The festive season is a wonderful time for giving, but what if you could share that joy all year round? Gifting from surplus income is a meaningful way to provide for your loved ones while managing your inheritance tax (IHT) liabilities. However, this process requires careful planning and attention to detail—and we strongly recommend seeking professional advice to ensure everything is done correctly.
Mandy Crawford DipPFS Cemap, Financial Planner explores how you can make the most of this generous opportunity.
Gifting out of surplus income means sharing money from your regular income rather than your assets. The advantage of this approach is that these gifts are immediately free from inheritance tax and don’t fall under the seven-year rule, which applies to gifts from your assets. However, this isn’t a straightforward process, as you’ll need to establish a clear pattern and maintain thorough records.
This exemption allows you to support your family while reducing the taxable value of your estate. Whether you’re helping a child onto the property ladder, contributing to your grandchildren’s education, or simply sharing the joy of giving, surplus income gifts are a practical and heartfelt way to make a difference.
The amount you can gift depends on your surplus income. You can gift as much as you like, as long as it doesn’t affect your standard of living. Whether it’s modest amounts or substantial contributions like school fees or house deposits, the key is to ensure the gifts are part of your regular expenditure.
Surplus income is what’s left after covering your regular outgoings. This can include:
It’s important to calculate your income carefully to comply with HMRC rules. For example, tax-free withdrawals from investment bonds don’t count as income for this purpose.
To qualify for the exemption, the following rules apply:
Good record-keeping is essential to benefit from this exemption. Here’s how to stay on track:
Document your income, expenses, and gifts. This will help your executors when they complete HMRC’s IHT403 form after your passing.
Spread the spirit of giving throughout the year with these ideas:
These thoughtful gestures not only strengthen family bonds but also ensure your gifts qualify as part of your normal expenditure.
Yes, income from investments such as dividends or rental income can qualify as surplus income. However, make sure your investment portfolio supports income generation
2. Does pension income count?
Pension income does qualify as surplus income, but it’s wise to consider the long-term implications. Unused pension funds can often be passed on tax-free, so weigh this option carefully.
3. What happens if my gifts aren’t regular?
HMRC requires gifts to form part of your normal expenditure. Irregular gifts may not qualify, so setting a pattern and clearly stating your intentions is crucial.
4. Do I need to consult a professional?
Yes, we highly recommend seeking advice from a financial adviser or tax specialist. Professional guidance ensures your gifts meet HMRC criteria and are as tax-efficient as possible.
5. How can I make the process easier for my executors?
Filling out an IHT403 form during your lifetime and keeping it with your will simplifies matters for your executors. Maintaining accurate records and writing letters of intent also ensures everything is clear.
6. Are there any pitfalls to avoid?
Yes, take care not to gift so much that it affects your lifestyle. Ensure the income you’re gifting truly qualifies as surplus and think through the implications of gifting from pensions or other key sources.
By gifting from surplus income with care, you can enjoy the joy of giving while protecting your estate from unnecessary tax burdens. Whether it’s a festive tradition or a year-round practice, this little-known exemption can create lasting benefits for your loved ones—and peace of mind for you.
THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
THE TAX TREATMENT IS DEPENDENT ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN FUTURE.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAX AND TRUST ADVICE.
As the 2024 draws to a close, you could have the perfect opportunity to maximise your annual allowances, and enhance your financial wellbeing ahead of the New Year.
Making sure your finances are optimised and strategically planning ahead over the festive period can yield substantial tax savings.
With this in mind, understanding the options you have available to you is crucial. Here, Richard Macmillan explores different ways in which you can optimise allowances and avoid pitfalls.
ISAs are one of the most efficient ways in which you can handle your investments. As it stands the ISA allowances is £20,000 for 2024/25 tax year. And you can spread this across everything from cash and investment to innovative finance and lifetime ISAs.
ISAs offer flexibility and ensure that if you make a gain from your investment with your ISA, that gain will be free from income tax, tax on dividends or capital gains tax (CGT). With recent changes to CGT having been announced in the Budget, the latter could be absolutely invaluable.
It is important to note that investing outside of an ISA doesn’t automatically incur tax. If your dividends don’t surpass the dividend allowance and any interest for cash, fund or bonds stay within the personal savings allowance.
Topping up existing ISAs can be practical step to ensure every part of the allowance is used. The annual ISA limit operates on a use-it-or-lose-it basis, meaning previous years’ unused allowances cannot be reclaimed. Making the most of current opportunities is, therefore, essential.
As ever, in order to maximise these benefits, strategic planning is key.
Currently, the Capital Gains Tax allowance stands at £3,000. Meaning you can sell shares, property and other assets without incurring a CGT charge, on the first £3,000 of gains. If you’re looking to sell any assets with substantial gains, being able to strategically utilise the CGT allowance over multiple tax years can help to minimise your liability.
As previously mentioned, the Autumn Budget confirmed that CGT changes will be coming into play. The lower CGT rate will rise from 10% to 18%, while the higher rate will increase from 20% to 24%. This change means you might face higher taxes on profits from selling assets like shares. Previously, those with gains above the threshold had to pay 20% on profits from assets such as shares, or 24% from selling additional property. Rates on residential property will remain at 18% and 24%, respectively.
It’s important to note that CGT does not apply to assets within pensions and ISAs, or on your primary residence. Being aware of these exceptions can help you make informed decisions about asset sales and investments.
As the New Year approaches, so does the tax year end. Boosting your pension contributions ahead of year end can be a really effective way to secure your financial stability.
Some employers may offer to match your contributions up to a certain threshold. This is a great opportunity for employees to enhance saves. Tax relief on pension contributions is also available, depending on which tax bracket you fall into.
