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Helping your clients maximise tax benefits

Chancellor Rachel Reeves delivered the much-anticipated first Budget of the new Labour government on 30 October, outlining her plans to plug the £22 billion ‘black hole’ in the nation’s finances. Fidelity's Paul Richards and Paul Squirrell got together to examine exactly what’s changed – and what hasn’t changed – in areas such as pensions, ISAs and capital gains tax. They also consider inheritance tax and pensions and what the Chancellor’s proposals means for estate planning.

Content:

01:05 – Pensions – what’s changed?
02:20 – ISAs – what’s changed?
03:24 – Capital Gains Tax
04:47 – Wrapper analysis: Collectives versus Bonds
06:33 – Pensions and Inheritance Tax (IHT) – saving for retirement and succession planning
10:00 – Pensions and IHT – who pays the IHT?
13:13 – Mitigating an IHT deficit
14:30 – Are annuities more attractive now?
15:36 – The hierarchy of tax wrappers
16:45 – Conclusion and adding value to clients’ financial plans

Helping clients save in the most tax-efficient way is one of the principal ways advisers add value. Here, we look at a number of ways you can help your clients maximise their tax breaks.

2024/25 tax tables

All the rates and thresholds for 2024/25.

Pensions – still the first port of call for retirement savings

Paul Squirrell explains why pensions should still be the starting point for clients saving for their retirement.

Maximising tax benefits within an ISA

Paul Squirrell considers why it makes sense to use the ISA allowance sooner rather than later in the tax year. He also looks at an alternative to paying fees from within this tax-advantaged wrapper.

Investing beyond pensions and ISAs

A client has money to invest but they have already made their pension contributions and used up their ISA allowance. So, what should they do next?

The LTA replacement regime explained

With the lifetime allowance replacement now in force, Paul Squirrell explains why this is good news for clients saving for their retirement.

Transitional tax-free amount certificates

Where clients accessed their pension prior to 6 April 2024 and used part or all of their LTA, they have the option to apply for a certificate providing them with additional allowances.

Client guides

To aid your client discussions, here are some practical guides
 

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