London’s blue-chip stocks endured their worst week since the start of the first lockdown last week as some investors pulled their money out of equities amid the continuing economic chaos caused by Russia’s invasion of Ukraine. The FTSE 100, home to Britain’s biggest listed companies, fell another 251.71 points, or 3.5%, to a five- month low of 6,987.14 last week, taking its losses for the week to 6.7%. Not since March 2020, when it fell by 17%, has the FTSE suffered a bigger weekly loss. This left the index 7.3% below where it was in February 2020, just before the pandemic first rattled global stock markets.

Past performance is not a reliable guide to the future. The value of investments and the income from them can go down as well as up. The value of tax reliefs depend upon individual circumstances and tax rules may change. The FCA does not regulate tax advice. This newsletter is provided strictly for general consideration only and is based on our understanding of law and HM Revenue & Customs practice as of March 2022 and the contents of the Finance Bill. No action must be taken or refrained from based on its contents alone. Accordingly, no responsibility can be assumed for any loss occasioned in connection with the content hereof and any such action or inaction. Professional advice is necessary for every case.