ARTICLE · 12 AUGUST 2013

Investment Outlook - August 2013

Smith & Williamson

Explore more from Smith & Williamson

Fears of Federal Reserve tightening and slower economic growth receded in July after two months of nervousness, with many equity markets producing strong rallies to claw back their earlier losses, despite bond yields resetting at higher levels.

GlobalTax

Alastair Barbour

Ned Fox

INVESTMENT REVIEW

More positive momentum

Fears of Federal Reserve tightening and slower economic growth receded in July after two months of nervousness, with many equity markets producing strong rallies to claw back their earlier losses, despite bond yields resetting at higher levels.

US

While speculation about the Federal Reserve's timetable for tapering its quantitative easing (QE) programme continues to provide the most important focus for investors, away from the noise US equities have resumed their rally, with the S&P 500 index breaking through to new highs in mid-July, reversing all the losses of the previous few weeks. Although the picture painted by recent macroeconomic data has been mixed, second quarter GDP came in better than expected, suggesting an economy growing at an annualised rate of 1.7%. The figure will no doubt give the Fed food for thought as it debates the timing of its next move. Chairman Ben Bernanke has reiterated the official line

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Tax Matters: Autumn Budget 2026 – Fiscal Frights Or Boring Budget? (Podcast)

United KingdomTax

Freshfields Bruckhaus Deringer

Autumn Budget 2026: Fiscal Frights Or Boring Budget?

United KingdomTax

Freshfields Bruckhaus Deringer

Challenging VAT Security Notices

United KingdomTax

Rustem Guardian Solicitors

Vanina Wittenburg Explores The Inheritance Tax Benefits Of Marriage

United KingdomTax

Hunters Law LLP

What To Consider For Inheritance Tax Planning

United KingdomTax

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

Comparative Guide

Tax

Comparative Guide

Tax Disputes

See more popular content from

Tax

Has Your Mauritian Transfer Pricing Documentation Kept Pace With The Mauritius Revenue Authority?

On June 10, 2019, the Hon. Prime Minister and Ministry of Finance & Economic Development of Mauritius presented the 2019-20 Budget.

United KingdomTax

DLA Piper UK LLP

What Are Exit Taxes And How Do They Work?

As the UK anticipates its first Budget under Andy Burnham's premiership on 28 October 2026, questions arise about whether 'Manchesterism' will introduce an exit tax regime. This analysis examines how different jurisdictions—from Canada's deemed disposal system to France's targeted charges on substantial holdings—tax individuals leaving their borders, and explores what form a UK exit tax might take if implemented.

Treasury Committee calls for better and cheaper tax compliance

United KingdomTax

US FATCA In The UK - Updated HMRC Guidance Notes Released

Today HMRC released updated Guidance Notes on implementing FATCA in the UK.

United KingdomTax

Andy Burnham’s Property Tax Reform: What High Net Worth Individuals Need To Know

Burnham has consistently advocated for replacing council tax and stamp duty with a land value tax - an annual levy charged on the value of the land itself, rather than the buildings on it.

United KingdomTax

Capital Gains Tax And Private Equity Tax Under A Labour Government: What We Know So Far

Labour plans to defer major tax changes until the autumn Budget. Key potential changes include raising capital gains tax, altering private equity taxation, and possibly integrating capital gains and inheritance tax rules.

United KingdomTax

Frequently Asked Questions About IRS Clearance And Form 706-NA

UK executors and beneficiaries dealing with US assets face significant delays in obtaining IRS Transfer Certificates, with waiting times now extending to two or three years. This comprehensive FAQ addresses the critical questions surrounding Form 706-NA applications, US estate tax requirements, and the practical challenges of administering estates containing US shares and investments when the deceased was not a US citizen.

Lester Aldridge LLP

UK ‘Windfall’ Bank Tax Would Worsen An Already Complex System

UK banks face the prospect of a new windfall tax as campaigners push for additional levies on strong reported profits, while industry leaders warn of potential consequences for lending, investment, and the UK's position as a global financial centre. This analysis examines the practical implications of adding another layer to an already complex sector-specific tax regime that includes corporation tax, banking surcharge, and bank levy.

United KingdomTax

Taxation Of Earn-Outs On Business Sales: Capital Gain Or Disguised Salary?

HMRC is increasing scrutiny of earn-out arrangements, particularly where founders remain involved in the business after completion and deferred consideration depends on future performance of the target company.

United KingdomTax

Remote Working And Permanent Establishment Risk: An Updated Guide

The OECD has updated its guidance on when remote working arrangements create a permanent establishment for tax purposes, introducing a new 50% threshold test and a 'commercial reason' analysis. These changes fundamentally alter how businesses must evaluate their cross-border home working policies and could result in unexpected tax obligations in jurisdictions where employees work remotely.

United KingdomTax

Travers Smith LLP