Capital gain – Kat Masters http://katmasters.com/ Mon, 27 Jun 2022 22:41:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://katmasters.com/wp-content/uploads/2021/06/icon-2021-06-25T173039.237-150x150.png Capital gain – Kat Masters http://katmasters.com/ 32 32 Tax return: ATO boss warns new group will be targeted https://katmasters.com/tax-return-ato-boss-warns-new-group-will-be-targeted/ Mon, 27 Jun 2022 22:41:31 +0000 https://katmasters.com/tax-return-ato-boss-warns-new-group-will-be-targeted/ The Australian Taxation Office has warned that a group of Australians will be targeted as tax time approaches. Our lives have changed a lot over the past two years, but the ATO has warned that a particular group of Australians are not reflecting this change on their tax returns. He said Australians who drive to […]]]>

The Australian Taxation Office has warned that a group of Australians will be targeted as tax time approaches.

Our lives have changed a lot over the past two years, but the ATO has warned that a particular group of Australians are not reflecting this change on their tax returns.

He said Australians who drive to work have become accustomed to declaring a number of expenses for their car, but those types of expenses could get them in trouble this year.

In an interview with the ABC, ATO Deputy Commissioner Tim Loh said he would be looking very carefully at car-related spending this fiscal time.

“What we’re seeing are people continuing to claim car and travel expenses at pre-pandemic levels,” he said.

“We expect car and travel costs to come down quite significantly, because if you’re working from home, you can’t be in two places at once.”

Repression of car-related expenses

According to the ATO, travel to and from work cannot be claimed as a tax deduction, but gas expenses for travel to a job-related task can be claimed.

If you need to be audited, you will need to prove to the tax authorities that you used your car for work, not just to run errands or visit friends.

The ATO is preparing to crack down on Australians claiming too many work-related expenses to help with the rising cost of living.

One of the biggest increases in daily consumer goods has been in gasoline prices – which have hit record highs in recent months as war in Ukraine cuts supplies.

Average unleaded prices in regional areas last week rose by 10.4 cents per liter to 211.3 cents per litre, according to the Australian Petroleum Institute.

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Capital city drivers pay even more, with the average pump price reaching 219.3 cents per liter in Brisbane, 220.1 cents per liter in Canberra and 216.4 cents per liter in Sydney.

With the national petrol price at 211.9 cents per litre, CommSec calculated that an average Australian family spent $296.66 a month to fill up their car – just below the recent record high of $297.50 dollars in May. This means the average monthly fuel bill is up $74.48 from the start of 2022.

It’s not just auto spending that the ATO will be watching closely.

Mr Loh also pointed to rapid antigen testing as an area the ATO would look into.

He said Australians who claimed rapid antigen tests on their tax return would also have to prove it was work-related and not for personal use.

“Now with these rapid antigen tests being used for work purposes, you have to meet three rules: you have to have spent the money yourself and not be reimbursed by your employer,” Loh said.

“It must be bound for work-related purposes.”

Big shift in work-from-home spending

After the closings of the last 12 months, many of us will be claiming deductions for working from home.

The good news is that this year there is still a simple system in place to calculate how much you are owed.

Since the start of the pandemic in March 2020, professionals have been able to claim a fixed hourly rate of 80 cents for their expenses instead of having to add them up manually.

The flat rate was due to end on June 30, 2021, but the tax office extended it for another year as Sydney and Melbourne were in lockdown for long periods.

This means you can use it on this year’s tax return, which you have until October 31 to do so.

However, a big change is coming from July 1, which means that from the next fiscal year, you will have to keep your electricity, internet and telephone bills and manually add up your expenses to claim a lower deduction of 52 cents an hour if you work from home.

This basically means that those of us working from home will have to get into the habit of keeping receipts from July 1.

Crypto Investors Watched

Cryptocurrencies are also under the ATO’s radar, with around 800,000 Australians investing in them over the past few years.

“We’re really focused this year on making people understand that when you sell, trade, or trade crypto, there’s a taxable transaction,” Loh said. “And also, to make sure you keep good records.

“Crypto is not anonymous, we have established a matching protocol with cryptocurrency exchanges and they share this information with us, to enable us to match data.”

You will realize a capital gain if the capital proceeds from the disposal of the cryptocurrency are greater than its cost base. Even if the market value of your cryptocurrency changes, you don’t realize a capital gain or loss until you dispose of it.

According to the ATO, if you acquire cryptocurrency as an investment, you may have to pay tax on any capital gains you realize on disposing of the cryptocurrency.

Read related topics:tax time
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Encourage tax-efficient giving to international charities https://katmasters.com/encourage-tax-efficient-giving-to-international-charities/ Thu, 23 Jun 2022 08:45:41 +0000 https://katmasters.com/encourage-tax-efficient-giving-to-international-charities/ Human suffering arouses a fierce desire to help. Whether it’s a regular donor giving from their paycheck or a wealthy individual making a substantial grant, the same human response seems to exist within each of us to help those around the world who are less fortunate. or affected by events. of their control. This has […]]]>

Human suffering arouses a fierce desire to help. Whether it’s a regular donor giving from their paycheck or a wealthy individual making a substantial grant, the same human response seems to exist within each of us to help those around the world who are less fortunate. or affected by events. of their control. This has been particularly evident over the past two years, in the global response to Covid-19 and the significant contributions to relief efforts to help those affected by the conflict in Ukraine.

Cross-border donations – the term applied to any donation that qualifies for tax relief in one country and is given directly to a foreign charity – is nothing new. But as more and more natural disasters and crises occur, it has become an increasingly popular way to give, prompting a new set of questions for those of us advising our clients on philanthropy. efficient. We have also seen a growing desire on the part of donors to ensure that charitable funds reach their intended recipients “on the ground”. In the last financial year, Charities Aid Foundation (CAF) helped provide almost £1 billion to over 100,000 charities in 110 countries. About a fifth of these donations crossed borders, coming from our offices in the UK, US and Canada.

Cross-border philanthropy has enormous potential, especially to mitigate the effects of a humanitarian crisis. But this means of giving is often constrained by restrictive global frameworks, with a complex web of tax systems and national policy decisions varying from country to country.

