November 2024 - Agile IFA

As a self-employed worker, managing your finances can be more complex. One area you might have overlooked or be unsure where to start with is saving for your retirement.

According to the House of Commons Library, there are 4.24 million self-employed workers in the UK as of July 2024, and research indicates many don’t understand pensions.

Indeed, an interactive investor survey asked self-employed workers three basic pension questions and found that just 9% could answer all three correctly.

You’re responsible for managing your wealth to secure your future financial security and freedom. So, even if retirement is decades away, spending some time understanding your options and which is right for you could be valuable.

You might have money set aside, such as savings or investments, that you’ve earmarked for retirement. While these options could offer more flexibility, you may be missing out on thousands of pounds that could boost your retirement income by not contributing to a pension.

So, read on to discover the pension basics you need to know.

Pension contributions benefit from tax relief

One of the key reasons why pensions are a tax-efficient way to save for retirement is that your contributions benefit from tax relief.

To encourage people to save for their future, some of the money you’d have paid in Income Tax will be added to your pension instead. As a result, it provides a boost to your retirement savings.

The amount you receive through pension tax relief depends on the rate of Income Tax you pay.

So, if you’re a basic-rate taxpayer and want to boost your pension by £1,000, you’d only need to add £800 as you’d receive a further £200 in tax relief. For higher- and additional-rate taxpayers the amount would fall to £600 and £550 respectively.

Usually, your pension provider will automatically claim tax relief at the basic rate for you. If you’re a higher- or additional-rate taxpayer, you’ll need to complete a self-assessment tax return to claim your full entitlement.

You should note that the Annual Allowance limits how much you can contribute to your pension while retaining tax relief. For most people in 2024/25, the Annual Allowance is £60,000 or up to 100% of annual earnings. However, your allowance may be lower if you’re a high earner or have previously taken a flexible income from your pension.

If you’d like to understand how much you can tax-efficiently contribute to your pension, please contact us.

Pension contributions are invested tax-efficiently

It’s not just tax relief that makes pensions tax-efficient either – they also provide a tax-efficient way to invest.

To provide your retirement savings with an opportunity to grow over the long term, they will typically be invested. Investments held in a pension are not liable for Capital Gains Tax. So, if you want to invest for a long-term goal, a pension could make sense.

Keep in mind that all investments carry some risk. Whether you’re investing in a fund in your personal pension or in individual assets through a self-invested personal pension, it’s important to consider what level of risk is appropriate for you and your financial circumstances.

You can access your pension savings from age 55

The interactive investor survey found that just 25% of self-employed workers aged between 35 and 54 knew when they could access their pension savings.

Normally, you can start to withdraw money from your pension when you turn 55 (rising to 57 in 2028). So, you might be able to access your pension sooner than you expect. You could even start to access the savings while you’re still working, which may allow you to phase into retirement gradually.

There are tax benefits when accessing your pension too.

If your total income exceeds the Personal Allowance, which is £12,570 in 2024/25, your pension withdrawals will usually be liable for Income Tax. However, you can take 25% of your pension (up to a maximum of £268,275 in 2024/25) tax-free – something that fewer than 1 in 5 middle-aged self-employed workers knew.

There are several ways to create an income once you’re ready to retire. You could:

Purchase an annuity to generate a regular income for life
Create a flexible income through drawdown
Withdraw lump sums.

You may also mix the above three options to create a retirement income that suits your lifestyle.

So, a pension provides a tax-efficient way to invest for your future and could offer more flexibility than you expect when you reach the milestone.

As a self-employed worker, you’ll be responsible for opening a pension, managing your contributions, and ensuring you’re on track for the retirement you’re looking forward to. If you’d like support planning your retirement, we’re here to help.

Contact us to discuss your pension and retirement

Whether you’d like to discuss opening a pension or review your existing retirement savings, please contact us. We can work with you to create a financial plan that balances your savings towards your short- and long-term goals.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

While inflation is stabilising in many major economies, markets continue to experience some volatility, which may have affected your investment portfolio.

