Following the announcement that from April 2027, pensions will be included in the value of an estate for IHT purposes, many are now looking to protect their estate from a possible double or even triple tax charge. One way to do this is to use life insurance, funded by pension
To protect your wealth and reduce your tax liability by effectively reducing your salary, you can take advantage of several savings and allowances. Read on to find out what these are.
If you are just starting out with your finances, there are many steps you can take on your own to build a solid foundation for your finances. Here are our handy hints for setting yourself up for success.
Each tax year, you have a set of reliefs and allowances you can take advantage of, helping make your money work harder for you.
Inheritance tax (IHT) was once regarded as a tax that only affected the very wealthy.; however, rising property prices and a freeze on allowances mean many more people are facing a tax charge upon death.
Everyone’s circumstances are different and it is important that even if you don’t consider yourself
When it comes to relationships and money, where you sit on the marriage spectrum can matter. This is because some tax rules (such as on inheritance) permit married and civil partners to transfer assets and allowances to each other tax-free, but currently don’t give the same protections if you live
For many, menopause is a time of life when career, life and financial demands are at their peak, yet suddenly, physical and mental performance levels drop. The pressure to carry on with the usual load can become overwhelming, and yet, taking a step back might seem an impossible luxury. This
A personal financial plan can help make your financial dreams a reality. By defining goals and setting clear objectives on how to meet these, your financial plan will give you confidence that you are on track and, if the unexpected were to happen, you are prepared.
Challenging market environments can create situations which can lead to some biased decision making. Recognising this will prevent investors from making decisions that could negatively impact their long-term investment performance.
Simply put, it is the effect that the freeze on income tax rates and bands has on real earnings. When tax bands or tax allowances do not rise along with inflation or the cost of living, you may find that you inadvertently pay more income tax.
Considering how to gift is vital when thinking about your long-term wealth strategy. As well as helping others, it can be a practical way to reduce the size of your estate: the key factor for inheritance tax calculations, which is becoming a greater reality for many as home values and
After a very busy Autumn Budget, the Spring Statement revealed little in the way of taxation changes with more of a focus on tackling tax evasion in a bid to close the tax gap. Whilst the Chancellor Rachel Reeves did not introduce any new tax changes, several measures announced in
From April 2027, pension funds will be subject to Inheritance Tax (IHT). While there is still some time before these changes take effect, most individuals will need to give serious consideration to their planning strategies and potentially take action before April 2027. Before you start planning, there are several factors
Scottish Income Tax The Finance Secretary announced that there would be no additional income tax bands introduced, and they would continue with the six-band structure for 2025/26. Ms Robison also confirmed there would be no changes to the rates of income tax, meaning Scottish taxpayers will continue to face higher
In light of these announcements, we have provided you with our snapshot on the changes and how they might impact you and those around you.
There are growing concerns that potential changes to Inheritance Tax (IHT) Business Relief could be announced in the upcoming Budget, with rumours that the relief could now be capped at anywhere between £500,000 and £1m per person. Business Relief reduces the value of a business for IHT purposes. The relief
We now know that the Labour Party has been elected to lead the UK government. It’s been over 14 years since Labour were in power and now, with a pledge to get “Britain’s future back”, their first steps for change are to: Additional Labour Party policies you should be aware
Our pensions specialists have analysed the Spring Budget and summarised their findings. Read about what you should know, ahead of the changes coming into effect on 6th April.
On 19th December, Scottish Finance Secretary Shona Robison unveiled the Scottish Government’s 2024/25 budget plans in what she described as turbulent circumstances: a turbulence which the SNP opted to largely direct towards Scotland’s high earners in the form of income tax hikes.