class=3D"" height=3D"6" border=3D"0" width=3D"1=
"></td></tr></tbody></table><table class=3D"col-font-reset ee_element =
ee_imageelement" ee-type=3D"element" data-title=3D"Image" style=3D"fon=
t-size: 14px;text-align: left;min-width: 100%;table-layout: auto" widt=
h=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                        <tbody>
                            <tr>
                                <td class=3D"element-pad element-bord"=
 style=3D"font-family: Helvetica, Arial, sans-serif;padding: 10px;bord=
er-width: 0;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;pa=
dding-left: 0px" align=3D"left">
                                    <center class=3D"ved_ctr"><img src=
=3D"http://i.emlfiles4.com/cmpimg/7/5/3/9/4/1/files/833858_bullet.png"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;width: 11px=
;min-height: auto;display: inline-block;max-width: 100%;margin-left: 0=
px;margin-right: 0px;margin-top: 0px;vertical-align: bottom;height: au=
to" class=3D"ee_editable ee_smallimage ee_pnggif_image ee_noresponsive=
resize vedpw30" width=3D"11" border=3D"0"></center>
                                </td>
                            </tr>
                        </tbody>
                    </table></td></tr></tbody></table></div><!-- STACK=
 COLUMN : END --><!--[if mso]></td><td align=3D"left" valign=3D"top" s=
tyle=3D"width:570px;" width=3D"570" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"no-stack-column no-stack-column-=
width" ee-percent-width=3D"95" style=3D"display: inline-block;vertical=
-align: top;float: left;min-width: 95%;max-width: 95%;width: 95%"><tab=
le style=3D"table-layout: auto;" width=3D"100%" cellspacing=3D"0" cell=
padding=3D"0" border=3D"0"><tbody><tr><td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"col-font-reset=
 ee_element ee_textelement" ee-type=3D"element" style=3D"font-size: 14=
px;text-align: left;min-width: 100%;table-layout: auto" data-title=3D"=
Text" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t=
d class=3D"element-pad element-bord" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;border-width: 0;padding-top: 0px;paddi=
ng-right: 10px;padding-bottom: 0px;padding-left: 10px" valign=3D"top" =
align=3D"left"><div class=3D"ee_editable" style=3D"font-size: 14px;lin=
e-height: 22px;color: #3a3a3a;position: static"><p style=3D"word-wrap:=
 break-word;word-break: break-word;Margin: 0;margin-bottom: 0px;margin=
-top: 0px;font-size: 14px;color: #4a4a4a;text-align: left;line-height:=
 23px">
The Government will also consult on extending the changes implemented =
for off-payroll working rules (known as IR35) for the public sector to=
 individuals in the private sector
</p></div></td></tr></tbody></table></td></tr></tbody></table></div><!=
-- STACK COLUMN : END --><!--[if mso]></td></tr></table><![endif]--></=
td></tr></tbody></table><table class=3D"ee_element ee_spacer col-font-=
reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"font-size: 1=
4px;text-align: left;min-width: 100%;table-layout: auto" width=3D"100%=
" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td styl=
e=3D"font-family: Helvetica, Arial, sans-serif;font-size: 1px;line-hei=
ght: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"=
display: block; width: 1px; height: 20px;" alt=3D"" class=3D"" height=3D=
"20" border=3D"0" width=3D"1"></td></tr></tbody></table></td></tr></tb=
ody></table></div><!-- STACK COLUMN : END --><!--[if mso]></td></tr></=
table><![endif]--></td></tr></tbody></table><table class=3D"ee_element=
 ee_spacer col-font-reset" ee-type=3D"element" data-title=3D"Spacer" s=
tyle=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout:=
 auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"=
><tbody><tr><td style=3D"font-family: Helvetica, Arial, sans-serif;fon=
