Independent News – Autumn 2023

With summer now well behind us, we are pleased to bring you our Autumn 2023 magazine.

As always, we take a look at some of the key current financial planning matters that could be relevant to you.

In this issue, we look at investment bonds and explain how they offer several benefits that some investors may be missing out on, which have become even more beneficial due to recent changes in tax regulations. These changes may appeal to investors who want to minimise Inheritance Tax (IHT) liabilities when passing on wealth. Read the full article on page 06.

On the subject of Inheritance Tax (IHT), the UK Treasury has been receiving record-breaking Inheritance Tax (IHT) receipts. These amounted to c.£7.09 billion in 2022/23, compared with £6.05 billion in 2021/22, according to Statista. On page 03, we consider why IHT can be emotionally challenging for the individuals and families who have to pay it. We also emphasise why starting estate planning early and implementing it in stages is essential.

Divorce is a complex process and preparing for a divorce is undoubtedly challenging, especially when it involves untangling your finances. The emotional strain can make it difficult to make clear-headed decisions and the long-term consequences may not be immediately apparent. On page 11, we explain why it’s crucial to carefully consider the financial aspects of divorce, to ensure that you can sustain the lifestyle you desire post-separation.

We also have a series of articles on pension matters. On page 12, we examine the flexibility of the pension drawdown rules as well as the tax implications to consider. On page 05, we look at annuity rates, which have improved significantly, and why you need to shop around when considering an annuity purchase. On page 04, we point out that the removal of the pensions Lifetime Allowance (LTA) potentially makes defined contributions an appealing proposition for wealth transfer – and finally on page 08, we stress why you need to ensure you haven’t missed out on pension tax relief on your pension contributions.

We hope you find this latest issue both informative and useful. Click on the link below to read or download it.

If you would like to discuss any of the matters raised or if your circumstances have changed and you need some financial advice, please do not hesitate to contact us.

Download Independent News Autumn 2023

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