Financial News
Relevant Life Plans
Arranging a Mortgage
A mortgage is such a significant undertaking and represents, for most people, a serious long-term cost and commitment, that making sure the mortgage is ‘right’ is important. This is a video which is relevant to anyone looking at their mortgage position. From first-time buyers to those with existing mortgages (who maybe looking at changing or reorganising) the content brings out all the relevant points that need to be considered. Including so0me which are not immediately obvious.
Business Protection
This video explains how some of the major risks facing a business can be mitigated. One of the biggest risks is that the owner or a key person becomes seriously ill or dies. There are ways to insure against this, not only protecting the business but also the family of the individuals concerned. The video also explains how Relevant Life Policies work, this is a way of structuring life assurance through a company for the benefit of an individual and can save significant tax as opposed to directors paying for life assurance themselves.
Income Drawdown
Income Drawdown is a method of taking income from a Pension Plan which has become very popular since the introduction of Pension Freedom. Anyone planning their income in retirement should be familiar with this method. However it is far from straightforward and requires some care. This is a video which outlines the main factors individuals will need to take into account.
Pension Freedom Video
Pension Freedom is the name given to the rules that now apply to personal-type pensions and how these can be accessed from age 55. Pension investors are free to use their fund in different ways and to access the full value of the fund. This extra freedom has to be treated with great care, as there are possible tax implications and also a real prospect of the fund being depleted during retirement if the pension is poorly managed.
Residence Nil Rate Band Video
The Residence Nil Rate Band is the added Inheritance Tax allowance which relates to the value of a home. This can help increase the amount individuals can leave to their beneficiaries before any tax is payable. However the allowance can easily be lost and comes with lots of small complications, making it highly advisable to plan to make sure the allowance is fully utilised wherever possible.
The Benefit of Independent Advice
Critical Illness Insurance
Equity Release
Equity Release describes the way that the value of a property may be used to produce additional income or capital for the homeowner. This is a complex area which people should approach with great caution. Used wisely and well it can be an invaluable support, but if it is used inappropriately it can cause untold problems. This is a video which takes a comprehensive view of the subject and provides a wonderful starting point for anyone looking into releasing funds from their property.
Estate and Inheritance Tax Planning
Many people focus on reducing their future Inheritance Tax bill, but tax planning is only one part of the picture. Estate planning is about protecting your wealth for future generations, for example keeping assets within the family bloodline and safeguarding them against a beneficiary’s divorce or bankruptcy. This video explains why estate planning should come first, with Inheritance Tax planning as part of that wider exercise. It also covers the balance between your own needs today and your beneficiaries’ future, the use of exemptions and regular gifting, and why a single, coordinated plan is key.
Inheritance Tax & Exemptions
The rules surrounding Inheritance Tax are extensive and complex, which makes it easy to get things wrong and end up paying more tax than necessary. That same complexity also creates many opportunities to reduce a future liability, starting with making full use of the exemptions available to you. This video looks at how assets are structured between couples, the pitfalls of the Residence Nil Rate Band, and why the way your investments are held matters, including the change to pensions from April 2027.
Retirement Planning
Planning your income in retirement is often considered the most important financial planning most people will ever undertake. The biggest challenge is longevity: no one knows how long retirement will last, and inflation, care costs and health all become harder to predict the further ahead you look. This video outlines the key factors to consider and explains why retirement planning should be based on your individual circumstances and led by your expected expenditure, taking in your legacy wishes, goals and tax position.
Inheritance Tax Frozen Allowances
Inheritance Tax allowances, the Nil Rate Band and the Residence Nil Rate Band, have been frozen until April 2031. A frozen allowance may sound harmless, but as the value of your estate rises it can have just as much impact as an outright increase in the rate of tax, which is why it is often called a ‘stealth tax’. This video explains how the allowances work, shows through worked examples how estates not currently affected could face a significant liability in future, and highlights the added complications for estates worth over £2 million.
Pensions & Inheritance Tax
From April 2027, pension funds, which are currently free of Inheritance Tax, will be included in the value of an estate and could be taxed at 40%. Combined with allowances that are frozen until 2031, this could create a significant tax bill where there was none before. This video uses examples to explain the impact, including how a pension fund could reduce the Residence Nil Rate Band, and why strategies that work well under the current rules may not be as efficient in future. Anyone with significant pension assets should review their plans well ahead of the change.
How the 2024 Inheritance Tax changes impact Estate Planning
The 2024 Autumn Budget brought the biggest changes to Inheritance Tax in nearly two decades. This video explains the key changes: allowances frozen until April 2031, pension funds becoming liable to Inheritance Tax from April 2027, new limits on Business and Agricultural Property Relief, reduced relief on AIM shares, and the end of the non-dom regime. Each change adds complexity, making it a good time to review your estate plans and the options available to reduce or remove a future liability.