For basic rate taxpayers, every £800 contributed is topped up to £1,000 by HMRC. Higher and additional rate taxpayers can claim even more through their tax return, making pensions a lucrative option for tax efficiency. With a maximum of £60,000 eligible for tax relief per year, understanding these limits can help plan contributions effectively.
If you have accessed more than your tax-free lump sum from a pension, the amount you can contribute might be reduced, with the Money Purchase Annual Allowance (MPAA) coming into effect.
Again, this only further emphasises the importance of planning when accessing pension funds to avoid unexpected contribution limits.
The New Year could bring potential changes in tax rules with it. So, staying informed is vital.
Your personal circumstances could be impacted due to any changes to these regulations, with that in mind professional advice can really help to secure your financial health.
For further information or personalised guidance on maximising your allowances before the tax year ends, please do not hesitate to contact us.
THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
THE VALUE OF YOUR INVESTMENTS CAN GO DOWN AS WELL AS UP, AND YOU MAY GET BACK LESS THAN YOU INVESTED.
THE TAX TREATMENT IS DEPENDENT ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN FUTURE.
We often hear about the importance of improving financial literacy across the UK. Research consistently shows that developing these skills can enhance life outcomes across all ages and demographics, while also contributing to greater economic potential.
With that in mind, we asked IFAs across our 50+ locations in the UK to suggest the financial gifts they’d recommend—or those they loved receiving when they were growing up.
Inspired by the classic carol The 12 Days of Christmas, their suggestions are practical ideas designed to educate and encourage the future financial habits of your loved ones.
While it may not be the most cheerful gift suggestion, financial protection is undoubtedly one of the most important.
Life insurance, critical illness cover, or income protection can ensure your loved ones are financially supported in case of unforeseen circumstances. For young families or those with dependents, this kind of financial security is invaluable. It’s not the flashiest gift, and it’s unlikely to make an appearance under the tree, but it could be the most impactful. If you don’t currently have protection in place and you have dependents, the greatest gift you can give this Christmas is guaranteeing their future financial security in the face of unforeseen circumstances.
Board games are not just a fun way to spend time; they can also teach valuable financial lessons.
Games like Monopoly and The Game of Life introduce players to investing, managing cash flow, and the strategic risks of property ownership. Similarly, Hotel adds another dimension by showing how to build and manage assets effectively. These games can spark conversations about financial concepts in an engaging and entertaining way.
A Junior ISA is a forward-thinking gift that grows alongside the child.
This tax-free savings account allows parents or guardians to save on behalf of a child, giving them a financial head start when they turn 18. Whether it’s for university, their first car, or a deposit on a home, starting early makes all the difference. It’s a wonderful opportunity to teach young people about savings and compound interest.
Owning a stake in a company is a fantastic introduction to the world of investing.
Shares in a company that resonate with the recipient can make the concept of investing more relatable. If you’re looking for a diversified and expertly managed option, a Managed Portfolio Service (MPS) can offer an ideal way to invest in a balanced portfolio. Whether it’s individual shares or an MPS, the recipient can gain insights into how markets work and build an understanding of long-term wealth creation.
Piggy banks might feel like a throwback, but they’re still a simple and effective way to teach younger children about money management.
Growing up, the NatWest porcelain pigs were an introduction to saving for many people. Each new pig was a reward for hitting a savings milestone, teaching the importance of setting goals and working towards them. These days, vault-style electronic piggy banks can bring that concept into the modern era. Children love having their own codes, hiding birthday money, and even having friendly competitions to see who can save the most.
There are plenty of fun themed piggy banks available, alongside modern electronic versions, which make saving both engaging and practical. While we’re moving towards a cashless society, the act of physically saving and building up money remains a valuable and lasting life skill for children. Alternatively, digital savings jars within banking apps can also offer a modern twist on this traditional concept.
Books can be an excellent gift, offering insights and lessons that last a lifetime. Here are six thoughtfully curated titles that cater to various levels of financial literacy:
Each book offers a unique perspective, from budgeting basics to investment principles, making them ideal for anyone looking to improve their financial literacy. These titles don’t promise quick fixes but provide the knowledge and tools needed to make informed decisions about money.
Premium Bonds offer an exciting way to save.
They provide the opportunity to win monthly, tax-free prizes. Although they don’t pay interest, they’re backed by the government, making them a secure and engaging gift for someone new to saving.
Planners are a simple yet powerful tool for achieving financial goals.
High-quality financial planners encourage the user to track their expenses, set budgets, and achieve milestones. Options like the Clever Fox planner is particularly useful for younger individuals starting their financial journey.
A pre-paid debit card is a fantastic way for teens and young adults to manage their money.
By loading a set amount onto the card, they can learn budgeting skills without the risk of overspending. Many cards now come with companion apps that provide spending insights and promote financial responsibility.
Apps like Emma and Plum can transform the way young adults manage their money.
Emma helps track spending across multiple accounts, identifying areas where costs can be cut, while Plum automates savings and encourages investing with small, regular contributions. Both apps are invaluable for developing good financial habits, from saving for goals to making your money work harder.
Empowering someone with the knowledge to take control of their financial future is a gift that lasts a lifetime.
An online course in financial literacy or investing can equip young adults with the skills they need to budget, save, and invest effectively. Platforms like Coursera or Udemy offer affordable, high-quality options.
Finally, a consultation with a financial adviser is a gift of clarity and confidence.
A session with a financial adviser can be transformative. Whether it’s for a recent graduate setting up a budget or a mid-career professional planning their retirement, tailored advice can provide a strong foundation for a brighter financial future.