According to the latest International Monetary Fund’s Global Financial Stability Report, markets could be underestimating the risks of conflicts and upcoming elections.

Indeed, the rising price of gold suggests some investors are seeking a safe haven amid news of interest rate cuts, the upcoming US election, and escalating tensions in the Middle East. On 18 October, the price of gold hit $2,700 (£2,083) an ounce for the first time.

Read on to discover what else may have affected your investments in October 2024.

UK

The headline news in the UK in October 2024 was chancellor Rachel Reeves’ delivery of the Autumn Budget – the first from the Labour Party in 14 years.

She announced a raft of reforms, including £40 billion in tax rises to address the “black hole” in the public finances. Among the announcements were changes to Capital Gains Tax, Inheritance Tax, Stamp Duty, and employer National Insurance contributions.

Following the Budget on 31 October, the FTSE 100 – an index of the 100 largest companies on the London Stock Exchange – slumped to its lowest level in almost three months as investors reacted to the updates.

The latest GDP figures released by the Office for National Statistics (ONS) offered some welcome news. After the economy flatlined in June and July, it returned to growth in August and was up 0.2%.

Inflation figures were also positive. The ONS data shows that inflation was 1.7% in the 12 months to September 2024 – the first time it’s been below the Bank of England’s (BoE) 2% target in three and a half years.

The news led to the FTSE 100 rising by 0.65% on 16 October.

Inflation falling paves the way for the BoE to make further interest rate cuts, which would be welcomed by borrowers. Indeed, the BoE hinted that it could be more aggressive with rate cuts in the coming months.

Lower interest rates could boost the property market, and homebuilders benefited from the BoE’s outlook as a result. On 3 October, Persimmon was the top riser on the FTSE 100 after a 3.1% increase. Vistry and Barratt also gained.

Yet, it wasn’t all good news for the housebuilding sector. Just days later, Vistry issued a profit warning and said this year’s pre-tax profits would be around £80 million lower than expected. The announcement led to shares in the company plunging by almost a third.

Data suggests the manufacturing sector is struggling. According to S&P Global’s Purchasing Managers’ Index (PMI), confidence in the sector suffered its biggest drop since March 2020 in September. The fall was linked to the Autumn Budget with businesses reportedly taking a “wait and see” approach before making decisions.

Overall, business outlook could be gloomy. Trade credit insurance firm Allianz Trade predicts UK business insolvencies will rise by 5% this year when compared to 2023 to more than 29,000. That figure would be a 12-year high and around 30% above pre-pandemic levels.

However, some businesses are bucking the trend. At a time when many other retailers are struggling, fast-fashion giant Shein’s UK arm reported sales surpassed £1.5 billion for the first time in 2023, up from £1.12 billion in the previous year.

Europe

The eurozone’s key data is similar to the UK.

In the 12 months to September 2024, inflation in the eurozone fell below the 2% target to 1.7%. The news led to the European Central Bank (ECB) cutting interest rates for the third time this year – all key rates were trimmed by 25 basis points.

However, the ECB warned that inflation was expected to rise in the coming months.

PMI data indicates the eurozone economy is stuck in a rut. In October the PMI reading was 49.7 after a slight rise from 49.6 in September – only a figure above 50 indicates the economy is growing.

The manufacturing sector in particular is struggling, with a PMI reading of 45.0, indicating contraction. The bloc’s two largest members are dragging the figure down. Germany recorded its worst decline in factory conditions in 12 months, and France’s manufacturing sector is also contracting.

The UK wasn’t the only country to review taxation in October. According to Bloomberg, Italy’s finance minister said it plans to raise taxes on companies that have benefited the most from the economic turbulence of recent years to bring down the country’s deficit.

In response, Italy’s MIB share index, which tracks the 40 leading companies listed on the Borsa Italiana, fell 1.35% on 3 October.

US

Official figures show inflation in the US continues to near its 2% target when it fell to 2.4% in September 2024.

After recent concerns that the US economy could fall into a recession, job data indicates the economy isn’t weakening and businesses are feeling confident. According to the Bureau of Labor Statistics, the number of jobs increased by 254,000 in September.

