Insights Archives - HFMC Wealth

Winners of Best Financial Adviser 2026 – Southeast Region by Citywire New Model Adviser

Tue, 07 Apr 2026 07:45:32 +0000

We’re delighted to announce that HFMC Wealth have been recognised by the Citywire New Model Adviser Awards 2026, winning the Southeast Regional Best Adviser Award!

The award is independently judged by a team of experts in the profession based on strict criteria and provides huge validation of the hard work of everyone in our business. Judges look for adviser firms that deliver high professional and ethical standards, offer exceptional service, and push financial services forward through innovation, staff recruitment and development practices, and an ongoing commitment to elevating the profession as a whole.

Our goal at HFMC Wealth is to become the home for Chartered Financial Planners – the gold standard of our profession – helping high net worth clients and companies. That means reaching and then maintaining the highest possible professional standards.

It also means allowing our Chartered Financial Planners to lead the client relationship, giving them the autonomy they need to deliver the tailored approach that works best for you as their client. At HFMC Wealth, we put our advisers first, giving them time and space to put you first.

This approach is made possible by the commitment of our Chartered Financial Planners and the wider HFMC Wealth team, and the care they bring to supporting clients.

We’re proud of this recognition, which reflects that dedication and our ongoing focus on maintaining the highest professional standards.

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James Tuson Recognised in Investment Week’s Leaders List 2026

Fri, 27 Mar 2026 09:14:03 +0000

HFMC Wealth is proud to share that James Tuson, Chief Investment Officer at HFMC Wealth, has been named in Investment Week’s Leaders List 2026, an industry accolade that recognises the contribution of senior fund selection and investment research leaders, in association with Artemis.

The Leaders List celebrates individuals holding senior UK roles in fund selection and research who are making a meaningful impact on investment outcomes, governance and the evolution of the investment profession. Importantly, the list is not ranked; inclusion reflects peer recognised leadership and influence during a period of significant change across markets and regulation.

Investment leadership that matters to clients

As Chief Investment Officer of HFMC Wealth, James is responsible for the firm’s investment management proposition and chairs the HFMC Group Investment Committee, overseeing investment governance and portfolio construction across client mandates. His inclusion in the Leaders List reflects the depth of experience and judgement required to lead investment decision making through complex and often volatile market conditions.

For high net worth clients, this type of leadership is particularly important. Robust fund selection, disciplined portfolio construction and strong governance are critical in delivering prudent, risk adjusted returns that remain aligned to clearly defined investment mandates. While markets inevitably fluctuate, experienced investment oversight helps ensure portfolios remain focused on long term objectives rather than short term noise.

Supporting consistent, mandate led outcomes

At HFMC Wealth, investment strategy is designed to support client outcomes by combining risk awareness, diversification and ongoing review within a clear governance framework. James’s role as CIO and investment committee chair places him at the centre of this process, helping ensure portfolios are constructed and managed in a way that seeks to meet – and, where possible, exceed – the performance objectives set for clients, without losing sight of risk.

Recognition by Investment Week reinforces the importance of experienced fund selection leadership in delivering investment propositions that clients can rely on through different market cycles.

You can view James Tuson’s Investment Week Leaders List 2026 profile here:
Investment Week – James Tuson

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Your Spring Statement update – the key news from the chancellor’s speech

Tue, 03 Mar 2026 14:06:47 +0000

Just over three months after her lengthy Autumn Budget, chancellor Rachel Reeves has addressed the House of Commons and delivered the government’s 2026 Spring Statement.

Ahead of the Statement, Reeves reinforced the government’s commitment to “one fiscal event, one Budget, a year.” So, it will come as a relief to many, including business owners, that the Spring Statement included no additional tax-raising measures. Furthermore, no changes to pensions or Individual Savings Accounts (ISAs) were announced.

Reeves also said that household disposable income is set to grow at twice the rate that was forecast in the Autumn Budget – leaving the average person £1,000 better off each year by the next election.

That being said, previous announcements, including changes to the tax regime, remain in place, and may affect personal finances and business owners in 2026/27 and beyond.