In addition, we have recently seen new obstacles. In India, the government introduced new restrictions under the Foreign Contribution Regulation Act (FCRA) in 2020, which prohibited the further awarding of funds between FCRA-compliant organizations. In the UK, we need more information on how Brexit could impact the ability of donors to make tax-advantaged donations from EU member states to the UK. Some practical solutions are already in place; CAF is a proud partner and founding member of the Transnational Giving Europe network, which enables donors to give to good causes across Europe.

With geopolitical risks, sanctions regimes and sometimes hostile attitudes towards philanthropy, how can clients be sure that their donations reach their recipients?

Growing popularity

Even though the UK has a relatively liberal system, there are still considerable administrative burdens, and the complex rules can make donations difficult for individual donors. Organizations such as CAF must collect information to ensure that recipients of funds meet national definitions of charitable causes while fulfilling our obligations to minimize the risk of contravening anti-money laundering and anti-corruption regulations. financing of terrorism. When sending charitable funds across multiple jurisdictions and in different languages, the costs of meeting these requirements add up and, in some cases, can be a barrier to operating in certain geographies.

Due in part to the administrative burden, donor-advised funds (DAFs) have rapidly grown in popularity in recent years as donors have become increasingly proactive in their donations. DAFs are flexible, economical and easy to configure. Donations can also remain anonymous and they are tax efficient as customers can donate cash, stocks, property, artwork and antiques.

For example, in the UK, when giving HM Revenue and Customs (HMRC) eligible investments to charity, including shares, a client receives relief from income tax on the value , as well as an exemption from capital gains tax. Shares can be sold for less than their value and then the gain generated will be available for donation. This means customers can reduce their taxable income by the amount of the donation, such as the market value of the shares, plus the transfer fee, minus the selling price paid by the charity, reducing the overall tax payable. .

One of the main advantages of managing donations through a DAF is that fund administrators are responsible for compliance with charitable law and regulatory requirements. Many CFOs employ specialist teams to carry out this task. Within a trust, charitable funds can also grow, which in turn increases the amount available to give to charity.

For the growing number of clients who are both US and UK taxpayers, little is known that they can take advantage of tax breaks in both jurisdictions to maximize their charitable giving. The CAF American Donor Fund has offered this service to clients since 2000, recently exceeding £1 billion in donations to global charitable causes, including recent grants to support humanitarian efforts in Ukraine, Afghanistan and Yemen.

Favorable market

The US market is particularly favorable to philanthropic donations to foreign charities, as the US regulatory model facilitates international grants. US tax authorities approve cross-border donations through two different schemes. Accountability for expenditures requires the review and funding of a specific charitable project and requires at least annual reporting on the expenditure of granted funds. Through equivalency determination, a US foundation determines in good faith that a non-US recipient would meet the requirements of a US public charity. It is a review of the organization itself rather than a specific project and allows for unrestricted grants without the legal requirement to collect grant reports.

Although the UK has a tax system that encourages charitable giving, through gift aid and tax breaks, the regulatory system could learn from the US model to help provide a more efficient method. for UK Philanthropy to fund charities overseas. To enable more efficient and faster cross-border donations from the UK, an adapted version of the determination of equivalence could be introduced. The UK already has the underlying principles required, but a technical improvement to the current approach could speed up cross-border donations.

With an increasingly unstable geopolitical environment and the impact of climate change affecting the food supply and increasing the likelihood of natural disasters, more and more customers will want to give tax-efficiently around the world. To do this, practical changes to the UK tax system could encourage more cross-border giving so aid can get to where it’s most needed quickly.

By refining national and international policies, we can help customers give anywhere safely and fully harness the human response to help those around the world.

This article does not necessarily reflect the views of the Bureau of National Affairs, Inc., publisher of Bloomberg Law and Bloomberg Tax, or its owners.

Author Information

Neil Heslop is the Managing Director of the Charities Aid Foundation and has held numerous leadership positions in the telecommunications industry in North America and Europe. He lost his sight at 21 and has since advocated for inclusivity and new technologies in the workplace, co-founding the charity Blind In Business. Heslop advised the UK government on the introduction of the Disability Discrimination Act.

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Newtek Business Services Corp. provides financial forecasts for the first half of 2022 https://katmasters.com/newtek-business-services-corp-provides-financial-forecasts-for-the-first-half-of-2022/ Tue, 21 Jun 2022 13:26:46 +0000 https://katmasters.com/newtek-business-services-corp-provides-financial-forecasts-for-the-first-half-of-2022/ Receive instant alerts when news is published about your stocks. Claim your one week free trial for StreetInsider Premium here. BOCA RATON, Fla., June 21, 2022 (GLOBE NEWSWIRE) — Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), provides forecasts for certain financial metrics for the six months ending June 30, […]]]>

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BOCA RATON, Fla., June 21, 2022 (GLOBE NEWSWIRE) — Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), provides forecasts for certain financial metrics for the six months ending June 30, 2022. For the six months ending June 30, 2022, the Company expects a net investment income (loss) (“NII”) within a range of ($0.01) per share at $0.00 per share and adjusted net investment income (“ANII”)1 in the range of $1.40 per share to $1.50 per share.

Barry Sloane, Chairman, President and Chief Executive Officer, said: “As we approach the end of the quarter, we believe we are on track to deliver the previously planned results for the first six months of 2022. We continue to work to deliver our planned financial results and are confident that we will be able to achieve an ANII for the first six months of 2022 that will equal or exceed the dividends that were declared during the first half of 2022. an amount of $1.40 per share. As we mentioned on our first quarter 2022 earnings conference call, we expect some pricing pressure on government-backed loan sales margins in the second quarter of 2022, and that’s what that we have observed. However, offsetting pricing pressure, we are seeing opportunities from high quality borrowers, as well as strong portfolio performance as of May 31, 2022, which have placed the Company in a comfortable rate position. change from his portfolio. Additionally, we believe the combined performance of Newtek Merchant Solutions and other portfolio companies will help us achieve our NII and ANII guidance for the first six months of 2022.”

