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GUIDE TO WEALTH SUCCESSIONMAKING THE RIGHT PREPARATIONS FOR FUTURE GENERATIONS
In this issue, financial planning can be an uncomfortable conversation for many, but thankfully attitudes towards talking about money are changing. Wealth succession should be an integral part of your financial plan as early as possible – because the right preparation now can have positive long-term impacts on future generations. On page 06, before you start this process, we consider the questions you need to ask.
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.
GUIDE TO WEALTH SUCCESSION: PENSIONS OF SIGNIFICANT VALUEWelcome but unexpected changes to Pension Tax
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.
GETTING RETIREMENT READYKey Steps to Achieving a Comfortable Retirement
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.
EARLY GIFTING OF PART OF YOUR INHERITANCE TO A FAMILY MEMBER
If you were to gift part of your inheritance early to a family member what concerns might you have? An estimated £5.5 trillion will be passed between generations over the next 30 years and the biggest concerns that come up are illustrated below For those looking for a bit more control and flexibility, let’s chat about how we can help