Why focus on financial gifts?
Financial gifts are about long-term value. They’re not just items; they’re tools for building security, independence, and confidence in managing money.
Are these gifts suitable for all age groups?
Absolutely. We’ve included options for children, teens, and adults. From piggy banks for the little ones to financial planning consultations for adults, there’s something for everyone.
What if the recipient isn’t excited by these gifts?
While financial gifts may not spark immediate excitement, they’re appreciated over time. Pair them with something fun or meaningful to create a balanced gift.
How do I choose the best financial gift?
Consider the recipient’s age, interests, and financial knowledge. A Junior ISA might suit a teenager, while a pre-paid debit card is great for older kids learning to budget.
By choosing a financial gift this Christmas, you’re not just giving something practical; you’re helping your loved ones take a step towards a brighter financial future. What better way to celebrate the season of giving?
THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
THE TAX TREATMENT IS DEPENDENT ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN FUTURE.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAX AND TRUST ADVICE
The Autumn Budget 2024 introduces significant reforms to business and international tax policies, targeting areas such as Capital Gains Tax, business rates, and environmental compliance for corporations. These changes are designed to support economic stability, increase tax transparency, and incentivise sustainable practices among UK businesses. Explore how these updates may impact businesses and international tax obligations.
The lower and higher main rates of Capital Gains Tax will increase to 18% and 24% respectively for disposals made on or after 30 October 2024. The rate for Business Asset Disposal Relief and Investors’ Relief will increase to 14% from 6 April 2025, and will increase again to match the lower main rate at 18% from 6 April 2026. The new rates will be legislated in Finance Bill 2024/25.
The lifetime limit for Investors’ Relief will be reduced to £1 million for all qualifying disposals made on or after 30 October 2024, matching the lifetime limit for Business Asset Disposal Relief. This will be legislated in Finance Bill 2024/25.
The government will reform the way carried interest is taxed, ensuring that this is in line with the economic characteristics of the reward. From April 2026, all carried interest will be taxed within the Income Tax framework, with a 72.5% multiplier applied to qualifying carried interest that is brought within charge. As an interim step, the two Capital Gains Tax rates for carried interest will both increase to 32% from 6 April 2025. The government will also consult on introducing further conditions of access into the regime.
From 1 January 2025, to secure additional funding to help deliver the government’s commitments relating to education and young people, all education services and vocational training provided by a private school in the UK for a charge will be subject to VAT at the standard rate of 20%. This will also apply to boarding services provided by private schools.
The government has published a response to its technical consultation on this policy. To protect pupils with special educational needs that can only be met in a private school, local authorities and devolved governments that fund these places will be compensated for the VAT they are charged on those pupils’ fees.
The government greatly values the contribution of our diplomatic staff and serving military personnel. The Continuity of Education Allowance (CEA) provides clearly defined financial support to ensure that the need for frequent mobility, which often involves an overseas posting, does not interfere with the education of their children.
Ahead of the VAT changes on 1 January, the MOD and the FCDO will increase the funding allocated to the CEA to account for the impact of any private school fee increases on the proportion of fees covered by the CEA in line with how the allowance normally operates. The MOD and FCDO will set out further details shortly.
As announced on 29 July 2024, private schools in England will no longer be eligible for charitable rate relief. The Ministry of Housing, Communities and Local Government (MHCLG) will bring forward primary legislation to amend the Local Government Finance Act 1988 to end relief eligibility for private schools. This change is intended to take effect from April 2025, subject to Parliamentary process. Private schools which are ‘wholly or mainly’ concerned with providing full-time education to pupils with an Education, Health and Care Plan will remain eligible for relief.
For 2025/26, eligible Retail, Hospitality and Leisure (RHL) properties in England will receive 40% relief on their business rates liability. RHL properties will be eligible to receive support up to a cash cap of £110,000 per business.
For 2025/26, the small business multiplier in England will be frozen at 49.9p. The government will lay secondary legislation to freeze the small business multiplier. The standard multiplier will be uprated by the September 2024 CPI rate to 55.5p.
The government intends to introduce permanently lower multipliers for Retail, Hospitality and Leisure (RHL) properties from 2026/27, paid for by a higher multiplier for properties with rateable values above £500,000.
A discussion paper has been published setting the direction of travel for transforming the business rates system and inviting industry to a dialogue about future reforms.
The Valuation Office Agency (VOA) is publishing a response to the March 2023 Consultation on Disclosure, which sets out the next steps on increasing the transparency of business rates valuations by disclosing more information.
Autumn Budget 2024Download our full guide to the Autumn Budget 2024 as we explore the spending plans set by the Chancellor, Rachel Reeves. |
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From 31 October 2024, the Higher Rates for Additional Dwellings (HRAD) surcharge on Stamp Duty Land Tax (SDLT) will be increased by 2 percentage points from 3% to 5%. Increasing HRAD ensures that those looking to move home, or purchase their first property, have a comparative advantage over second home buyers, landlords and businesses purchasing residential property.
This is expected to result in 130,000 additional transactions over the next five years by first-time buyers and other people buying a primary residence. This surcharge is also paid by non-UK residents purchasing additional property.
The single rate of SDLT that is charged on the purchase of dwellings costing more than £500,000 by corporate bodies will also be increased by 2 percentage points from 15% to 17%.