The data led to the dollar rising and Wall Street rallying on 4 October. On the back of the news, the Dow Jones Industrial Average was up 0.55%, while the S&P 500 gained 0.75%, and the Nasdaq jumped 1.2%.

Asia

China and the EU continued their trade tit-for-tat, which had a knock-on effect on French spirit makers.

At the start of the month, the EU voted to increase tariffs on Chinese-made electric vehicles from 10% to up to 45% for the next five years. Beijing labelled the tariffs as “protectionist” and, just days later, announced temporary anti-dumping measures on imports of brandy from the EU. France’s trade ministry said the measures were “incomprehensible” and violated free trade.

Among the French companies affected were spirit makers Remy Cointreau and Pernod Ricard, which saw shares fall by 8% and 4% respectively on 8 October.

A Chinese press briefing also affected markets when investors were disappointed that officials didn’t announce any major stimulus measures. On 9 October, the Shenzhen Composite Index tumbled by 8.2% – its biggest fall since 1997 – while the Shanghai Stock Exchange lost 6.6% and the benchmark CSI 300 fell by 7.1%.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

If you’re working and contributing to your pension, you might think you don’t need to do any more retirement planning just yet. However, seeking retirement advice in your 30s and 40s could mean you’re in a better position when you’re ready to give up work.

According to a survey published in IFA Magazine, putting off retirement planning is something many workers are guilty of.

Indeed, it found that just 5% of Brits aged between 35 and 44 had taken financial advice to help them prepare for retirement. Even among older generations, many haven’t sought professional support – only 10% of 45- to 54-year-olds and 21% of those aged over 55 had sought retirement advice.

Here are five smart reasons why you shouldn’t put off planning for retirement, even if the milestone is decades away.

1. A goal could keep you on track

If you’re not sure how much you need to save for the retirement you want, it can be difficult to understand if you’re on track. Setting a goal could motivate you to contribute regularly or even increase how much you’re adding to your pension.

The final goal for your pension can seem like an impossible challenge. Remember, it’s not just your contributions that will support your long-term goals, but often employer contributions, tax relief, and investment growth too. So, understanding how your pension will grow could make your target seem more manageable.

2. Identifying a gap sooner could mean you have more options

When you review your pension alongside your retirement aspirations, you might find there’s a potential shortfall.

The good news is that by identifying the gap in your 30s or 40s, you could have more options. For example, you might adjust your retirement date or planned retirement lifestyle.

Alternatively, with decades until you’re ready to give up work, you could increase your pension contributions to bridge the gap. As your pension is usually invested, increasing contributions sooner could mean a relatively small increase to your regular contributions has a much larger effect on the value of your pension at retirement than you expect.

3. Discover if you’re making the most out of your pension savings

Reviewing your pension now could help you discover ways to get more out of your savings.

To encourage workers to save for the future, you often receive tax relief on your contributions – so, some of the money you’ve paid in Income Tax is added to your pension. In 2024/25, your total tax-relievable contributions, including those of your employer plus tax relief, can equal up to 100% of your annual earnings or a maximum of £60,000; this is known as the “Annual Allowance”.

Your pension provider will typically claim tax relief at the basic rate on your behalf. However, if you’re a higher- or additional-rate taxpayer, you’ll need to complete a self-assessment tax return to claim your full entitlement. You can only claim back tax relief from the last four tax years. As a result, putting off reviewing your pension until you retire could mean you miss out on tax relief.

You should note that if you’re a high earner or have already taken a flexible income from your pension, your Annual Allowance may be lower. Please contact us if you’d like to discuss how much you could add to your pension tax-efficiently.

There could be other ways to boost your pension that you may have overlooked too. For instance, your employer may increase their contributions in line with yours.

4. Review how you invest your pension

Normally, your pension will be invested. This provides your retirement savings with an opportunity to grow.

As you’ll often be investing for decades through a pension, the performance of your investments could have a huge effect on the income you can create later in life. Taking financial advice in your 30s and 40s could offer a valuable chance to check your pension is invested in a way that aligns with your risk profile and goals.

