Independent News – Summer 2024

With the new tax year well under way, this could be an opportune moment to review your pension savings strategy, to help set a solid foundation for your future financial stability and to ensure you fully exploit the benefits and allowances available to you. On page 08, we look at the steps you can take to optimise your pension benefits and allowances this year.

Individual Savings Accounts (ISAs) offer a versatile and tax-efficient way to save for the future, whether for yourself, your children or for grandchildren. Significant changes to ISAs have been introduced this tax year, giving investors much more flexibility on how they utilise their ISA allowance. Because of the tax-efficiency of ISAs, it makes sense to try to utilise the whole of your £20,000 allowance each year. Our article on page 06 outlines the new rules and the many ISA options available to you.

The financial implications of care in later life are often underestimated, leaving many unprepared for substantial care home costs and other financial commitments. On page 05, we look at why you should look to establish a thorough wealth strategy to ensure financial readiness for any potential long-term care needs.

For anyone looking to pass on assets to the next generation, the big issue of Inheritance Tax (IHT) needs to be taken into consideration. With the IHT threshold frozen until at least April 2028, understanding how to manage your estate’s potential IHT liability is more crucial than ever. Our article on page 10 provides some useful pointers.

There’s much more besides, so we hope you enjoy our latest newsletter. Please feel free to read or download it by clicking on the link below.

And for help and advice on any financial matters, please do not hesitate to contact us.

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