From 1 November 2024, the Energy Profits Levy (EPL) rate will rise by 3 percentage points to 38%, the investment allowance will be abolished and the rate of the decarbonisation allowance will be set at 66% so its cash value is maintained. To provide certainty and to support a stable energy transition, the government will make no additional changes to tax relief available within EPL. The levy will end on 31 March 2030. The government will legislate for these measures in Finance Bill 2024/25. To support long-term stability and predictability in the oil and gas fiscal regime, the government will publish a consultation in early 2025 on how the taxation of oil and gas profits will respond to price shocks after the EPL ends. The government will also continue to have regular engagement with the sector to understand the evolving context of oil and gas investment, supported by bi-annual fiscal forums.
The government will legislate in Finance Bill 2024/25 to provide relief for payments oil and gas companies make into decommissioning funds in relation to assets sold for use in Carbon Capture Usage and Storage, maintaining the tax treatment had these assets instead been decommissioned. This legislation will also remove receipts from the sale of these assets from the scope of the EPL.
The government is publishing a consultation on new environmental guidance for assessing end-use emissions related to oil and gas projects. This consultation seeks to provide stability for the oil and gas industry, support investment, protect jobs and ensure a fair, orderly and prosperous transition in the North Sea in line with our climate and legal obligations.
The main rates of the Climate Change Levy (CCL) for gas, electricity and solid fuels will be uprated in line with Retail Price Index (RPI) in 2026/27. The main rate for liquefied petroleum gas will continue to be frozen. The reduced rates of CCL will remain at an unchanged fixed percentage of the main rates.
The government will maintain Carbon Price Support rates in Great Britain at a level equivalent to £18 per tonne of CO2 in 2026/27.
The government has published its response to the March 2024 consultation on the introduction of a UK carbon border adjustment mechanism (CBAM). The response confirms that the UK CBAM will be introduced on 1 January 2027, placing a carbon price on goods that are at risk of carbon leakage imported to the UK from the aluminium, cement, fertiliser, hydrogen and iron & steel sectors. Products from the glass and ceramics sectors will not be in scope of the UK CBAM from 2027 as previously proposed. The registration threshold will be set at £50,000, retaining over 99% of imported emissions within the scope of the CBAM, while removing over 80% of otherwise registrable businesses.
Over 70% of those removed from the CBAM altogether by this threshold are micro, small or medium-sized businesses.
For 2026/27, the government will increase rates of Air Passenger Duty (APD). This equates to £1 more for those taking domestic flights in economy class, £2 more for those flying to short-haul destinations in economy class, £12 for long-haul destinations, and relatively more for premium economy and business class passengers. The higher rate, which currently applies to larger private jets, will rise by a further 50% in 2026/27. From 2027/28 onwards, all rates will be uprated by forecast RPI and rounded to the nearest penny. The government is also consulting on extending the scope of the APD higher rate to capture all passengers travelling in private jets already within the APD regime.
The government will freeze fuel duty rates for 2025/26, a tax cut worth £3 billion over 2025/26 which represents a £59 saving for the average car driver. The temporary 5p cut in fuel duty rates will be extended by 12 months and will expire on 22 March 2026.
The planned inflation increase for 2025/26 will also not take place.
The government is setting rates for Company Car Tax (CCT) for 2028/2029 and 2029/30 to provide long-term certainty for taxpayers and industry. CCT rates will continue to strongly incentivise the take-up of electric vehicles, while rates for hybrid vehicles will be increased to align more closely with rates for internal combustion engine (ICE) vehicles, to focus support on electric vehicles.
The government will uprate standard Vehicle Excise Duty (VED) rates for cars, vans and motorcycles, excluding first-year rates for cars, in line with the RPI from 1 April 2025.
The government will change the VED First-Year Rates for new cars registered on or after 1 April 2025 to strengthen incentives to purchase zero emission and electric cars, by widening the differentials between zero emission, hybrid and internal combustion engine (ICE) cars.
These changes will apply from 1 April 2025.
The government recognises the disproportionate impact of the current VED Expensive Car Supplement threshold for those purchasing zero-emission cars and will consider raising the threshold for zero-emission cars only at a future fiscal event to make it easier to buy electric cars.
The government will uprate the Van Benefit Charge and Car and Van Fuel Benefit Charges by CPI from 6 April 2025.
The government will support pubs and the wider on-trade by cutting alcohol duty rates on draught products below 8.5% alcohol by volume (ABV) by 1.7%, so that an average ABV strength pint will pay 1p less in duty. The government will also increase the discount provided to small producers for non-draught products, and maintain the cash discount provided to small producers for draught products, increasing the relative value of Small Producer Relief. Alcohol duty rates on non-draught alcoholic products will increase in line with RPI inflation. These measures will take effect from 1 February 2025.
The current temporary wine easement will also end as planned on 1 February 2025.
The government will consult on ways to ensure that small brewers can retain and expand their access to UK pubs, and maximise drinkers’ choice, including through provisions to enable more ‘guest beers’.
The government will consult with industry to improve the Spirit Drinks Verification Scheme (SDVS) and make an investment of up to £5 million to support the SDVS.
The Alcohol Duty Stamps Scheme will end following a review by HMRC. The government will introduce legislation in Finance Bill 2024/25 to end the Scheme from 1 May 2025.
To protect its real terms value, the Soft Drinks Industry Levy (SDIL) will be increased, over the next five years, to reflect the 27% CPI inflation between 2018 and 2024. Annual rate increases will occur on 1 April, starting on 1 April 2025, and will also reflect future yearly CPI increases.
To ensure the SDIL continues to encourage reformulation to help tackle obesity, the government will review the current SDIL sugar content thresholds and the current exemptions for milk-based and milk substitute drinks. Contributions from all interested stakeholders are welcomed as part of this review.