Reeves gave an overview of the Office for Budget Responsibility’s (OBR) economic forecast for the years to come. Notably, the OBR’s forecasts and the Statement as a whole made no mention of the potential economic impact of the unfolding situation in the Middle East, which may contribute to increased oil and gas prices that could prove inflationary and cause stock market volatility.

The chancellor confirmed the changes announced in the 2024 and 2025 Budgets.

In an effort to reduce speculation and prevent a chop-and-change approach, the chancellor confirmed that key tax measures, announced in the Autumn Budgets of 2024 and 2025, will remain in place.

Among the key changes that have been reconfirmed and will affect personal finances are:

Inheritance Tax (IHT) will be levied on most unused pension benefits from April 2027. It’s estimated that this change will result in an additional 10,500 estates being liable for IHT in 2027/28. This will contribute to a predicted rise in IHT receipts to £15 billion by 2030.
Tax on income earned from property will rise by two percentage points from April 2027, increasing tax liability for landlords.
There will also be a two-percentage-point increase in the basic and higher rates of Dividend Tax from April 2026, which may affect business owners and investors.
Key tax thresholds, including those for Income Tax and the IHT nil-rate bands, will remain frozen until April 2031.

Given the confirmed upcoming changes to reliefs, you should consider:

Reviewing trust structures ahead of April 2026 rule changes
Reassessing pension-as-estate‑planning strategy (it is no longer the safe harbour it once was)
Combating fiscal drag due to frozen allowances by maximising annual and carry-forward pension contributions and using pensions strategically to manage Income Tax exposure.

Capital Gains Tax (CGT) revenues are forecast to reach £34.9 billion by 2030/31, up materially from prior forecasts, driven by rising asset prices and policy changes since October 2024.

With CGT receipts surging, and with the Autumn Budget 2026 being the main fiscal policy event of the year, you may wish to consider:

Crystallising gains tax‑efficiently
Using Bed & ISA, Bed & Pension, and interspousal transfers, where appropriate
Revisiting Business Asset Disposal Relief eligibility (for business owners).

This can help you address further CGT and IHT tightening.

The lack of any tax-raising measures in the Spring Statement will be welcome news for many of you. However, the previously announced changes could mean a review would still be beneficial.

The Office for Budget Responsibility has updated its forecasts for GDP growth, inflation, and house prices.

The OBR has updated its real-terms GDP forecast every year between 2026 and 2029 when compared to the estimates it made in the 2025 Autumn Budget. The organisation now expects the economy to grow by:

2026 – 1.1% (a decrease of 0.3%)
2027 – 1.6% (unchanged)
2028 – 1.6% (an increase of 0.1%)
2029 – 1.5% (unchanged)

The OBR expects inflation to be at or around the Bank of England’s (BoE) 2% target over the next five years. Inflation easing would improve household spending power, which, in turn, could provide a boost for the economy and businesses. Indeed, real household disposable income is expected to grow by between 0.6% and 0.9% each year until 2030.

The BoE has already cut its base interest rate several times since the current government formed in July 2024, as inflationary pressures eased. If the OBR’s forecast is accurate, the BoE is likely to make additional cuts, which would reduce the cost of borrowing for households and businesses.

The OBR expects unemployment to rise from 4.75% in 2025 to a peak of 5.33% in 2026, driven by weaker demand for labour. After peaking in 2026, unemployment is expected to fall to 4.1% in 2030.

It also forecasts that house prices will rise by between 2.4% and 2.9% each year between 2026 and 2030.

The government reinforced its ongoing commitment to two key fiscal rules.

In her speech, the chancellor confirmed the two fiscal rules set out in the Budget:

Stability rule – Not to borrow money to fund day-to-day public spending by the end of this parliament (2029/30).
Investment rule – To reduce government debt as a share of national income by 2029/30.

Addressing the stability rule first, although the cost of borrowing has risen during this period of heightened uncertainty, the chancellor vowed that the steps taken in the Statement will restore its headroom.

Turning next to the investment rule, Reeves also stated that this commitment will be met two years early, with net financial debt predicted to be 82.9% of GDP in 2025/26.

4 key Spring Statement measures

1. Boosting defence spending

At a time of growing worldwide tension, the chancellor announced increases to defence spending, aimed at making the UK a “defence industrial superpower.” Defence spending is set to reach 3.5% of GDP by 2035.

