FINANCIAL PROTECTION:
ENSURING A SECURE FUTURE FOR YOU AND YOUR LOVED ONES
ENSURING A SECURE FUTURE FOR YOU AND YOUR LOVED ONES
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
Risks : Buying Investments can involve risk. The value of your Investments and the income from them can go down as well as up and is not guaranteed at anytime. You may not get back the full amount you invested. Information on past performance is not a reliable indicator for future performance. This information is intended for educational purposes and should not be considered a recommendation to buy or sell a particular security. The views expressed here are subject to change without notice and we can’t accept any liability for any loss arising directly or indirectly from any use of it.
To discuss your financial requirements or obtain other information click below
GUIDE TO WEALTH SUCCESSION |
SPRING BUDGET STATEMENT 2023
Analysis of the key tax changes and outlining the practical implications for you, your family and your business
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.