The government will renew the tobacco duty escalator at RPI+2% on all tobacco products until the end of this Parliament
To reduce the gap with cigarette duty, the rate on hand-rolling tobacco will increase by a further 10% this year. These changes will take effect from 6pm on 30 October 2024 and will be included in Finance Bill 2024/25.
A flat-rate excise duty on all vaping liquid will be introduced from 1 October 2026 at £2.20 per 10ml vaping liquid, accompanied by an equivalent one-off increase of £2.20 per 100 cigarettes / 50g of tobacco in tobacco duty to maintain the financial incentive to switch from tobacco to vaping.
The Gross Gaming Yield bandings for gaming duty will be frozen from 1 April 2025 until 31 March 2026.
From 1 April 2025, UK films with budgets under £15 million and a UK lead writer or director will be able to claim an enhanced 53% rate of Audio-Visual Expenditure Credit, known as the Independent Film Tax Credit. Expenditure incurred from after 1 April 2024 on films that began principal photography on or after 1 April 2024 is eligible. This measure was announced at Spring Budget 2024 and has been legislated.
From 1 April 2025, the rates of Theatre Tax Relief, Orchestra Tax Relief and Museums and Galleries Exhibitions Tax Relief will be set at 40% for non-touring productions and 45% for touring productions and all orchestra productions. These rates apply UK-wide. This measure was announced at Spring Budget 2024 and has been legislated.
The government will discuss widening the use of advance clearances in Research & Development reliefs with stakeholders, with the intention to consult on lead options in spring 2025. The government has also published a document setting out further information on the scale and characteristics of error and fraud up to 2023/24, the policy and operational changes that have been made to address this, and further data on customer experience.
The government will launch a consultation in spring 2025 to develop a new process that will give investors in major projects increased tax certainty in advance.
The government will extend for a further year the 100% First Year Allowances (FYA) for qualifying expenditure on zero-emission cars and the 100% FYA for qualifying expenditure on plant or machinery for electric vehicle chargepoints, to 31 March 2026 for Corporation Tax purposes and to 5 April 2026 for Income Tax purposes.
With over 1,250 local advisers and staff, we’re here to help you address any financial needs arising from the Autumn Budget – from investment advice to retirement planning. Simply provide a few details through our quick and easy online tool, and we’ll match you with the ideal adviser.
Alternatively, click below to download our comprehensive guide to the Autumn Budget.
| Match me to an adviser | Download full guide to the Autumn Budget |
THIS ARTICLE DOES NOT CONSTITUTE TAX OR LEGAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS THE PLAN HAS A PROTECTED PENSION AGE).
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.
YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.
The Chancellor, Rachel Reeves, announced the government is to increase the rate of employer National Insurance Contributions (NICs) by 1.2 percentage points to 15% from 6 April 2025, which will raise £25bn in tax. This will mean employers will have to pay 15p in NIC for every £1 paid to an employee. In addition, the NIC per-employee secondary threshold at which employers start to pay NI will be reduced from £9,100 per year to £5,000 per year.
The Chancellor said she was ‘taking the difficult decision to increase the rate to repair the public finances and help raise the revenue required to increase funding for public services.’
Autumn Budget 2024Download our full guide to the Autumn Budget 2024 as we explore the spending plans set by the Chancellor, Rachel Reeves. |
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While she recognised this was an additional cost to businesses, the Chancellor also said, ‘Successful businesses depend on successful schools, and healthy businesses depend on a healthy NHS.’ However, the Chancellor announced that the Employment Allowance would be raised, which she said would mean more small employers pay no NI, and around one million would pay the same or less. The allowance will increase from £5,000 to £10,500.
The government will also expand the Employment Allowance by removing the £100,000 eligibility threshold, to simplify and reform employer NICs so that all eligible employers will benefit.
With over 1,250 local advisers and staff, we’re here to help you address any financial needs arising from the Autumn Budget – from investment advice to retirement planning. Simply provide a few details through our quick and easy online tool, and we’ll match you with the ideal adviser.
Alternatively, click below to download our comprehensive guide to the Autumn Budget.
| Match me to an adviser | Download full guide to the Autumn Budget |
THIS ARTICLE DOES NOT CONSTITUTE TAX OR LEGAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS THE PLAN HAS A PROTECTED PENSION AGE).
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.
YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.
As part of a broader tax-raising initiative, the Chancellor, Rachel Reeves, confirmed that the lower Capital Gains Tax (CGT) rate will rise from 10% to 18%, while the higher rate will increase from 20% to 24%. This change means you might face higher taxes on profits from selling assets like shares. Previously, those with gains above the threshold had to pay 20% on profits from assets such as shares, or 24% from selling additional property. Rates on residential property will remain at 18% and 24%, respectively.
‘We need to drive growth, promote entrepreneurship and support wealth creation, while raising the revenue required to fund our public services and restore our public finances,’ Reeves said.
‘This means the UK will still have the lowest capital gains tax rate of any European G7 economy.’
CGT is paid on profits of more than £3,000 (2024/25) made when an asset is sold, and rates depend on how much you usually pay in Income Tax, and how large the gain is.
Autumn Budget 2024Download our full guide to the Autumn Budget 2024 as we explore the spending plans set by the Chancellor, Rachel Reeves. |
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The Chancellor also announced that the CGT charged on carried interest would rise to 32% from 28%, saying that the fund management industry provided ‘a vital contribution to our economy but… there needs to be a fairer approach to the way carried interest is taxed.’ She said that in order to encourage entrepreneurs to invest in their businesses, the lifetime limit for Business Asset Disposal Relief would be kept at £1 million and would remain at 10% this year, rising to 14% in April 2025 and 18% in 2026/27.