Mr. Sloane continued: “We were exceptionally pleased that 89% of shareholders voting in the recent special proxy vote gave the board permission to withdraw our election as a company governed by 1940s law, which , subject to regulatory approvals, would allow us to operate as a 1933 Act Company, which we believe may provide us with the opportunity to raise more profitable capital. As a company that has always been able to grow its business, we believe the conversion to a bank holding company, subject to regulatory approvals, could not be more timely despite the need to overcome what we believe to be a shareholder transition. Importantly, as a bank holding company, we believe we will be eligible for inclusion in the Russell 2000 exchange-traded funds, which are managed by institutional fund managers and we believe can help ease the frictions that institutional fund managers have experienced investing in BDCs. due to the double counting of the AFFE. Additionally, as a bank holding company, any dividends our loyal shareholders may receive will be taxed at a more advantageous qualified rate rather than the ordinary income rate.

Mr. Sloane concluded, “We look forward to releasing second quarter 2022 financial results in early August and expect to provide an update on the National Bank of New York City acquisition.

1 Use of Non-GAAP Financial Measures – In evaluating its business, Newtek considers and uses ANII as a measure of its operational performance. ANII includes short-term capital gains from the sale of the secured portions of SBA 7(a) loans and conventional loans, and beginning in 2016, capital gains distributions from holding companies controlled, which are recurring events. The Company defines ANII as net investment income (loss) plus net realized gains recognized on the sale of secured portions of SBA 7(a) loan investments, less realized losses on unaffiliated investments, plus net realized gains on controlled investments, plus or minus change in fair value of contingent consideration liabilities, plus loss on extinguishment of debt, plus or minus an adjustment for gains or losses on derivative transactions. The term ANII is not defined under United States generally accepted accounting principles, or United States GAAP, and is not a measure of operating profit, operating performance, or liquidity. presented in accordance with US GAAP. ANII has limitations as an analytical tool and when evaluating the Company’s operating performance, investors should not consider ANII in isolation, or as a substitute for net investment income, or other consolidated income statement data prepared in accordance with US GAAP. Among other things, the ANII does not reflect the Company’s actual cash expenditures. Other companies may calculate similar measurements differently than Newtek, which limits their usefulness as comparison tools. The Company compensates for these limitations by relying mainly on its GAAP results supplemented by the ANII.

Newtek Business Services Corp., Your Business Solutions Company®, is an internally managed BDC which, together with its controlled holding companies, provides a wide range of business and financial solutions under the Newtek® brand to the small and medium-sized enterprise (“SME”) market. Since 1999, Newtek has provided leading, cost-effective products and services and effective business strategies to SMB relationships in all 50 states to help them increase sales, control expenses and reduce risk.

Products and services of Newtek and its portfolio companies include: business loans, SBA loan solutions, electronic payment processing, technology solutions (cloud computing, data backup, storage and recovery, IT consulting) , eCommerce, Accounts Receivable and Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.

Newtek® and Your Business Solutions Company® are registered trademarks of Newtek Business Services Corp.

Note Regarding Forward-Looking StatementsThis press release contains certain forward-looking statements. Words such as “believes”, “intends”, “expects”, “plans”, “anticipates”, “plans”, “goal” and “future” or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected or implied by the forward-looking statements. These risks and uncertainties include, among other things, our ability to complete the pending acquisition of National Bank of New York City (the “Acquisition”), to obtain the regulatory approvals required for the pending Acquisition, as well as projections regarding or contemplating the acquisition in progress Acquisition, our ability to generate new investments, to achieve certain margins and levels of profitability, the availability of additional capital and the ability to maintain certain debt ratios, the intensification of competition, operational issues and their impact on revenues and profit margins, anticipated future business, financial performance and strategies, expected future number of customers, business prospects, legislative developments and other similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in Newtek’s filings with the Securities and Exchange Commission and available at http ://www.sec.gov/. Newtek cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied by such statements.

SOURCE: Newtek Business Services Corp.

Investor Relations and Public RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179 / [email protected]

main logo

Source: Newtek Business Services Corp.

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Crypto Tax: How Cryptocurrencies are Treated in India and Around the World https://katmasters.com/crypto-tax-how-cryptocurrencies-are-treated-in-india-and-around-the-world/ Sat, 18 Jun 2022 12:06:28 +0000 https://katmasters.com/crypto-tax-how-cryptocurrencies-are-treated-in-india-and-around-the-world/ From speculative products to “virtual digital assets” (VDAs), cryptocurrencies have come a long way. From April 1, India introduced a tax on all VDAs. The law states that any income from the transfer of digital assets would be taxed at 30% with no deductions or exemptions. This would also apply to the donation of digital […]]]>

From speculative products to “virtual digital assets” (VDAs), cryptocurrencies have come a long way. From April 1, India introduced a tax on all VDAs. The law states that any income from the transfer of digital assets would be taxed at 30% with no deductions or exemptions. This would also apply to the donation of digital assets.

This comes at a time when countries are trying different approaches to regulating cryptos, as more and more investors are entering this space, looking to make quick profits. In today’s column, we take a look at how India and other countries regulate digital assets.

Understanding Crypto Tax in India

Before we dive into crypto tax laws around the world, it is important to understand how crypto tax works in India. In India, an income tax of 30% is levied on income derived from the transfer of VDAs, including NFTs. “Taxpayers cannot offset losses resulting from one VDA against income from another VDA. Current tax laws allow taxpayers to offset their long-term losses against long-term capital gains. However, this is not allowed for income from the transfer of VDA,” said lawyer Ishan Kapoor, who works as a special adviser to law firms in Mumbai and New Delhi, advising on matters relating to policy regulation and crypto tax.

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Kapoor explains that if you make a profit per Bitcoin (BTC) transfer and a loss from the Ethereum (ETH) transfer, you cannot deduct the loss from the ETH transfer from the profit per BTC transfer. “You will have to pay a 30% flat tax on BTC transfer profits,” adding that “losses from crypto transfer cannot be deducted from any other income. transfer of ARV with income from the transfer of another physical asset such as real estate, stocks or mutual funds.

In addition, losses resulting from the transfer of VDA cannot be carried forward to the following year. This means that losses resulting from the transfer of VDA cannot be offset by potential future gains arising in subsequent years.