While investment returns cannot be guaranteed, we could also work with you to help you understand how investment returns might provide long-term financial security.

5. You could discover you’re able to retire sooner than expected

If you could retire five years sooner and still be financially secure, would you?

One of the challenges of retirement planning is calculating how much you need to save to be financially secure for the rest of your life. You might worry about running out of money in your later years or not having enough to cover unexpected costs.

An early pension review could highlight that you’re in a better financial position than you expect and give you the confidence to retire sooner.

Contact us if you’d like to talk about your retirement plans

Whether retirement is just around the corner or decades away, we could help you plan for retirement. With a tailored plan, you could find you’re in a better financial position and have more freedom when you’re ready to give up work. Please contact us to arrange a meeting.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Lifetime cashflow forecasting is a core part of financial planning that could help you understand how your future may look. It could provide essential information that means you’re able to feel confident about what’s to come and the decisions you make. Read on to find out how it works and why it might be valuable for you.

Lifetime cashflow forecasting uses your financial information and plans to make an informed guess about how your wealth will change over time. It can then use this information to create graphs and more so you’re able to visualise how the value of your estate and individual assets might change based on the decisions you make.

To start, you’ll need to input details about your financial circumstances, like how much you have in a savings account or the value of your pension. You can then add how the actions you take now will affect your wealth. For example, you might include adding £300 to your investments each month or contributing 8% of your income to your pension.

As other factors outside of your control will also affect your wealth during your lifetime, cashflow forecasting will make certain assumptions, such as:

The rate of inflation
Growth of your investments
Assets rising in value, like your property.

It’s important to ensure accurate information when using cashflow forecasting, and it’s often wise to err on the side of caution and be realistic when making assumptions – you might want to achieve annual investment returns of 8%, but is that likely when you consider your risk profile?

So, while the results of cashflow forecasting cannot be guaranteed, it could provide you with a valuable snapshot of how your wealth might change during your lifetime. But how does that help boost your confidence?

1. It could help you understand when you’ll be financially independent

One of the challenges of managing your finances is that you often need to consider your lifestyle and needs for decades in the future, particularly when you’re thinking about retirement.

It can be difficult to know when you have “enough” saved in your pension to be financially independent. Lifetime cashflow forecasting could show you when you may be able to retire and take a sustainable income that suits your needs. As well as your pension it could incorporate other assets that might fund retirement too, such as savings or property.

If you find the date is further away than you’d like, cashflow forecasting could help you visualise how changing your finances now may allow you to retire sooner. For example, boosting pension contributions by 2% could bridge the gap so you’ll be financially independent earlier.

2. It may give you the confidence to spend more

When you ask people about their long-term financial concerns, one of the biggest is that they’ll run out of money in retirement. Indeed, a survey published in IFA Magazine found that almost half of people are concerned about this.

Yet, the opposite can also happen – you have built up enough wealth to enjoy your later years, but due to worries about running out, you’re more frugal than you have to be. It could mean that you miss out on amazing experiences you’ve been looking forward to even though you have the means to pay for them.

So, while it might seem illogical at first, cashflow forecasting could encourage you to spend more. Remember, financial planning isn’t about maximising your wealth, it’s about understanding how to use your assets to create the life you want, including spending more if you’re in a position to do so.

3. It might ease worries you have about unexpected events

Even the best-laid plans may be derailed by unexpected events that are outside of your control. Cashflow forecasting could let you model the shocks you’re worried about so you understand the effect they could have and what steps you might take to ensure your long-term security.

For instance, you may know you can afford to comfortably retire when you turn 65. But what if ill health means you need to retire five years earlier than expected? Cashflow forecasting could demonstrate how you might maintain your financial security by adjusting your income needs, adding more to your pension now, or using other assets.

If you have “what if?” questions that are preventing you from feeling confident about the future, cashflow forecasting could be a valuable tool that helps to put your mind at ease.

4. It could help you understand how you could support the next generation

For many people, providing support to loved ones and leaving a lasting legacy is important.

