Wealth/financial planning

If you are planning your retirement, it is important to understand the amount you can put into your pension each year in order to gain valuable tax relief, known as the ‘annual allowance’. 

When you die your inheritance tax (IHT) is charged at a rate of 40% on the value of your estate over and above the nil-rate band of £325,00

The issue of inheritance tax planning will always be controversial. This is largely because it’s a secondary tax on accumulated wealth that has already been subject to tax, or even an inheritance that has already been subject to IHT.

We consider the facts and figures, and provide some top tips to help you on your way to a comfortable retirement.

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.

Has COVID-19 affected your financial plans? Our Head of UK Financial Planning, David Goodfellow explains why you should review them now.