t-size: 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpim=
g/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D"=
" class=3D"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody>=
</table></td>
                                    </tr>
                                  </tbody>
                                </table>
                                </div>
                                <!-- STACK COLUMN : END -->

                                <!--[if mso]>
                                </td>
                                </tr>
                                </table>
                                <![endif]-->

                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"row one-cols ee_colu=
mns ee_element" ee-type=3D"container" data-title=3D"1 column" style=3D=
"max-width: 100%;min-width: 100%;position: relative;background-color: =
rgb(255, 255, 255);table-layout: auto" width=3D"100%" cellspacing=3D"0=
" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(255, 255, 255)" align=3D=
"center"><tbody><tr><td class=3D"row-inner f-size-0 col-inner element-=
pad" style=3D"font-family: Helvetica, Arial, sans-serif;font-size: 0;b=
order-width: 0;padding: 0;padding-top: 0px;padding-right: 20px;padding=
-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D"center"><!--[=
if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D=
"center" style=3D"width:620px;" width=3D"620" class=3D"mso-table-width=
"><tr><td align=3D"left" valign=3D"top" style=3D"width:620px;" width=3D=
"620" class=3D"mso-column-width"><![endif]--><!-- STACK COLUMN : BEGIN=
 --><div class=3D"stack-column stack-column-width" ee-percent-width=3D=
"100" style=3D"display: inline-block;width: 100%;vertical-align: top;m=
in-width: 100%;max-width: 620px"><table style=3D"table-layout: auto;" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody=
><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" st=
yle=3D"font-family: Helvetica, Arial, sans-serif;border-width: 0;paddi=
ng: 0"><table class=3D"ee_element ee_spacer col-font-reset" ee-type=3D=
"element" data-title=3D"Spacer" style=3D"font-size: 14px;text-align: l=
eft;min-width: 100%;table-layout: auto" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0"><tbody><tr><td style=3D"font-family:=
 Helvetica, Arial, sans-serif;font-size: 1px;line-height: 1px"><img sr=
c=3D"http://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"display: block; w=
idth: 1px; height: 20px;" alt=3D"" class=3D"" height=3D"20" border=3D"=
0" width=3D"1"></td></tr></tbody></table><table class=3D"row one-cols =
ee_columns ee_element" ee-type=3D"container" data-title=3D"1 column" s=
tyle=3D"max-width: 100%;min-width: 100%;position: relative;background-=
color: rgb(249, 246, 242);table-layout: auto" width=3D"100%" cellspaci=
ng=3D"0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)"=
 align=3D"center">
                            <tbody>
                              <tr>
                                <td class=3D"row-inner f-size-0 col-in=
ner element-pad" style=3D"font-family: Helvetica, Arial, sans-serif;fo=
nt-size: 0;border-width: 0;padding: 0;padding-top: 0px;padding-right: =
0px;padding-bottom: 0px;padding-left: 0px" valign=3D"top" align=3D"cen=
ter">

                                <!--[if mso]>
                                <table border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" align=3D"center" style=3D"width:620px;" width=3D"620=
" class=3D"mso-table-width">
                                <tr>
                                <td align=3D"left" valign=3D"top" styl=
e=3D"width:620px;" width=3D"620" class=3D"mso-column-width">
                                <![endif]-->

                                <!-- STACK COLUMN : BEGIN -->