Attorney Ishan Kapoor, works as a special adviser to law firms in Mumbai and New Delhi, advising on policy regulation and crypto tax issues. (Photo: Ishan Kapoor)

Additionally, to integrate VDA transactions into the financial reporting system, each crypto transaction is subject to a 1% withholding tax deduction (TDS). It is proposed to apply a withholding tax of 1% on the total transaction value for VDAs from July 1, 2022. is likely to do day trading, margin trading, etc. unfeasible, given that these merchants operate on very thin margins,” Kapoor told indianexpress.com.

What about other countries?

In the United States, VDAs are treated the same as stocks. Any loss can be used to offset income tax from the ARV transfer with a maximum limit of $3,000 and any other loss can be carried forward to the next fiscal year to be offset against any future gain. Short-term capital gains are taxed at the higher tax bracket based on declines in investors’ taxable income, and long-term capital gains (for ARVs held longer than 12 months) are taxed at a much higher rate. lowest — 0%, 15% percent and 20 percent.

As in the US, VDAs in the UK are treated the same as shares. If you buy and sell a VDA for personal investment, you must pay capital gains tax on profits. The UK allows losses resulting from the transfer of VDAs to be deducted from global capital gains.

In Canada, cryptocurrency is considered a commodity, like a stock. If your crypto is taxed as income, you will pay income tax on the entire proceeds of a crypto transaction. If your crypto is taxed as a capital gain, you will only pay capital gains tax on half of the profits from a crypto transaction.

Meanwhile, there are countries like El Salvador who adopted Bitcoin as legal tender. The country has even announced a Bitcoin City for its residents where all transactions will be done through Bitcoin, therefore, will be free from any property or capital gains tax.

“Crypto Remains Unregulated”

It should be noted that Union Finance Minister Nirmala Sitharaman has declared that taxing VDA transactions does not legitimize them. The Finance Bill 2022 defined VDAs in the newly introduced Clause (47A) under Section 2 of the Computer Act 1961. However, the VDA market in India remains unregulated.

“To legally recognize VDAs under Indian laws, it is essential that, through legislation, the central government provides definitions and classifications of the different types of VDAs and regulates VDAs as a distinct asset class in themselves- same. This can be done through a separate law or by amending the definitions of existing laws (such as the Securities and Contracts Regulation Act),” Kapoor notes.

All entities involved in the process of providing a VDA buying and selling platform (i.e. exchanges, brokers) play the role of technology intermediaries. These intermediaries must be regulated by law.

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CORRECT and REPLACE Orchid Island Capital Announces June 2022 Monthly Dividend and RMBS Portfolio Features as of May 31, 2022 https://katmasters.com/correct-and-replace-orchid-island-capital-announces-june-2022-monthly-dividend-and-rmbs-portfolio-features-as-of-may-31-2022/ Wed, 15 Jun 2022 20:27:00 +0000 https://katmasters.com/correct-and-replace-orchid-island-capital-announces-june-2022-monthly-dividend-and-rmbs-portfolio-features-as-of-may-31-2022/ June 2022 monthly dividend of $0.045 per common share Characteristics of the RMBS portfolio as of May 31, 2022 Next dividend announcement scheduled for July 13, 2022 VERO BEACH, Florida, June 15, 2022–(BUSINESS WIRE)–The table describing the Company’s hedges in the release issued June 14, 2022, incorrectly labeled the Company’s interest rate swaps “TBA” and […]]]>
  • June 2022 monthly dividend of $0.045 per common share

  • Characteristics of the RMBS portfolio as of May 31, 2022

  • Next dividend announcement scheduled for July 13, 2022

VERO BEACH, Florida, June 15, 2022–(BUSINESS WIRE)–The table describing the Company’s hedges in the release issued June 14, 2022, incorrectly labeled the Company’s interest rate swaps “TBA” and incorrectly labeled the “to be announced” securities of the Society ”Exchanges.”

The updated version reads as follows:

Orchid Island Capital Announces June 2022 Monthly Dividend and RMBS Portfolio Characteristics as of May 31, 2022

  • June 2022 monthly dividend of $0.045 per common share

  • Characteristics of the RMBS portfolio as of May 31, 2022

  • Next dividend announcement scheduled for July 13, 2022

Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) today announced that the Company’s Board of Directors (the “Board”) has declared a monthly cash dividend for the month of June 2022 The dividend of $0.045 per share will be paid on July 27, 2022 to registered holders of common stock of the Company on June 30, 2022, with an ex-dividend date of June 29, 2022. The Company expects to announce its next dividend in common shares on July 13, 2022.

The Company intends to pay regular monthly cash distributions to its common stockholders. In order to qualify as a real estate investment trust (“REIT”), the Company must annually distribute to its shareholders an amount at least equal to 90% of its taxable REIT income, determined without taking into account the deduction for dividends paid. and excluding any net capital gain. The Company will be subject to income tax on taxable income which is not distributed and to excise tax to the extent that a certain percentage of its taxable income is not distributed on specified dates. The Company has not established a minimum level of distribution payment and is not assured of its ability to make distributions to shareholders in the future.

As of June 14, 2022, May 31, 2022 and March 31, 2022, the Company had 177,117,186 common shares outstanding.

RMBS Wallet Features

Details of the RMBS portfolio as of May 31, 2022 are presented below. These figures are preliminary and subject to change. The information contained herein is an intra-quarter update created by the Company based on information the Company believes to be accurate:

  • Valuation characteristics of RMBS

  • RMBS Assets by Branch

  • Investment Companies Act 1940 test results (entire pool)

  • Exposure to repurchase agreements

  • RMBS risk measures

About Orchid Island Capital, Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests leveraged in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of agency RMBS: (i) traditional agency pass-through RMBS, such as mortgage pass-through certificates and mortgage bonds guarantees issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) a structured agency RMBS. The Company is managed by Bimini Advisors, LLC, an investment adviser registered with the Securities and Exchange Commission.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions. These forward-looking statements are based on the current expectations of Orchid Island Capital, Inc., but these statements are not guaranteed to occur. Investors should not place undue reliance on forward-looking statements. For additional information on factors that could affect results, please see the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Valuation characteristics of RMBS

(in thousands of dollars)

Realized

Realized

May 2022

March – May

Modeled

Modeled

Report

Weighted

CPR

CPR 2022

Interest

Interest

%

Weighted

Medium

(1 month)