‘The OBR say these measures will raise 2.5 billion pounds by the end of the forecast,’ the Chancellor said. CGT raised 15 billion pounds in the last financial year, and is currently worth around 4% of receipts from all taxes on income. CGT is not normally payable when a person sells their primary residence, but is payable if on the sale of second properties.
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THIS ARTICLE DOES NOT CONSTITUTE TAX OR LEGAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS THE PLAN HAS A PROTECTED PENSION AGE).
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.
YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.
Tim Ross, IFA discusses how those within the so-called Sandwich Generation can plan ahead and save for the future.
Life expectancy is continuing to rise. Couple this with individuals starting families later in life, means that more people are taking on responsibilities for both younger and older dependents at the same time. Otherwise known as ‘The Sandwich Generation.’
It’s thought that up to 6 million people in Britain are within this demographic [1]. Typically, between 45-55, the sandwich generation often provide physical and financial care for their children and their parents.
With an additional layer of responsibility, saving and forward planning can become more difficult. So, what should individuals within this generation be considering to help boost their financial resilience?
If you are within the sandwich generation and are caring for others, forward planning on how to best support your loved ones can be invaluable. Whether it’s university fees, housing costs or care plans, consider noting all the factors you may need to save and prepare for at a later date.
For some individuals within the sandwich generation, this might involve delaying imminent retirement plans, allowing them to save with access to their income for a longer period of time.
Having additional outgoing means that prioritising is key when it comes to saving. Setting smaller, realistic saving targets, within a set period of time can really help the sandwich generation in the long term.
Creating allocated savings pots for specific people, or purposes, such as retirement, university, care, or weddings, could also be very helpful when it comes to planning saving. If possible, this should also include an emergency fund in case any surprises crop up.
Make sure you take the time to research any discounts or benefits that you may be eligible for. If you have children, free childcare hours and/or Child Benefit may be available to you. Or if you are caring for relatives, you could qualify for Carer’s Allowance. You can find information on all these support measures on the Government’s website.
As a carer, you are entitled to a week of unpaid carer’s leave every 12 months, but it is also worth checking your contract of employment. Your workplace may offer additional benefits or carers leave on top of this.
If your parents still look after your children, you may be able to pass over National Insurance credits too. This can help to bolster their State Pension and in turn maximise the financial support which is on offer for your family as a whole.
Caring for loved ones is undoubtedly rewarding. But that’s not to dismiss how overwhelming it can be, especially when it comes to your finances.
Seeking professional advice before making any alterations to your working patterns could make a huge difference. An adviser will look at the bigger picture and potentially offer strategies and support to help you save for the future, whilst managing your current responsibilities.
Please feel free to get in touch if you are looking for any information or support when it comes to managing your finances and balancing your responsibilities.
Source data:
[1] 6 million sandwich generation in UK. Data source, Office for National Statistics, March 2022, Accessed October 2024
THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
When it comes to building your wealth, investing can be invaluable.
A comprehensive investment strategy can see your wealth grow far beyond the potential of a standard savings account. Over time, your wealth will accumulate through interest, dividends and capital appreciation. This can act as an income stream to see you through some of life’s biggest milestones.
However, risk is an inevitability that comes with any investment. With that in mind, Investment Director, Oliver Stone explains the importance balancing your risk profile with your investment strategy.
As an investor, there will be a threshold of risk you’re willing to take. Risk tolerance is the benchmark of how comfortable you are with the potential of making a loss, as well as your tolerance of market volatility.
There is a whole array of different factors which can influence your risk tolerance. Your past investment experience, your financial ambitions and even your personality will all impact your risk tolerance.
Having a clear understanding of your level of risk tolerance is vital before you invest. A good starting point is to ask yourself the following questions:
Risk capacity takes your emotions out of the equation. Instead, it is an indicator of you much of a risk you can viably afford to take.
Risk capacity is focused on practicalities, rather than your emotions, taking your stage of life, financial situation and investment timeframe into account. Your savings, income and liabilities will all be considered.
If you’re a high earner, with a steady income and still have decades before retirement, you’re likely to have a higher risk capacity than someone who is nearing retirement and can’t afford substantial losses.
If you are looking to start investing, aligning your risk tolerance and capacity is absolutely critical.
It ensures that you aren’t taking on too much unviable risk which could impact your finances or create worry. Equally, it can also ensure that you aren’t being too conversative in your investments, which would impede the growth of your wealth.
Here are some practical tips to use when assessing your attitude toward risk:
Once you have a clear understanding of your risk tolerance and capacity, it is important to speak to an independent financial adviser. They will be able to offer you whole of market advice on investment options.
The options you could be looking at, depending on your risk tolerance and capacity, could include:
Our team of IFAs are here to help curate an investment strategy which is tailored to you. They will be able to delve into your risk tolerance with a specific questionnaire. Providing you with insights into comfort levels when it comes to risk.
From here, they will listen to your goals and your plans, and create a bespoke investment strategy which is aligned to your profile. If you would like to discuss your investment plans in more detail, please feel free to get in touch.
THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
THE VALUE OF YOUR INVESTMENTS CAN GO DOWN AS WELL AS UP, AND YOU MAY GET BACK LESS THAN YOU INVESTED.
Receiving a lump sum of money, whether from an inheritance, windfall, lottery win, or the proceeds from a business or property sale, can be both exhilarating and daunting. The decision on where to invest this money is crucial to securing the financial well-being of you and your loved ones.
With multiple options available, it can be challenging to determine the best course of action. Knowing where to place your windfall can be difficult, especially in times of market and economic uncertainty.