                                <div class=3D"stack-column stack-colum=
n-width" ee-percent-width=3D"100" style=3D"display: inline-block;width=
: 100%;vertical-align: top;min-width: 100%;max-width: 620px">
                                <table style=3D"table-layout: auto;" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0">
                                  <tbody>
                                    <tr>
                                      <td dir=3D"ltr" class=3D"col-inn=
er ee_dropzone" align=3D"left" style=3D"font-family: Helvetica, Arial,=
 sans-serif;border-width: 0;padding: 0"><table class=3D"ee_element ee_=
spacer col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;te=
xt-align: left;min-width: 100%;background-color: rgb(249, 246, 242);ta=
ble-layout: auto" data-title=3D"Spacer" width=3D"100%" cellspacing=3D"=
0" cellpadding=3D"0" border=3D"0" bgcolor=3D"rgb(249, 246, 242)">
                            <tbody>
                              <tr>
                                <td style=3D"font-family: Helvetica, A=
rial, sans-serif;font-size: 1px;line-height: 1px">
                                <img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1">
                                </td>
                              </tr>
                            </tbody>
                          </table><table class=3D"ee_element ee_textel=
ement col-font-reset" ee-type=3D"element" style=3D"font-size: 14px;tex=
t-align: left;min-width: 100%;table-layout: auto" data-title=3D"Text" =
width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td clas=
s=3D"element-pad element-bord" style=3D"font-family: Helvetica, Arial,=
 sans-serif;padding: 10px;border-width: 0;padding-top: 0px;padding-rig=
ht: 20px;padding-bottom: 0px;padding-left: 20px" valign=3D"top" align=3D=
"left"><div class=3D"ee_editable" style=3D"font-size: 14px;line-height=
: 22px;color: #3a3a3a"><p style=3D"word-wrap: break-word;word-break: b=
reak-word;Margin: 0;margin-bottom: 0px;margin-top: 0px;line-height: 32=
px;font-size: 26px;text-align: left;color: rgb(70, 70, 72)">
 <strong>An economic overview</strong>
</p></div></td></tr></tbody></table><table class=3D"ee_element ee_spac=
er col-font-reset" ee-type=3D"element" data-title=3D"Spacer" style=3D"=
font-size: 14px;text-align: left;min-width: 100%;table-layout: auto" w=
idth=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"0"><tbody>=
<tr><td style=3D"font-family: Helvetica, Arial, sans-serif;font-size: =
1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmpimg/t/s.gi=
f" style=3D"display: block; width: 1px; height: 20px;" alt=3D"" class=3D=
"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody></table><t=
able class=3D"ee_element ee_textelement col-font-reset" ee-type=3D"ele=
ment" style=3D"font-size: 14px;text-align: left;min-width: 100%;table-=
layout: auto" data-title=3D"Text" width=3D"100%" cellspacing=3D"0" cel=
lpadding=3D"0">
                                        <tbody>
                                          <tr>
                                            <td class=3D"element-pad e=
lement-bord" style=3D"font-family: Helvetica, Arial, sans-serif;paddin=
g: 10px;border-width: 0;padding-top: 0px;padding-right: 20px;padding-b=
ottom: 0px;padding-left: 20px" valign=3D"top" align=3D"left">
                                            <div class=3D"ee_editable"=
 style=3D"font-size: 14px;line-height: 22px;color: #3a3a3a;position: s=
tatic"><p style=3D"word-wrap: break-word;word-break: break-word;Margin=
: 0;margin-bottom: 0px;margin-top: 0px;color: #4a4a4a;font-size: 14px;=
line-height: 23px">
Ben Seager-Scott, Chief Investment Strategist, has written an economic=
 overview of the Autumn Budget and what it could mean for investors.