(3 months)

Assess

Assess

Running

Fair

of

Running

Medium

Maturity

(Reported

(Reported

Sensitivity

Sensitivity

Type

Face

Assess

Wallet

Price

Coupon

GWAC

Age

(Month)

in June)

in June)

(-50 basis points)(1)

(+50 basis points)(1)

Getting through RMBS

15 years 4.0

$

419

$

432

0.01%

$

103.01

4.00%

4.54%

49

131

0.8%

0.8%

$

seven

$

(seven)

15 years to be determined

175,000

175,697

4.17%

100.40

3.50%

2,950

(3,310)

Total 15 years

175,419

176 129

4.18%

100.40

3.50%

4.54%

49

131

0.8%

0.8%

2,957

(3,317)

30 years 3.0

3,500 185

3,363,833

79.75%

96.10

3.00%

3.47%

14

344

8.1%

7.5%

106,826

(112,329)

30 years 3.5

230,994

230,669

5.47%

99.86

3.50%

4.03%

27

325

14.2%

14.1%

6,331

(6,645)

30 years 4.0

270 277

272,437

6.46%

100.80

4.00%

4.71%

12

347

7.8%

26.8%

5,928

(6,852)

Total 30 years

4,001,456

3,866,939

91.67%

96.64

3.10%

3.58%

14

343

8.5%

8.4%

119,085

(125,826)

Total pass through RMBS

4,176,875

4,043,068

95.85%

96.80

3.11%

3.62%

16

334

8.5%

8.4%

122,042

(129,143)

Structured RMBS

OI 20 years 3.0

335,999

40 141

0.95%

11.95

3.00%

3.69%

71

162

12.3%

16.4%

(595)

299

OI 20 years 4.0

12,205

1,485

0.04%

12.17

4.00%

4.57%

125

108

13.8%

16.0%

(2)

OI 30 years 3.0

42,190

6,859

0.16%

16.26

3.00%

3.69%

35

318

10.4%

13.7%

(249)

181

RO 30 years 3.5

510,044

97,678

2.32%

19.15

3.50%

4.01%

54

297

11.5%

14.1%

(2,522)

1,738

OI 30 years 4.0

151,311

26,628

0.63%

5:60 p.m.

4.00%

4.55%

73

278

18.2%

21.3%

(1,071)

890

OI 30 years 4.5

4,261

761

0.02%

17.86

4.50%

4.99%

143

204

14.6%

18.6%

(22)

17

OI 30 years 5.0

2,367

427

0.01%

18.03

5.00%

5.36%

143

204

4.8%

18.5%

(15)

12

Total ES

1,058,377

173,979

4.12%

4:44 p.m.

3.41%

3.99%

63

250

12.7%

15.9%

(4,474)

3,135

IOI 30 years 4.0

35,321

1,162

0.03%

3.29

3.40%

4.40%

57

294

0.6%

9.6%

217

(230)

Total structured RMBS

1,093,698

175 141

4.15%

16.01

3.41%

4.00%

62

251

12.3%

15.7%

(4,257)

2,905

Total mortgage assets

$

5,270,573

$

4,218,209

100.00%

3.17%

3.70%

25

317

9.3%

10.0%

$

117,785

$

(126,238)

Interest

Interest

Medium

Hedge

Assess

Assess

Notional

Period

Sensitivity

Sensitivity

Hedge

Balance

End

(-50 basis points)(1)

(+50 basis points)(1)

5-year Treasury future(2)

$

(1,194,000)

September-2022

$

(27,336)

$

26,775

Ultra 10-Year Cash(3)

(270,000)

September-2022

(15,009)

14,116

Trades

(1,400,000)

Jul-2028

(38,357)

37,016

To be determined

(175,000)

Jul-2022

(5,868)

6,055

Trades

(777,800)

March-2023

(12,242)

11,918

Total coverage

$

(3,816,800)

$

(98,812)

$

95,880

General total of interest rate shocks

$

18,973

$

(30,358)

(1)

Results modeled from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel moves and horizon prices are calculated assuming constant spreads adjusted for LIBOR options. These results are for illustrative purposes only and actual results may differ materially.

(2)

The five-year Treasury futures were valued at prices of $112.95 as of May 31, 2022. The market value of the short position was $1,348.6 million.

(3)

Ten-year Treasury Ultra futures contracts were valued at prices of $128.48 as of May 31, 2022. The market value of the short position was $346.9 million.

RMBS Assets by Branch

Investment Companies Act of 1940 Testing the Whole Pool

(in thousands of dollars)

(in thousands of dollars)

Percentage

Percentage

Fair

of

Fair

of

Asset class

Assess

Wallet

Asset class

Assess

Wallet

As of May 31, 2022

As of May 31, 2022

Fannie Mae

$

2,850,250

70.5%

Non-global pool assets

$

239,763

5.9%

Freddie Mac

1,192,260

29.5%

Entire Pool Assets

3,802,747

94.1%

Total mortgage assets

$

4,042,510

100.0%

Total mortgage assets

$

4,042,510

100.0%

Borrowings by counterparty

(in thousands of dollars)

Weighted

Weighted

% of

Medium

Medium

Total

Total

repos

Maturity

The longest

As of May 31, 2022

Loans

Debt

Assess

in days

Maturity

JP Morgan Securities LLC

$

372 441

9.8%

0.71%

13

07/25/2022

ABN AMRO Bank SA

335,617

8.6%

0.84%

36

07/14/2022

Merrill Lynch, Pierce, Fenner and Smith

325,745

8.4%

0.95%

36

07/13/2022

Mitsubishi UFJ Securities (USA), Inc.

314,666

8.1%

1.15%

32

07/28/2022

Mirae Asset Securities (USA) Inc.

295 186

7.6%

0.87%

77

11/18/2022

Cantor Fitzgerald & Co

256 377

6.6%

0.96%

38

08/23/2022

RBC Capital Markets, LLC

232 284

6.0%

0.89%

38

07/27/2022

ING Financial Markets LLC

206,841

5.3%

0.86%

3

06/03/2022

Goldman, Sachs & Co.

201,626

5.2%

1.10%

25

06/27/2022

ASL Capital Markets Inc.