Defence innovation will include harnessing AI and drones, creating employment opportunities for engineers in the devolved nations, while a previously announced Defence Growth Board is also being created to support £400 million for defence innovation.

2. Tackling youth unemployment

The chancellor reconfirmed her commitment to getting those in Britain who can work into work. She stated that 1 in 8 young people is currently not in employment, education, or training.

The chancellor confirmed that reforms to the welfare system will produce welfare savings of £4.8 billion between 2026 and the end of the forecast period (2029/30).

3. Increasing property revenue

Previously announced property planning reforms will go ahead.

The reforms are expected to increase real levels of GDP by 0.2%, the equivalent of £6.8 billion for the economy, by 2029/30. Over 10 years, this is expected to increase to 0.4% of GDP (£15 billion). Reeves said this represents the biggest growth forecast for a policy with no fiscal cost.

4. Making government more efficient

The abolition of NHS England was announced back in March 2025 as part of wider efforts to increase NHS efficiency and productivity, and to cut spending. These measures will also include reducing costly agency outsourcing.

More widely, Reeves confirmed the £3.25 billion of investment in a new “transformation fund” that will drive modernisation across the public sector through digital reform and the adoption of AI. It’s hoped that these changes will result in a “leaner” and more efficient public sector.

After announcing a raft of changes in the Autumn Budget, the Spring Statement acts as a fiscal pitstop, upholding the government’s commitment to one significant fiscal event a year.

Please note:

All information is from the chancellor’s speech, the gov.uk website, the Spring Statement press release and the Autumn Budget documents published by HM Treasury.

The content of this Spring Statement summary is intended for general information purposes only. The content should not be relied upon in its entirety and shall not be deemed to be or constitute advice.

While we believe this interpretation to be correct, it cannot be guaranteed, and we cannot accept any responsibility for any action taken or refrained from being taken as a result of the information contained within this summary. Please obtain professional advice before entering into or altering any new arrangement.

The Financial Conduct Authority does not regulate tax planning.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

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Your Autumn Budget update, and what it means for you

Wed, 26 Nov 2025 13:31:06 +0000

After months of speculation and rumour, chancellor Rachel Reeves has delivered the Autumn Budget for 2025. In this update, we’ll explain the key changes and what they mean for you.

Last year, in her maiden Budget, the chancellor sought to balance the public finances with tax rises to cover a reported £22 billion black hole.

This year, Reeves arguably faced an even more difficult landscape. In turn, she has announced an estimated £26 billion of tax rises by 2029/30.

The chancellor had to start her speech, however, by acknowledging the “deeply disappointing” and “serious error” of the Budget announcements being released early by the Office for Budget Responsibility (OBR).

It’s also notable how many predictions ultimately proved to be wide of the mark.

Now that we know exactly what’s included, it’s important to understand the changes and how they could affect you.

The headlines regarding GDP, national debt, and inflation

The chancellor says the government’s plans will reduce borrowing more over the rest of this parliament than any country in the G7.

GDP is expected to grow by 1.5% in 2025, higher than the OBR’s 1% forecast from earlier this year. In subsequent years, the estimations are as follows:

In 2026, the economy is forecast to grow by 1.4%, below the previous forecast of 1.9%.
In 2027, GDP is forecast to expand by 1.6%, falling short of March’s estimate of 1.8%.
In 2028, GDP is estimated to rise by 1.5%. In March of this year, the OBR said this figure would be 1.7%.

In 2029, the economy will expand by 1.5%, again falling short of the previous estimate of 1.8%.

Due to weaker underlying productivity growth, the OBR estimates that tax receipts will be £16 billion lower in 2029/30 than initially forecast in March 2025.

Average inflation is expected to fall over the next three years.

In 2025: 3.5%, an increase of 0.2% from the OBR’s original forecast.
In 2026: 2.5%, up from the OBR’s 2.1% forecast from March.

In 2027: 2%.

National debt will stand at £2.6 trillion this year. £1 in every £10 the government spends is on debt interest.

Tax threshold freezes extended until 2031

The Labour manifesto promised not to increase Income Tax or National Insurance (NI), and despite pre-Budget speculation, the government has kept to that promise in this Budget.

