Our educational hub explores topics across the landscape of wealth management and financial planning.
Head of UK Financial Planning, David Goodfellow outlines what you should be doing now to make sure that you are well prepared for the new tax year starting 6 April 2020.
Inheritance tax (IHT) is payable on anything of value that’s left behind when you die. The rate is currently 40% and due on anything above the nil-rate band of £325,000, so it’s important you know how it might affect you and your family.
Inheritance tax affects a large number of people and can be very costly. David Goodfellow, our Head of Financial Planning, gives his 5 top tips for reducing your inheritance tax liability.
The annual allowance is the amount you can contribute to your pension tax free. For most people, this limit has been £40,000 since April 2014. However, if you are a high earner (i.e. total income above £150,000 in a year), a new tapering rule came into effect in 2016.
For many people, a pension is their largest source of income in retirement. And traditionally, when you retire, your pension fund would immediately be used to provide a secured income for your lifetime. Although there has been some flexibility around this since the mid-1990s, the ‘Pension Freedoms’ announced in 2015 allowed even more choice but also more complexity.
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IMPORTANT: Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance.