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Your 10 must-do tasks for the 2023/24 tax year

Pension Talk: Unravelling the Spring Budget

In this video, Fidelity’s Paul Richards and Paul Squirrell examine all the pension changes announced in the recent Budget. They explore how the lifetime allowance and PCLS are affected and consider the tax position relating to death benefits. What’s more, they discuss the new allowances for pension contributions and whether clients with existing protections in place can start to make contributions once again.

Topics covered:

00.00 - Introduction and background to the changes
02.04 - Announcements made in the Budget 
03.20 - When the changes come into effect
04.17 - Impact on the lifetime allowance
06.00 - Impact on Pension Commencement Lump Sums (PCLS)
08.16 - Removal of the lifetime allowance charge
10.28 - Tax position relating to death benefits
14.19 - Importance of Expression of Wish forms
15.24 - Potential for the changes to be reversed in the future
18.27 - New allowances for pension contributions
19.57 - Contributions for clients with existing Protection (including carry forward)
24.04 - Pensions and inheritance tax
25.36 - Key takeaways for advisers

With the advent of the new tax year and the various changes to allowances and thresholds we provide a number of ideas to ensure your clients are making the most of their savings and investments. Click on each area to find out what actions you could take now.

  1. Familiarise yourself with 2023/24 tax allowances and rates 
    Many tax allowances have changed and all the latest figures are available within Fidelity’s 2023/24 tax tables.
  2. State Pension credits 
    Clients should check their online record to ensure it is accurate and up to date. Some clients also have until 31 July 2023 to pay voluntary NI contributions to fill any eligible gaps in their record between April 2006 and April 2016.
  3. Pension contributions 
    Following the changes announced in the Budget, a review of client pension contributions may be required. In addition, it's also time to check for any clients who may have exceeded their 2022/23 annual allowance.
  4. ISA planning 
    Here we detail two ways to help clients make the most of their ISA allowances and assets.
  5. Pension death benefits (Expression of Wish) 
    It is crucial that Fidelity pension clients complete and send an up-to-date Expression of Wish form on to us.
  6. Capital gains tax planning (Investment Accounts) 
    The capital gains allowance has been reduced and so it’s more important than ever to help clients minimise any CGT liability.
  7. Dividend tax planning (Investment Accounts) 
    The dividend allowance has been reduced in 2023. There are also tax considerations relating to savings interest.
  8. Pensions crystallisations and withdrawals 
    Here we look at some tax considerations when crystallising pension benefits and making withdrawals.
  9. Asset allocation and cash balances 
    Many clients have built up considerable cash balances within their accounts over the last year or so – are these still appropriate?
  10. Audit fee levels 
    Ongoing fee rates can vary between clients and across the various accounts a client may hold.

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