Lifetime cashflow forecasting could be useful if you want to pass on assets during your lifetime – it could help you understand the long-term implications and whether it might affect your financial security in the future.

You might also use it to calculate the expected value of your estate when you pass away, which could inform your decisions about how you’d like assets to be distributed or whether you need to consider Inheritance Tax.

Understanding what the value of your estate could be when you pass away might also help your beneficiaries plan more effectively. In some cases, you may want to involve your loved ones in your financial plan to discover how you may lend support.

Get in touch to talk about your goals and financial future

If you have questions about your financial future or would like to update your financial plan, please get in touch to arrange a meeting with our team.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate cashflow forecasting, tax planning, or estate planning.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

You might think of your financial plan as being a way to help you reach your life goals. But it could benefit more than just you.

As a financial plan focuses on your goals, you might choose to include ways to create a legacy for your loved ones. It could mean your wealth provides long-term financial security to your children, grandchildren, and others who are important to you.

So, how could a financial plan help you create a legacy? There are two main options to consider.

You may set out how you’d like your assets to be distributed when you pass away

An inheritance has the potential to be life-changing. In fact, a Canada Life report found that almost 1 in 5 Brits are delaying major life plans until they receive an inheritance.

As a result, the assets you leave behind might help loved ones achieve important milestones, such as buying a property, or mean they feel financially secure enough to invest for their future.

Considering your estate and how it’ll change during your lifetime could mean you’re able to take steps that will make a material difference in the lives of your loved ones. You might choose to simply pass on assets according to the wishes you set out in a will, or weigh up other options, like using a trust to provide for vulnerable or younger family members, or to state how you’d like the assets to be used in the future.

If you’d like to talk about trusts and other ways to pass on wealth, please contact us.

You could gift with confidence during your lifetime

While leaving assets in a will is the traditional way to pass on wealth and create a legacy, you may choose to gift assets during your lifetime as well.

Indeed, according to a report in IFA Magazine, gifting is becoming an increasingly popular way to support loved ones. Data obtained from HMRC revealed a 48% rise in the number of families choosing to distribute some of their wealth before passing away when compared to 10 years ago.

A well-timed financial gift could have a positive effect on your family’s life and mean they’re more secure over the long term.

For instance, you might offer to provide a deposit that will help them get on the property ladder. It may help them buy sooner or cut the cost of a mortgage if they’re able to access a better interest rate as a result of your gift. Or covering one-off large payments so they don’t need to take out a loan could result in them saving thousands of pounds in interest.

Concern about how a gift would affect your financial security might hold you back from lending support when you want to. A financial plan may demonstrate the long-term effect gifting could have, so you can decide if it’s the right choice for you and proceed with confidence.

A financial plan could help you create a tax-efficient legacy

As well as setting out what you want to achieve with your financial legacy, a financial plan could also help you pass on assets in a way that’s tax-efficient for both you and your loved ones.

When you think about tax and your legacy, Inheritance Tax (IHT) might come to mind first. If the entire value of your estate exceeds the nil-rate band, which is £325,000 in 2024/25, your estate could be liable for IHT.

With a standard tax rate of 40%, IHT could reduce how much you pass on to loved ones. According to government figures, IHT receipts for April to September 2024 reached £4.3 billion – £0.4 billion higher than the same period last year.

There are often steps you can take to reduce a potential IHT bill if you’re proactive. If you’d like to learn what steps you may take, please get in touch.

When passing on assets during your lifetime, you might want to consider what’s tax-efficient for your loved one.

If you want to potentially give your family a long-term financial boost, you could deposit money into their Stocks and Shares ISA. In 2024/25, individuals can add up to £20,000 to tax-efficient ISAs. Investments held in an ISA aren’t liable for Capital Gains Tax, so it could help your gift go further than if they invested your gift outside of an ISA.

Speaking to your loved one could help you understand their goals and identify ways you may offer tax-efficient support that suits both you and them.

