New tax year – new start for your finances
- 28th May 2021
Welcome to the latest edition of our ‘With you for life’ magazine.
As we enter another new phase in the coronavirus (COVID-19) pandemic, each UK nation has set out a roadmap out of lockdown, a positive sign that we can hopefully start to get back on track both financially and emotionally.
So what does your roadmap for your future financial success look like?
It’s always a good time to consider financial planning, but even more so at the start of a new tax year, when you have a fresh set of annual allowances to take advantage of. Tax rules and regulations continually change so it’s important to stay up-to-date. On page 06, we look at why now is the perfect opportunity to take advantage of these and align them with your goals.
The government has confirmed that it plans to increase the minimum pension age at which benefits under registered pension schemes can generally be accessed, without a tax penalty, from age 55 to age 57 from 6 April 2028. On page 03 we explain why this announcement may, in particular, have an impact on the timing for taking your pension benefits.
With all of us leading longer lives, you might be considering how you can help your grandchildren when it matters most. On page 09, find out how sharing your wealth during your lifetime can make a big difference and bring you a lot of joy, particularly when helping younger generations who are dealing with rising house prices and university fees.
If you’ve been diligently saving into a pension throughout your working life, you should be entitled to feel confident about your retirement. But, unfortunately, the best savers sometimes find themselves inadvertently breaching their pension lifetime allowance and being charged an additional tax that erodes their savings. Turn to page 12 to find out more.
Read our latest wealth management guide for a whole host of useful information about planning your wealth.
What does wealth mean to you?
Wealth means something different to everyone. Whether you want to invest and build your wealth, preserve and protect your wealth, or access your wealth, please contact us to discuss any specific areas of advice.
All data and figures referred to in our news section are correct at the date of publishing and should not be relied upon as still current.