In this guide, we explore various strategies for investing your lump sum, helping you make informed decisions to maximise your financial growth and security.
The right decision for you will largely depend on what you want to do with your money and your specific needs and goals. It’s important to thoroughly assess these objectives, and we can assist you in this process. Dependent on the
Meanwhile, here are some of the main options to consider.
As a general rule, it’s usually better to consider paying off your debts before you start investing, especially if they’re high-interest debts. Not all debts are equal, though. Typically, the cost-effective option is to repay any debt with the highest interest rate first, as it’s charging you the most to borrow the money. Prioritise paying off any high-interest credit cards and loans because the interest rate you pay is likely to be higher than the rate of return on any investment you make.
A cash savings account is a good choice if you want to use your lump sum to fund short-term goals, or if you’re not quite sure what to do with it yet. By holding your lump sum in a cash savings account instead of investing it in the stock market, you won’t risk your money falling in value just before you need to access it.
If you don’t need your money for several months, you may wish to consider a notice or fixed-term savings account, as these may offer higher rates than easy-access savings accounts. It’s always worth shopping around to find the best rate on your savings, as even a small difference in the interest rate could significantly impact large sums of money.
Always be on the lookout for the best interest rates for lump sum deposits. Consider locking into a fixed rate if interest rates are expected to decline. Sometimes, longer-term commitments can lead to better returns, but this isn’t a universal rule. Stay vigilant for interest rate changes, especially after introductory periods, and be ready to transfer your funds if a better opportunity arises.
For larger sums exceeding £85,000, it’s wise to diversify your savings across different financial institutions to benefit from the Financial Services Compensation Scheme protection.
If you haven’t utilised your ISA allowance this year (2024/25), investing your lump sum in an Investment ISA can potentially allow it to grow over the long term while also shielding it from Capital Gains Tax (CGT) and Income Tax. If you sell investments outside of an ISA, you could be taxed on your profits above your annual CGT exemption. Additionally, if your investments pay dividends or interest, this could be included when calculating your overall Income Tax bill, potentially pushing you into a higher Income Tax bracket. The ISA allowance currently stands at £20,000. It is a ‘use it or lose it’ allowance, meaning you cannot carry it forward from one tax year to the next.
UK government bonds, known as ‘gilts’, could be an attractive choice if you want to use your windfall to fund a medium-term goal. Gilts are secure savings vehicles guaranteed by the government and listed on the London Stock Exchange. If gilts are held inside an Individual Savings Account (ISA) or other tax-free wrapper, there is no Capital Gains or Income Tax to pay. If held outside of an ISA or similar, gilts are free from Capital Gains Tax when you profit from a trade, but any income you get is subject to Income Tax.
Fixed-rate bonds, savings accounts, and cash ISAs can be a secure and stable place to store your lump sum. However, they may not yield as notable returns as some other investment products. Lump sums up to £85,000 that are stored in savings accounts, bonds, and cash ISAs are protected by the Financial Services Compensation Scheme.
For longer-term goals, such as retirement or leaving a legacy for the next generation, you may wish to invest a portion of your lump sum in the stock market. Although the stock market is volatile, history shows that it tends to outperform cash and bonds over extended periods. You should be comfortable committing your money for at least five years, ideally longer, to give your investments time to recover from any market downturns.
Stocks and shares ISAs or other investments are riskier but may suit you best if you’re pursuing a long-term strategy. One way to reduce risk is to spread your money across different asset classes, such as equities, bonds, and cash, as well as across sectors and regions. This diversification is because different assets, sectors, and regions tend to perform differently under various market conditions. We can assist you in building a diversified portfolio that suits your needs and attitude towards risk.
Another option is to maximise your annual pension allowance. You can invest up to £60,000 or 100% of your UK relevant earnings, or £3,600 if you have no relevant earnings (whichever is lower) into pensions yearly and benefit from Income Tax relief up until age 75. Income Tax relief provides an immediate boost to your personal pension contributions, helping to increase how much money you have at retirement.
In some circumstances, you might be able to ‘carry forward’ unused annual allowances from the previous three tax years. Remember that your pension annual allowance might be lower than £60,000 if you earn a high income or have already flexibly accessed your defined contribution pensions. We can help you determine how much your annual allowance is and whether making a pension contribution is the right choice for you.
The tax treatment of a lump sum can vary depending on its origin:
Pensions: Typically, up to 25% can be taken tax-free. However, you should expect to pay tax on the rest, in line with UK income tax bands.
Gifts: Inheritance tax may be a concern if the giver passes away within seven years.
Redundancy: In the UK, up to £30,000 of redundancy pay is tax-free, though non-cash benefits are also valued for tax purposes.
Lottery winnings: These are tax-free in the UK, as they’re considered ‘gambling’.
If you come into a lump sum of money, you’ll need to decide how best to use it. Please contact us for further information and personalised advice. We are here to help you make the most informed and beneficial decisions for your financial future. If it is a substantial sum, employing the expertise of a nearby certified financial advisor or wealth advisor with investment and estate planning experience would be a prudent choice.
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THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL, OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
Individual Savings Accounts (ISAs) offer a versatile and tax-efficient way to save for the future, whether for yourself, your children or grandchildren. Now that we have entered the new financial year, on 6 April 2024, significant changes to ISAs have been introduced.
Since 6 April, savers and investors have had a more flexible approach to using their ISA allowance. For the first time, individuals can open multiple accounts of the same type of ISA within a single tax year, from 6 April one year to 5 April the next, provided they do not exceed the annual ISA limit. This marks a departure from previous rules, which annually restricted savers to one account per ISA type.
