Welcome to our July/August 2024 Newsletter.

Nobody wants to consider what would happen if they became too ill to support their family financially. Financial protection is essential to creating a secure future for your loved ones, but understanding what cover you may need can be confusing.

On page 8, we discuss whether you have considered the implications financially if you or someone in your family were unable to earn money, became ill or were to die prematurely. It’s not something we like to think about, but if you have left regular employment and are now either retired or have become self-employed, then any previous protection you received from an employer becomes your responsibility. On page 05, we delve into a new analysis of FCA figures. Since 2015, individuals over the age of 55 with defined contribution (DC) pension pots have enjoyed full freedom to decide how to manage their pensions; purchasing an annuity (a guaranteed income for life) is no longer mandatory. We examine how people have utilised these newfound freedoms and the tax implications that have followed.

On page 10, we look at ways to potentially reduce a Capital Gains Tax (CGT) liability. Cuts to the CGT exemption mean that arranging your investments as tax-efficiently as possible is more important than ever.

Trusts are a powerful tool for estate planning, providing flexibility and control over asset distribution. Properly structured, they can address various scenarios and requirements, ensuring that your legacy is managed according to your wishes long into the future. Read the full article on page 06.

A complete list of the articles featured in this issue appears on pages 02​

Although retirement may appear distant at the moment, there’s much to consider. Let us assist you in navigating this crucial life milestone.

We also cover 10 Reasons to get your Tax Return Filed now.

Our comprehensive financial planning services are designed to align with your current and future goals.

The Budget in March brought some welcome but unexpected changes to pension tax, the most significant of which was the abolition of the pension Lifetime Allowance (LTA) charge. You could now expect significant changes that will affect your retirement savings. On page 10 we consider how these changes could impact you.

As we are already in the new tax year you may wish to consider using Investment Allowances to ensure that your money is protected from taxes and also benefits from having more time to grow. This can result in a bigger savings pot in the long run. Read the full article on page 06.

One of the most interesting announcements for our clients included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. This is good news for higher earners and those with large pension pots. The standard tax-free annual pension contribution amount will increase from £40,000 to £60,000 from 6th April 2023.

Changes take effect from the new tax year starting 6th April 2023 and we will be happy to discuss the implications and benefits for you.

As the cost of living continues to soar, with inflation reaching a 40-year high, the impact on household finances is taking its toll. But it is essential to try to maintain a savings habit even in the current climate. Among several topics, on page 10 we look at the impact breaks in pension contributions could mean to savers by missing out on thousands of pounds in future that will mean less income during retirement.

It’s not surprising that the world of investing can seem complex, especially in the current global economic climate. Investors face an endless supply of market news, many investment choices and often-changing market conditions. There are a number of key principles that every investor should follow with the aim of building an effective long-term strategy designed to achieve their financial goals.

On page 6 we look at ten principles that every investor needs to know. A full list of articles featured in this issue appears on Page 2.

Inside, we look at how having a financial plan in place early on can make it easier to manage your money further down the line.

Whether you are clear on your financial priorities or feel you need to be pointed in the right direction, we’ll work with you on your financial plans and help you to realise your wealth and lifestyle ambitions.

In this issue we look at a number of areas from Protecting family wealth to Capital Gains as well as the unique combination of tax breaks and flexible access available to pensions making them a compelling choice when saving for retirement.

Our aim is to help you to secure your financial future and explore every aspect of your financial world, taking everything into account to create a financial plan that works for you, your family and business.