186 177

4.8%

0.89%

17

06/21/2022

Santander Bank, North America

180 243

4.6%

0.97%

35

07/25/2022

Daiwa Capital Markets America Inc.

151,289

3.9%

0.73%

16

06/16/2022

ED&F Man Capital Markets Inc.

151 112

3.9%

1.02%

50

07/25/2022

Wells Fargo Bank, North America

125,542

3.2%

0.81%

31

07/21/2022

Citigroup Global Markets Inc.

121,265

3.1%

1.05%

37

07/18/2022

BMO Capital Markets Corp.

116,662

3.0%

1.17%

47

07/18/2022

Nomura Securities International, Inc.

88,988

2.3%

0.90%

17

06/17/2022

Austin Atlantic Asset Management Co.

86,789

2.2%

0.89%

1

06/01/2022

South Street Securities, LLC

60,672

1.6%

1.17%

48

07/18/2022

Lucid Cash Fund USG, LLC

44 112

1.1%

0.99%

9

06/09/2022

StoneX Financial Inc.

24,010

0.6%

0.89%

16

06/16/2022

Mizuho Securities USA, Inc.

3,677

0.1%

1.29%

ten

06/10/2022

Total borrowings

$

3,881,321

100.0%

0.93%

32

11/18/2022

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220614005791/en/

contacts

Orchid Island Capital, Inc.
Robert E. Cauley
Phone: (772) 231-1400

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Owners Said Don’t Worry About Price Drops, You Still Made Money https://katmasters.com/owners-said-dont-worry-about-price-drops-you-still-made-money/ Mon, 13 Jun 2022 22:03:00 +0000 https://katmasters.com/owners-said-dont-worry-about-price-drops-you-still-made-money/ Despite the recent slump in house prices, most homeowners are still sitting on steep capital gains from the recent boom, according to new analysis from Homes.co.nz. After hitting record highs last year, prices have fallen as the market has turned. The national average value had now returned to its November 2021 level, according to quote […]]]>

Despite the recent slump in house prices, most homeowners are still sitting on steep capital gains from the recent boom, according to new analysis from Homes.co.nz.

After hitting record highs last year, prices have fallen as the market has turned. The national average value had now returned to its November 2021 level, according to quote value figures released last week.

But Homes.co.nz has analyzed the median price figures for the first quarter of this year compared to those of eight years ago to find out the capital gains that owners have accumulated on average in each of the main centers during of this period.

Eight years was used because it is close to the median length of time people own property.

READ MORE:
* With prices falling, should you look for homes in a more expensive neighborhood?
* All 2022 capital gains have been wiped out, according to QV data
* Foop alert: Buyers worried about house prices falling ‘faster than expected’

The analysis showed that despite selling prices falling in the three months to March, prices in Auckland, Wellington and Christchurch had risen 100%, or doubled, since the first part of 2014.

Auckland’s median was $1.2 million in the first quarter of this year. That was down from $1.33 million at the end of last year, but up from $610,000 at the start of 2014.

Wellington’s median was $1.05 million in the first half of this year, down from $495,000 in 2014, while Christchurch’s median was $725,000, down from $380,000.

Homeowners in Hamilton, Tauranga and Dunedin have seen even bigger gains, with price increases of almost 150% since 2014.

Home prices in Hamilton have risen almost 150% since 2014.

Christel Yardley / Stuff

Home prices in Hamilton have risen almost 150% since 2014.

Hamilton’s median was $845,000 in the first quarter, down from $343,000, while Tauranga and Dunedin’s medians were $924,000 and $638,000, down from $370,000 and $252,000 respectively.

The rest of the country was somewhere in between, with a national median sale price in the first part of this year 130% higher than it was eight years ago.

Homes.co.nz chief scientist Tom Lintern said the rate of growth was faster than the old adage that house values ​​doubled every decade, but the market had changed recently.

“The price declines will be felt by those who bought very recently, but most owners will only experience a decrease in the significant capital gains generated since their purchase.”

There was a lot of focus on getting prices down, but for most homeowners, especially if they weren’t planning on selling, it was rising interest rates that would be the biggest issue, a- he declared.

CoreLogic’s latest Pain and Gain report showed that only 0.9% of resales nationwide in the first quarter were at a loss or below the original purchase price. Most houses were still being sold for a profit.

Real estate coach Steve Goodey says there is never anything that guarantees the value of a property.

None

Real estate coach Steve Goodey says there is never anything that guarantees the value of a property.

Property coach Steve Goodey said it pays to remember that prices on websites, such as homes.co.nz, are estimates of value, and nothing more.

There is never anything that guarantees the value of a property, even an appraisal by a licensed appraiser, he said.

“Website prices and ratings are all based on comparative sales over the previous 90-120 days, and have no impact on sentiment, which actually drives the market.”

The market boom had been like a huge property-driven party, and now it was over, buyers had retreated, and it was harder to sell the average property, he said.

“It’s the lower prices that attract people now, and it’s the feeling that makes the difference. This is why I emphasize cash flow rather than equity when it comes to real estate. »

ASB and Westpac predicted prices could fall 20% from recent market highs when adjusted for inflation.

But prices are estimated to have risen by around 45% during the pandemic, meaning a 20% drop would bring them back to where they were in the middle of last year.

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CGT up to 15% slapped on real estate https://katmasters.com/cgt-up-to-15-slapped-on-real-estate/ Sat, 11 Jun 2022 18:14:44 +0000 https://katmasters.com/cgt-up-to-15-slapped-on-real-estate/ ISLAMABAD: The federal government has increased capital gains tax (CGT) up to 15% on the disposal of real estate within one year of purchase. The government announced the 2022/2023 budget on June 10, 2022 and announced various tax measures to increase revenue. READ MORE: Tax imposed on presumed income from real estate Through the Finance […]]]>

ISLAMABAD: The federal government has increased capital gains tax (CGT) up to 15% on the disposal of real estate within one year of purchase.

The government announced the 2022/2023 budget on June 10, 2022 and announced various tax measures to increase revenue.

READ MORE: Tax imposed on presumed income from real estate

Through the Finance Bill 2022, changes were made to Section 37 of the Income Tax Ordinance 2001.