In addition to this newfound flexibility, the rules now permit partial transfers of funds from current tax year ISAs into different types of ISAs, enhancing the ability to tailor savings strategies to personal needs. Furthermore, the government has proposed a new ‘British ISA’ featuring a separate £5,000 allowance aimed at investments in UK-based companies on the UK stock market.
The Chancellor’s announcement of the British ISA during this year’s Spring Budget seeks to complement the existing £20,000 annual ISA allowance. This initiative is still under consultation, with a deadline set for 6 June, signalling a potential boost for domestic investment.
The ISA regime offers a variety of options to cater to different financial goals and risk appetites. Whether prioritising safety, growth or a mix of both, there’s an ISA type to match most requirements. From Cash ISAs, known for their simplicity and tax efficiency, to Stocks & Shares ISAs, which offer the potential for higher returns albeit with increased risk, choosing the right ISA depends heavily on individual circumstances.
Cash ISAs serve as a cornerstone for risk-averse savers, providing a straightforward, tax-efficient haven for cash savings. Cash ISA products can be easy access accounts that allow immediate withdrawals or fixed rate accounts that reward savers for committing their funds for a predefined period. Although these accounts can offer both higher and lower interest rates typically offer lower interest rates than standard savings accounts, they present a valuable tax shield, especially for those who have maximised their savings allowance or anticipate doing so.
The allure of Cash ISAs lies in their tax advantages. Interest earned within these accounts does not contribute to the saver’s personal savings allowance, thereby offering a tax-efficient growth environment for savings. This feature is particularly beneficial for higher rate taxpayers and those with substantial savings, making Cash ISAs an option despite potentially lower interest rates compared to non-ISA savings accounts.
Stocks & Shares ISAs, sometimes referred to as ‘investment ISAs’, present an opportunity for individuals to diversify their investment portfolio across a broad spectrum, including collective investment funds, Exchange Traded Funds (ETFs), investment trusts, gilts, bonds, and stocks and shares. This form of investment carries an inherent risk since the value can fluctuate significantly; however, historically, the stock market has offered returns that surpass those of traditional savings accounts over extended periods.
Investors can choose investment funds within a Stocks & Shares ISA, where funds are amalgamated with those of other investors and managed by a professional fund manager, diluting the risk associated with individual investments failing.
Proceeds from Stocks & Shares ISAs are tax efficient. This encompasses both capital gains and dividends derived from the investments within the ISA. The convenience of not having to report these investments on a tax return simplifies the investment process, making Stocks & Shares ISAs an appealing starting point for newcomers to the investment world.
The Lifetime Individual Savings Account (ISA) presents a unique opportunity for individuals aged between 18 and 40, potentially benefiting your children or grandchildren. For each pound deposited into the account, the government offers an additional 25p, tax-free. With an annual contribution limit of £4,000, savers can receive a maximum bonus of £1,000 per year.
This fund can be used to purchase a first home worth up to £450,000 or for retirement savings, functioning similarly to a pension scheme. It is important to note that funds can be freely accessed after the age of 60 to supplement retirement income. However, early withdrawals for other purposes incur a 25% penalty.
The Lifetime ISA is available in two forms: Cash ISA and Stocks & Shares ISA. The market for Cash ISAs within this category is limited, with only a handful of providers. The £4,000 contribution towards a Lifetime ISA is counted within the broader £20,000 annual ISA allowance.
Turning our attention to Junior ISAs (JISA), these are designed for individuals under the age of 18. This financial year allows for an investment of up to £9,000 in either cash or stocks and shares. Access to the funds is restricted until the beneficiary turns 18, at which point full control over the account is granted. From the age of 16, they can manage the account, making it an ideal option for those looking to foster financial independence in their youth. From the start of the 2024/25 tax year, the minimum age to open a Cash ISA increased to 18.
The flexibility to transfer across different ISA providers and types (from cash to stocks and shares or vice versa) enhances the appeal of ISAs. However, verifying transfer policies with your chosen providers is critical, as not all permit transfers. Direct withdrawals and transfers should be avoided to maintain the funds’ tax-efficient status. Instead, the recommended approach involves initiating the transfer through the receiving provider, who will manage the process on your behalf through a straightforward form.
When it comes to managing the financial aftermath of a loved one’s passing, understanding the nuances of how Individual Savings Accounts (ISAs) can be inherited is key. An ISA can be transferred to a surviving spouse while retaining its coveted tax-free status, offering a silver lining during such difficult times.
However, it’s important to note that no further contributions can be made to the ISA once the original owner has passed away. Nevertheless, any increase in account value during the probate period remains exempt from tax. For the surviving spouse, this transfer includes an additional ISA allowance, which is calculated based on the higher of two values: the cash or investments inherited or the market value of the ISA at the time of the original holder’s death.
The situation becomes markedly different when ISAs are bequeathed to beneficiaries other than the spouse. In these instances, the value of the ISA may fall within the scope of Inheritance Tax (IHT), which is levied at a rate of 40% on portions of the estate exceeding the current £325,000 (2024/25) IHT threshold. This significant tax implication underscores the importance of proactive estate planning to effectively navigate the potential fiscal impact.
From the growth-focused Lifetime ISA to the foundational Junior ISA, understanding the nuances and options available is crucial for maximising benefits. Please get in touch with us if you’re contemplating opening an ISA or transferring between accounts and require further guidance. We can assist you in navigating these options to secure your financial future.
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THIS ARTICLE DOES NOT CONSTITUTE TAX OR LEGAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.
THE TAX TREATMENT IS DEPENDENT ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN FUTURE. THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAX PLANNING.
