Over the last decade, taxpayers in the UK and the US have become used to a stable tax environment. Capital gains tax rates and the highest rate of income tax have actually been reduced during the last 10 years. It has been a relatively benign environment, notwithstanding the alarm bells ringing a year ago with the threat of a Jeremy Corbyn-led government.
After a painstaking count of the nearly 160 million ballots cast, Joe Biden will become the next President of the United States.
Stock markets around the world have appreciated significantly from their late March lows but the rebound has not been even.
Main Street and Wall Street seem to have decoupled in the last few weeks. It appears that investors are ignoring any future negative financial impact of the COVID-19 pandemic.
News on suspensions of redemptions from major UK open ended property funds as well as underperformance year to date have further underpinned the fact that MASECO has been a long-standing proponent of measured allocations into REITs.
With recession concerns intensifying in the wake of the COVID-19 pandemic, investors may be wondering whether small cap stocks are poised to struggle further. Small cap stocks this year have been hit by even greater fear than other parts of the equity market.