Our latest market commentary - Chasing yield is a dangerous game

The British tax code is currently in excess of 20,000 pages long and has more than trebled in size since 1997.  Over 3,000 pages have been added since George Osbourne became chancellor (Hong Kong’s tax code is under 300 pages long in total!) and it is no small task to keep up with the changes made at each Budget to both personal savings and pension allowances.  You could be forgiven therefore for not celebrating the latest change – the introduction of a new dividend allowance that came into force at the beginning of this tax year.