Articles in "Financial Planning"

Spring has arrived and summer is not far off – but it is never too late for a little pension spring cleaning. When was the last time you looked at your pension plans?

When we hear the phrase ‘Trust Fund’, many of us think of the kind of vehicle which enables children of the mega-rich enjoy lives of luxury. But in fact, trusts can be a hugely useful way of organising your assets and ensuring that your wishes are carried out – in a tax-efficient way – after your death.

The pensions measures in the recent Budget is good news for high earners, but there are still some uncertainties.

In the Chancellor’s Autumn Statement on 17 November 2022, he announced that Capital Gains Tax (CGT) allowances will be reduced from April 2023 and then further reduced from April 2024.

The government have announced an extension to the transitional arrangements for buying National Insurance (NI) gaps in their State Pension history.

The increase in the Annual Allowance (the amount you can put into your pension in any one year without incurring punitive tax charges) from £40,000 to £60,000 had been widely signalled prior to the Budget, but Jeremy Hunt pulled a rabbit out of the hat by abolishing altogether the Lifetime Allowance, which stood at £1.07 million.

As part of the Autumn Statement 2022, the government is freezing Inheritance Tax (IHT) thresholds for an extra 2 years, until April 2028. This means that you could risk losing up to 40% of your estate.

In recent correspondence to members, the NHS Business Services Authority (BSA) has set out details of proposed changes to the NHS Pension Scheme, aimed at introducing additional flexibility for members at retirement