However, the chancellor did announce that the Income Tax thresholds will remain frozen for a further three years beyond the previous 2028 freeze, staying where they are until April 2031. This move will raise £8 billion for the government. Similarly, the Inheritance Tax (IHT) threshold freeze is extended from 2030 to 2031.

While this will not increase your Income Tax or IHT bills directly, this fiscal drag means more of your income and wealth may be exposed to tax over time.

The government is also upholding its commitment to bringing pension pots into the scope of IHT from April 2027, and reforms to relief for business and agricultural assets from April 2026.

The tax rates on dividends, savings, and property income will rise by two percentage points

Tax rates are set to rise for dividends, savings, and property income.

Dividends: From April 2026, ordinary and upper rates of tax on dividend income will rise by two percentage points to 10.75% and 35.75% respectively. There is no change to the additional rate, which will remain at 39.35%.

Property and savings: From April 2027, the rate of tax on property and savings income will increase by two percentage points across all tax bands to 22%, 42%, and 47% respectively.

The government confirmed that, even after these reforms, 90% of taxpayers will still pay no tax on their savings. However, these changes are set to impact business owners and landlords.

The chancellor says these increases will raise £2.2 billion in 2029/30.

The ISA allowance will be reformed for under-65s, and some allowances have been frozen

The chancellor announced that from April 2027, the Individual Savings Account (ISA) allowance will change for under-65s.

As it stands, adults can contribute £20,000 across their ISAs, including Cash ISAs and Stocks and Shares ISAs, each tax year.

From April 2027, £8,000 of this allowance will be reserved exclusively for investments, leaving an available £12,000 that savers can pay into their non-investment accounts, such as Cash ISAs.

Savers over the age of 65 will continue to be able to save up to £20,000 in a Cash ISA each year.

The allowances for Junior ISAs and Lifetime ISAs are frozen until April 2031 at £9,000 and £4,000 a year, respectively.

Salary sacrifice on pension contributions to be capped at £2,000

The chancellor put a cap on NI-efficient pension contributions made under salary sacrifice.

Salary sacrifice schemes cost the government £2.8 billion in 2016/17, but this figure was set to triple to £8 billion by 2030/31.

The government will charge employer and employee National Insurance contributions (NICs) on pension contributions above £2,000 a year made via salary sacrifice. This will take effect from 6 April 2029.

The chancellor says that many of those on low and middle incomes will be able to continue using salary sacrifice as normal, while high earners can expect to pay increased NI.

New “mansion tax” on high-value properties

The chancellor announced the much-speculated “mansion tax” that will affect the top 1% of properties.

The new property surcharge will be paid alongside Council Tax.

There will be four price bands starting with £2,500 for a property valued between £2 million and £2.5 million. For properties valued more than £5 million, the levy will be £7,500.

The measure is estimated to raise £400 million by 2031.

Welfare reforms expected to increase by 2029/30

The BBC reported that changes to the government’s previously announced winter fuel payments and health-related benefits will cost £7 billion in 2029/30.

In addition, Reeves revealed she would remove the two-child benefit cap. This will cost £3 billion by 2029/30.

State Pension: Removal of overseas access to Class 2 National Insurance contributions and committing to the triple lock

As a result of a loophole in the Class 2 voluntary NICs regime, overseas individuals with a limited connection to the UK can build a State Pension entitlement through cheaper rates.

The government is looking to end this by removing access to the cheapest Class 2 NICs for these individuals. Additionally, it will increase the initial residency or contribution requirements for those living outside the UK.

The chancellor also confirmed the government’s commitment to the triple lock. From April 2026, this will increase the basic and new State Pension by 4.8%, offering up to an additional £575 per year to pensioners, depending on their entitlement.

