Articles in "Financial Planning"

The 2023 Spring Budget introduced a number of key changes to pension legislation, and in particular changes to the Lifetime Allowance.

With the rising cost of living, protecting your income has become increasingly important. So, what would you do if you were unable to work due to a long-term illness or injury and your income dropped, or worse, stopped?

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.

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.

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.

When planning for retirement, it is all about trying to set aside sufficient funds to use in retirement whilst still leaving sufficient funds available to pay for everyday life and specific events that could occur. The 4% rule is a simple way to help you to manage your accumulated pension funds.

Firstly, that’s a great question. The simple answer is that you can retire when you have adequate wealth to do so. This can be a mixture of pensions, savings, investments, and property.

It’s never too early to start teaching young people about money, says Trazer Farnese of Lovewell Blake Financial Planning.