Get in touch to arrange a meeting to discuss your legacy

If leaving a legacy for your loved ones or lending financial support during your lifetime is important to you, making it part of your wider financial plan could be useful. Please contact us if you’d like to talk about your legacy with one of our team.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate estate planning, tax planning, trusts, or will writing.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Chancellor Rachel Reeves delivered the new Labour government’s first Budget on 30 October 2024. Amid the announcements were key changes to Capital Gains Tax (CGT) and Inheritance Tax (IHT) that could affect your financial plan.

Ahead of the Budget, prime minister Keir Starmer said it would be “painful” as there was a £22 billion black hole in the public finances. Indeed, Reeves went on to announce measures that would raise annual tax revenues by £40 billion by 2030.

Some of these taxes will be paid by businesses, but others could affect your personal finances. Here are two changes you might want to consider when reviewing your financial plan.

1. The main rates of Capital Gains Tax have increased

There was a lot of speculation that Reeves would announce changes to CGT. In the Budget, she revealed the rates would indeed rise. It could mean you pay more tax than you expect when selling assets.

CGT is a type of tax you pay if you make a profit when you dispose of assets such as:

Investments that are not held in a tax-efficient wrapper, like an ISA
Personal possessions worth more than £6,000 (excluding your car)
Property that is not your main home
Business assets.

In 2024/25, you can make profits of up to £3,000 before CGT is due. This is known as the “Annual Exempt Amount”. If profits exceed this threshold, you may be liable for CGT.

The changes Reeves announced to CGT rates came into effect immediately on 30 October 2024. The rate of CGT you pay depends on your other taxable income. If you’re a:

Higher- or additional-rate taxpayer, your CGT rate has increased from 20% to 24%
Basic-rate taxpayer, you may benefit from a lower CGT rate of 18%, which has increased from 10%, if the taxable amount falls within the basic-rate Income Tax band.

So, it might be more important than ever to consider how to reduce your CGT liability as part of your financial plan. For example, you may:

Spread disposing of assets over several tax years
Focus on increasing investments held in a tax-efficient wrapper
Pass on assets to your spouse or civil partner to make use of their Annual Exempt Amount.

We could work with you to understand if you may be liable for CGT and the steps you might take to mitigate a large or unexpected tax bill.

2. Your pension may form part of your estate for Inheritance Tax purposes

Currently, your pension isn’t usually included in your estate for IHT purposes. As a result, you may have planned to use other assets to fund your later years so you could pass on wealth tax-efficiently through your pension.

However, Reeves announced she would close this “loophole” that gives pensions preferable IHT treatment.

From 6 April 2027, your unspent pension pot will be included in your estate when calculating an IHT liability. The change could mean the number of estates that pay IHT doubles.

Under the existing rules, around 4% of estates are liable for IHT and it raises about £7 billion a year for the government. However, the Budget states that bringing pensions into the scope of IHT will affect around 8% of estates each year. Reeves added the changes would boost IHT receipts by £2 billion a year by the end of the forecast period (2029/30).

So, if you haven’t previously considered IHT as part of your estate plan, you may need to now.

The threshold for paying IHT is known as the nil-rate band and is £325,000 in 2024/25. In most cases, you can also use the residence nil-rate band if you pass on your main home to a direct descendant. In 2024/25, the residence nil-rate band is £175,000.

In addition, you can pass on unused allowances to your spouse or civil partner. In effect, that means, as a couple, you could leave behind up to £1 million before IHT may be due.

It’s important to note that both the nil-rate band and residence nil-rate band are frozen until 6 April 2030 and will not rise in line with inflation.

As a result, you might need to consider how the value of your assets will change and whether growth could affect what you’ll leave behind for loved ones.

Previously, you may have increased pension contributions to build up a tax-efficient nest egg that you could leave to your family when you pass away. A financial review could help you assess if it’s still the right option for you in light of the changes.

Get in touch to talk about the impact the Budget could have on your plans

If you’d like to discuss how the Autumn Budget could affect your finances and how you might keep your plans on track, please get in touch. We can work with you to create a tailored plan that reflects the changes and aligns with your aspirations.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate estate planning or tax planning.