A range of significant changes for business owners

In addition to the Dividend Tax increase, the chancellor announced a range of changes that could affect business owners, including:

Increases to both the National Living Wage (NLW) and National Minimum Wage (NMW). From 1 April 2026, the NLW paid to workers aged 21 and over will rise by 4.1%, from £12.21 to £12.71 an hour, increasing annual income by approximately £900 a year for full-time employees. For those aged 18 to 20, the NMW will rise by 8.5% from £10 to £10.85 an hour, equivalent to around £1,500 a year if working full-time. For 16- and 17-year-olds, and those on apprenticeships, the NMW will rise by 6%, going from £7.55 to £8 an hour.
Listing Relief from Stamp Duty Reserve Tax for some businesses. The chancellor said this will “make it easier for entrepreneurs to start, scale, and stay in the UK”.
Reduced Capital Gains Tax (CGT) relief for Employee Ownership Trusts (EOTs). When a business is sold to an EOT, CGT relief will fall from 100% to 50% starting from November 2025. This will raise £0.9 billion from 2027/28 onwards.
Fully funded apprenticeships for under-25s. This will make them effectively free for small- and medium-sized businesses (SMEs) from April 2026.
Lower business rates for more than 750,000 retail, hospitality, and leisure properties. That move will be funded through higher rates on properties worth £500,000 or more, such as warehouses used by online retail.

Customs duty will apply to parcels of any value from March 2029 at the latest. There is an existing exemption for parcels worth less than £135, favouring large-scale importers.

Other announcements that may affect you

Household energy bills will fall. Reeves is scrapping the Energy Company Obligation (ECO) scheme, saying that on average, families will save £150 a year in 2026.
A new tax on electric vehicles. The Electric Vehicle Excise Duty (eVED) will come into effect in 2028 and equal 3p per mile for battery electric cars and 1.5p per mile for plug-in hybrids. The rate per mile will increase annually in line with the CPI.
Fuel duty will be frozen until September 2026. In addition, a new “fuel finder” will help drivers find the cheapest fuel, saving the average household £40 a year.
Reducing the levy threshold on soft drinks. From 1 January 2028, the sugar tax will also be applied to milk-based drinks, including bottled milkshakes and lattes.
A spousal exemption for agricultural and business asset IHT relief. Unused combined business and agricultural asset IHT relief will become transferable between spouses and civil partners.
Tobacco Duty and Alcohol Duty will both be uprated. Tobacco Duty will be uprated as announced last year, and Alcohol Duty will now rise with inflation.

Rising taxes on online gambling. From April 2026, Remote Gaming Duty will increase by 21% to 40%. A new Remote Betting Rate set at 25% will be introduced from April 2027, though horse race betting will be exempt from the changes.

Other key thresholds that remain the same

More broadly, the chancellor made no mention of other key thresholds that will remain the same. These include:

The pension Annual Allowance
Stamp Duty Land Tax for residential properties

The headline rates of Income Tax, NI, and VAT, as outlined in the government’s election manifesto.

Please note

All information is from the Budget documents on this page.

The content of this Autumn Budget summary is intended for general information purposes only. The content should not be relied upon in its entirety and shall not be deemed to be or constitute advice.

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Recognition for Citywire’s New Model Adviser list of Top 100 financial planning firms 2025

Tue, 25 Nov 2025 10:11:17 +0000

We’re delighted to have been selected again for Citywire’s New Model Adviser list of Top 100 financial planning firms 2025, and to see that our continued commitment to delivering a strong personal service resonated with the judges. Below is the introduction from NMA and their summary of why we were selected.

THIS ARTICLE WAS ORIGINALLY PUBLISHED BY NEW MODEL ADVISER ON 10TH NOVEMBER 2025

by Jack Gilbert, New Model Adviser Editor

It is my pleasure to introduce Citywire New Model Adviser’s Top 100 firms for 2025.

Every year we have some quality businesses apply but this year the bar seemed much higher.

From adviser qualifications to charity work, it was wonderful to see developments at a truly fantastic set of firms. Technology was a big theme in 2025, with so many advice firms improving their tech stack and many adopting AI.

Our list is not the be-all and end-all; some firms don’t apply, while others just missed out.
However, using metrics designed by AKG, we have looked at a snapshot of the value firms offer their clients to select 100 of the best firms in the country.

HFMC Wealth, Weybridge

Ross Ibbotson, CEO

With more than £2bn in assets under management spread over 1,755 clients, the HFMC Wealth team of 37 advisers, overseen by the chief executive, Ross Ibbotson, have their hands full. Steps, however, have been taken to improve both employee and client experiences.