By the amendment, subsection 1A of Article 37 has been replaced, which is as follows:

READ MORE: Pakistan changes tax laws for foreign digital transfers

“(1A) Notwithstanding anything in subsection (1), the gain arising from the disposal of immovable property situated in Pakistan, to a person during a taxable year shall be taxable as capital gains capital at the rates specified in Section VIII of Part I of the First Schedule.

READ MORE: Pakistan imposes tax on wealthy individuals

The rates provided for in Division VIII of Part I of the First Schedule are:

S. No Holding period Tax rate Tax rate Tax rate
Open plots Built property Apartments
(1) (2) (3) (4) (5)
1. When the holding period does not exceed one year 15% 15% 15%
2. When the holding period is more than one year but not more than two years 12.5% ten% 7.5%
3. When the holding period is more than two years but not more than three years ten% 7.5% 0
4. When the holding period is more than three years but not more than four years 7.5% 5%
5. When the holding period is more than four years but does not exceed five years 5% 0
6. When the holding period is more than five years but does not exceed six years 2.5%
seven. When the holding period exceeds six years 0%

READ MORE: Finance bill defines beneficial owner under tax laws

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Next dividend race for BSMX? https://katmasters.com/next-dividend-race-for-bsmx/ Thu, 09 Jun 2022 12:40:21 +0000 https://katmasters.com/next-dividend-race-for-bsmx/ JThis morning, a “potential dividend alert” was sent to Banco Santander Mexico SA, Institucion de Banca Multiple, Grupo Financiero Santander Mexico (NYSE: BSMX), on our DividendChannel.com Dividend Alerts service (a free alerts feature by E-mail). Let’s look at the situation in more detail, shall we? First of all, what is a “Dividend Run”? This is […]]]>

JThis morning, a “potential dividend alert” was sent to Banco Santander Mexico SA, Institucion de Banca Multiple, Grupo Financiero Santander Mexico (NYSE: BSMX), on our DividendChannel.com Dividend Alerts service (a free alerts feature by E-mail). Let’s look at the situation in more detail, shall we?

First of all, what is a “Dividend Run”? This is an interesting concept that we first heard about at a previous ValueForum conference. And to better explain the concept, we need to start with the expected behavior of a title on its ex-dividend Date.

For those unfamiliar with the term, ex-dividend date marks the trading day on which any buyer of the stock is no longer entitled to the referenced dividend – in other words, to be eligible to receive the dividend in question, one would have had to buy their shares before the ex-dividend date.

All other things being equal, the stock price should decrease in the amount of the dividend on that ex-date (remember, this is “all things being equal” and of course other factors will drive the stock up/down on any given day). But think about it: if a buyer is entitled to a dividend of 0.325 before ex-date, but no longer entitled to this amount on or after ex-date, then this reduction makes sense! Because if the actions doesn’t drop of that same 0.325 the next day, then effectivelybuyers would effectively pay 0.325 After for the same share of shares.

But now think about this: if a stock is expected drop by the amount of the dividend (all other things being equal) on ex-date, so in turn, shouldn’t this stock be expected to ascend sometimes ahead a dividend? After all, if a dividend-paying stock had never risen and only fallen on each ex-date, then eventually, after enough dividend payments, that stock would have fallen to zero. And this would not do any makes sense for a company that continues to make money and pay dividends. So indeed, “sometimes” before given a dividend, there should be some kind of built-in “pressure” for a stock to gradually rise in anticipation of that next cash dividend…in other words: pressure for the stock to have a potential Dividend cycle.

And notice that we put the word “sometimes” in quotes in that last sentence, because there are differing opinions among different dividend investors about Time range when it comes to capturing the effects of Dividend Run. Some like to invest (and then also sell) on specific target dates; others prefer to use some form of dollar cost averaging. Some like to invest shortly before the ex-div, keep the dividend, then sell on or after the ex-div date (having actually captured the dividend/received the income). Others like to sell the day before ex-date (the last possible day when the buyer of the shares will still “pay” the upcoming dividend) with the idea of ​​trying to maximize capital gain. In this capital gains-focused scenario, a common time frame we’ve seen talked about is to buy about two weeks (ten trading days) before the targeted sell date.

For example, consider the BSMX dividend of 0.068/share which became “ex-dividend” on 3/11/21. The previous trading day — the last day a seller knows the buyer of their stock will expect that amount of dividend — BSMX shares closed at 6.37. And two weeks (ten trading days) before this, on 10/19/21, the shares closed at a price of 5.66. This means that in the last two weeks before the 0.068 dividend, the price of BSMX gained 0.71.

Thinking back to the last four dividends paid by BSMX, this strategy would have captured a capital gain greater than the dividend 3 times out of 4, with a total “Divvy Run” of +1.67 in capital gains. Besides, that outrun the total sum dividend amounts on these last four dividends, of 0.578. Here is the data:

Ex-dividend ——Price 2 weeks before—» ——Price 1 day before—» Execute win/loss
03/11/21 0.068 10/19/21 5.66 02/11/21 6.37 +0.71
06/16/21 0.113 01/06/21 5.85 06/15/21 6.37 +0.52
12/24/19 0.21 09/12/19 6.31 12/23/19 7.04 +0.73
05/23/19 0.187 08/05/19 7.95 05/22/19 7.66 -0.29
Division total: 0.578 Total Divvy Run: +1.67

In approximately two weeks, Banco Santander Mexico SA, Institucion de Banca Multiple, Grupo Financiero Santander Mexico (NYSE: BSMX) will become ex-dividend for its final dividend of 0.325/share. Will Dividend Run history repeat itself?

Upcoming dividend: 0.325/share
Date ex-division: 24/06/22
Date of payment: 07/06/22
Dividend frequency: semi-annually
Full BSMX Dividend History »

As the saying goes, past performance is never a guarantee of future returns. But one thing is certain: for investors who count Dividend Runs among the tools in their arsenal, BSMX is a good dividend stock to know about and have on your radar screen with its implied annualized yield of 11.90%.