</p></div>
                                            </td>
                                          </tr>
                                        </tbody>
                                      </table><table class=3D"ee_eleme=
nt ee_spacer col-font-reset" ee-type=3D"element" data-title=3D"Spacer"=
 style=3D"font-size: 14px;text-align: left;min-width: 100%;table-layou=
t: auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0"><tbody><tr><td style=3D"font-family: Helvetica, Arial, sans-serif;f=
ont-size: 1px;line-height: 1px"><img src=3D"http://i.emlfiles4.com/cmp=
img/t/s.gif" style=3D"display: block; width: 1px; height: 20px;" alt=3D=
"" class=3D"" height=3D"20" border=3D"0" width=3D"1"></td></tr></tbody=
></table><table class=3D"ee_element ee_button" ee-type=3D"element" dat=
a-title=3D"Button" style=3D"min-width: 100%;table-layout: auto" width=3D=
"100%" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td class=3D"but=
ton-container button-v2 element-pad" style=3D"font-family: Helvetica, =
Arial, sans-serif;padding: 10px;text-align: left;padding-top: 0px;padd=
ing-right: 20px;padding-bottom: 0px;padding-left: 20px"><!--[if mso]><=
v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:s=
chemas-microsoft-com:office:word" href=3D"http://updates.tilney.co.uk/=
378T-LEZM-54P2BF-BC1JE-1/c.aspx" style=3D"height:29.25pt;v-text-anchor=
:middle;width:127pt;" arcsize=3D"8%" stroked=3D"false" fillcolor=3D"#b=
f9a5e"><w:anchorlock></w:anchorlock><p style=3D"text-align:center;padd=
ing:0;margin:0;"><font style=3D"color:#000000; font-style:normal;font-=
variant:normal;font-weight:700;font-family:Helvetica,Arial,sans-serif;=
font-size:11.25pt; padding:0; margin:0; line-height:inherit;">=EF=BB=BF=
=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=
=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF<font style=3D"color: rgb=
(255, 255, 255);">Read Ben's article</font>=EF=BB=BF=EF=BB=BF=EF=BB=BF=
=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=
=EF=BB=BF=EF=BB=BF=EF=BB=BF</font></p></v:roundrect><![endif]--><!--[i=
f !mso]><!----><table class=3D"button-wrapper col-font-reset" ee-templ=
ate-version=3D"2.3" style=3D"font-size: 14px;text-align: center;min-wi=
dth: auto;display: inline-block;float: left;table-layout: auto" cellsp=
acing=3D"0" cellpadding=3D"0" border=3D"0"><tbody><tr><td class=3D"but=
ton-td" style=3D"font-family: Helvetica, Arial, sans-serif;border-radi=
us: 3px;background: #555555;text-align: center;min-width: 170px;backgr=
ound-color: rgb(191, 154, 94)" bgcolor=3D"rgb(191, 154, 94)"><p style=3D=
"font-size: 14px;line-height: 23px;color: inherit;height: 100%;margin-=
bottom: 0;text-align: center;margin: 0" class=3D"ee_editable button-a"=
><a href=3D"http://updates.tilney.co.uk/378T-LEZM-54P2BF-BC1JE-1/c.asp=
x" style=3D"border: 0px solid #000000;padding: 10px 15px;color: inheri=
t;font-family: Helvetica, Arial, sans-serif;font-size: 15px;text-align=
: center;text-decoration: none;display: block;border-radius: 3px;font-=
weight: bold;line-height: inherit;padding-top: 8px;padding-right: 15px=
;padding-bottom: 8px;padding-left: 15px">=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=
=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=
=BB=BF=EF=BB=BF=EF=BB=BF<font style=3D"color: rgb(255, 255, 255);word-=
break: break-word;word-wrap: break-word">Read Ben's article</font>=EF=BB=
=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=
=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF=EF=BB=BF</a></p></td></tr></tb=
ody></table><!--<![endif]--></td></tr></tbody></table><table class=3D"=
ee_element ee_spacer col-font-reset" ee-type=3D"element" data-title=3D=
"Spacer" style=3D"font-size: 14px;text-align: left;min-width: 100%;tab=
le-layout: auto" width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bo=
rder=3D"0"><tbody><tr><td style=3D"font-family: Helvetica, Arial, sans=
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r></tbody></table><table class=3D"ee_element ee_textelement col-font-r=
eset" ee-type=3D"element" style=3D"font-size: 14px;text-align: left;mi=
n-width: 100%;table-layout: auto" data-title=3D"Text" width=3D"100%" c=
ellspacing=3D"0" cellpadding=3D"0">
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lement-bord" style=3D"font-family: Helvetica, Arial, sans-serif;paddin=
g: 10px;border-width: 0;padding-top: 0px;padding-right: 20px;padding-b=
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