RISK WARNINGS

Every effort is made to ensure that all facts and figures given in The IRS Report are correct and that published information – both on the website and in the paper version – are based upon adequate research and analysis, but no legal responsibility can be accepted for any errors, omissions or inaccuracies. Opinions, interpretations and conclusions are our own. Share prices can go down as well as up. The past is not necessarily a guide to future performance.

The spread between the bid and offer prices of securities can be significant in volatile market conditions, especially for smaller companies. Realisations of small investments may be relatively costly, whether you're looking into Aviva equity release or putting money into a small business with various long-term goals to recoup investment capital. With the exception of conventional gilts and annuities, the income from high-yielding investments may not be guaranteed and may fluctuate in value in money terms. An above-market yield may entail a danger of capital erosion. Investments dominated in currencies other than sterling entail a risk that changes in rates of exchange may cause losses or gains, regardless of the performance of the underlying investment. The return on investment in with-profits life assurance or pensions depend not only on what profits are made by the insurance company, but also what decisions are made about when and how much of them is distributed to policy holders. Charges and expenses on many life and pension products are loaded disproportionately on to the early years, and so it follows if an investor withdraws from the investment in the early years they may not get back the full amount invested. Investments in derivatives, such as commodity or financial futures, are typically made on margin, which means an investor may lose not only the totality of the initial investment, but also incur a liability to pay unspecified additional amounts later. Investments in property may prove difficult to sell, and the value of the property is a matter of a valuer's opinion.

The investments referred to in The IRS Report may not be suitable for all investors and if you are in doubt you should seek advice from your usual investment adviser. Levels and bases of, or reliefs from, taxation are subject to change. Contributors and staff of The IRS Report may from time to time have positions in securities reviewed in the newsletter. All contributors, employees and suppliers have agreed in writing not to profit from advance knowledge of any reviews made in The IRS Report, and to allow the company at its discretion to investigate any personal trading activity. Employees or contributors who violate this trust are aware that they may be subject to civil action or criminal prosecution.