Stay tuned for future Dividend Run contestants, and if you’d like to receive email alerts straight to your inbox, sign up for our free Dividend Alerts feature, courtesy of DividendChannel.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Caledonia Investments fund manager Mike Messara’s $25m mansion sale becomes second highest in Mosman https://katmasters.com/caledonia-investments-fund-manager-mike-messaras-25m-mansion-sale-becomes-second-highest-in-mosman/ Mon, 06 Jun 2022 21:55:00 +0000 https://katmasters.com/caledonia-investments-fund-manager-mike-messaras-25m-mansion-sale-becomes-second-highest-in-mosman/ The five-bedroom, six-bathroom house with pool in Mosman’s ‘golden triangle’ was a big renovation project for former owner Geoff Morgan, co-founder of recruitment giant Morgan and Banks, and his wife , Roslyn. The Morgans sold him to Whitford in 2014 for $16 million. Mosman’s high-end housing market has remained largely immune to the broader market […]]]>

The five-bedroom, six-bathroom house with pool in Mosman’s ‘golden triangle’ was a big renovation project for former owner Geoff Morgan, co-founder of recruitment giant Morgan and Banks, and his wife , Roslyn. The Morgans sold him to Whitford in 2014 for $16 million.

Mosman’s high-end housing market has remained largely immune to the broader market downturn in recent months. This is due to the acute shortage of trophy homes for sale and an increase in demand among wealthy buyers.

Caledonia co-chief investment officer Mike Messara has sold his investment mansion. Daniel Munoz

Last week, former recruiting boss Katie Adamo and her husband, prominent dentist Daniel Adamo, sold their Mosman home in Clifton Gardens for more than $18.5 million, realizing a capital gain of more than 4 million dollars in the 17 months they owned it.

Buyer’s agent Deborah West, of SydneySlice, says the ultra-prestigious Lower North Shore and Eastern Suburbs market is suffering from the most acute shortage of inventory she has witnessed.

“We’ve never had so many prestige buyers over $20 million,” West says.

“You’d think having $30 million to spend would make finding a house a lot easier, but it’s actually very difficult. We have had buyers at this level who have been searching for 12 months.

Last month, Julina Lim, matriarch of the Oceania Property Development family, sold her Vaucluse home for around $27 million, realizing a $2 million capital gain each year she owned it. The home was last traded in 2015 for $12.85 million.

The Vaucluse sale came just weeks after a home on nearby Carrara Road sold for around $26 million, more than double what it traded in 2020.

This story first appeared in The Sydney Morning Herald and age.

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Up 14,000%, houses costing just £1,891 in coronation year https://katmasters.com/up-14000-houses-costing-just-1891-in-coronation-year/ Sat, 04 Jun 2022 20:50:51 +0000 https://katmasters.com/up-14000-houses-costing-just-1891-in-coronation-year/ In the year of the coronation, an average house in the UK cost just £1,891, according to Nationwide: Today it’s £260,771, a whopping 13,972% rise By Patrick Tooher, Financial Mail on Sunday Published: 4:50 p.m. EDT, June 4, 2022 | Updated: 4:50 p.m. EDT, June 4, 2022 Unlike the Queen, most of us live in […]]]>

In the year of the coronation, an average house in the UK cost just £1,891, according to Nationwide: Today it’s £260,771, a whopping 13,972% rise

Unlike the Queen, most of us live in semi-detached or terraced houses, not in palaces. But property of all types has put in a majestic performance, outpacing other assets – including stocks – in the 70 years of his reign.

In 1952, the average British house cost just £1,891, according to the Nationwide Building Society. Today it is £260,771, a huge increase of 13,972%, or 7.3% per year.

The Mail on Sunday asked investment platform AJ Bell to find out how other asset classes have fared over the past seven decades and how they have fared against inflation, again a topic burning.

Fit for a Queen: Properties of all types have performed majestically, outpacing other assets – including stocks – during the Queen’s 70-year reign

The Dow Jones index of major US stocks was the best performing stock market. This index, which tracks 30 major US companies, recorded an impressive 7% annualized gain in capital terms. Japan’s Nikkei index also performed well, rising the equivalent of 6.5% annually.

The FT-30, the UK’s oldest continuous stock price index, returned an average of 4.4% a year over the period. This gain would have been eaten away by inflation, which averaged 5.1% per year, according to the retail price index. However, these stock performance figures exclude dividend payments which, if reinvested, would have helped the FT-30 score significantly higher.

Surprisingly, risk-free cash at the Bank of England base rate for 70 years would have been a good bet, yielding an annualized return of 6.1%, outperforming gold at 5.8%.

“Cash looks relatively good due to double-digit interest rates in the 1970s and 1980s as the UK tried to fight inflation,” said Russ Mould, director of investment research at AJ Bell. . “By contrast, anyone who put money into the UK stock market in 1966 only got it back in real terms in 1982.”

Mr Mold added: “The strong run-up in property prices shows that ‘real’ assets can provide inflation protection, as neither central banks nor governments can create land or buildings from nothing, when they can print money.But even the housing market has occasionally suffered sharp corrections – the downturn that left many homebuyers with negative equity for most of the 1990s in was one. And you can’t take the bricks to the supermarket or pay your bills with them, no matter how big your capital gain.

The average house price is still 4.3 times higher in real terms than it was in 1952. Adjusting for inflation, the average 1952 house was worth £61,000. At the time, only 32% of households owned their homes, compared to 65% today.

When comparing the performance of various stock indices over such a long period, it should be remembered that their composition is constantly changing. When the Queen ascended the throne, industrialists such as shipbuilder Swan Hunter and automobile manufacturer Morris Motors dominated.

No banks or oil companies were included. The FT-30 did not capture the larger companies. Its constituents were selected by Financial Times reporters to represent companies important to the British economy at the time.

Other members of the FT 30 included long-forgotten names such as Lancashire Cotton – set up by the Bank of England to rescue the struggling spinning industry – and paint maker Pinchin Johnson. Both were later purchased by textile giant Courtaulds, another constituent of the FT-30 in 1952, and another name that has now disappeared from the industry.

In 2018, engineering group GKN was controversially acquired by takeover group Melrose, leaving Tate & Lyle as the only member of the 1952 blue chip index that has maintained a continuous stock market listing under the same name. .

The 163-year-old company has also changed significantly. Its sugar business, including the Lyle’s Golden Syrup brand, was sold in 2010 and the group now focuses on reformulating processed foods to make them healthier.

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