File checking has been outsourced, a move the firm says will improve standards for clients by providing clearer letters and communications, a legacy of consumer duty.

Keen to provide for the community in whatever ways it can, HFMC completed the Three Peaks Challenge in aid of Ray of Sunshine, a charity for seriously ill children. It also rebuilt the house of a local disabled child.

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🎉 Quadrant Turns 15 – Our Proud Parent Moment

Mon, 15 Sep 2025 08:41:57 +0000

Earlier this month, “Quadrant” – HFMC Asset Management’s discretionary management service – reached its fifteenth birthday.

Like any proud parent, we’re beaming from ear to ear. And, just like a teenager clutching a clutch of shiny GCSE results, HFMC Asset Management has so much to shout about for our clients.

2025 has already been a record year:

Surpassed £1 billion AUM for our clients
HFMCAM has been shortlisted for Best Medium Firm in the Citywire Wealth Manager Investment Awards 2025, recognised as a firm that has delivered in the volatile conditions of the last three years.

In today’s crowded investment world, making it to 15 years is an achievement in itself. With many funds launched in 2010 no longer around, we’re especially proud that Quadrant hasn’t just survived but thrived — exclusively delivering consistent, risk-adjusted returns for the clients of HFMC Wealth.

We never asked HFMC Asset Management to win awards, but recognition for their investment performance (and even for their newsletter!) is a welcome bonus. What matters most is helping our clients achieve their goals with a steady hand.

Why This Matters

For those unfamiliar, Quadrant is exclusively available to advisers of HFMC Wealth. In today’s crowded investment world, even making it to 15 is something to celebrate. The reality? Many investment offerings don’t survive that long. In fact, research suggests that only around half of UK retail funds launched in 2010 are still around today.

Quadrant has not only survived but flourished, delivering risk-adjusted returns strong enough to earn industry recognition.

What Makes Quadrant Special?

Its focus has always been on:

Consistency of return.
Reducing volatility.
Helping our clients achieve their long-term goals through thoughtful, risk-adjusted portfolio management.

Looking Ahead

As we polish the trophy cabinet and cut the birthday cake, we’re also looking forward. If this is what 15 looks like for HFMC Asset Management, imagine what the big Two-O might bring.

So here’s to Quadrant – the teenager who’s already grown into a responsible, high-achieving young adult.
And here’s to our own clients, who continue to trust us every day and who entrusted HFMC Asset Management with over £1 billion of their hard-earned wealth. Without you, there’d be no story to tell.

The proud-parent gush is over… for now.

Here’s to the next chapter.

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Welcome to the autumn edition of The Wire

Wed, 10 Sep 2025 14:48:23 +0000

Ross Ibbotson

CEO

While we’ve been enjoying heatwaves at home and the success of the Lionesses at the Euros in Switzerland, the global economic outlook has continued to be dominated by global conflict and US foreign policy.

In this edition of the Wire, though, we’re staying close to home – with one notable exception! – beginning with a look at a worrying report into the size of UK pension pots. A disparity between perceptions of retirement costs and the reality means that many, including high net worth individuals, could be underestimating the size of the pension fund they need to accrue.

Broadly speaking, the shortfalls are calculated at between £250,000 and £1 million, but could be as high as £2.5 million for younger savers. Read about the reasons for these potential shortfalls and how HFMC’s expert advice could help.

You will no doubt have read our recent articles about the government’s tax changes and the so-called millionaire “exodus”. The number of UK millionaires is actually on the rise, yet reports suggest that three-quarters of British adults would support a wealth tax in some form. Read about what such a measure might look like, who would pay, and how it could affect your long-term financial plans.

At HFMC, we pride ourselves on building long-term, meaningful and value-added relationships with our clients. We believe that this long-term approach should extend to your family too, beyond your death. Estate and legacy planning – not to mention your long-term financial plans as Introduction from our CEO a whole – should be intergenerational. Read why this is the case, and why communication with the next generation is key.

With technology and AI changes happening at pace, so have the risks of scams. Scammers have used the details of investment professionals in our industry, including HFMC staff, to contact members of the public to try and gain access to their information. Read about this particular scam and the red flags to watch out for, as well as what to do next if you’re approached, or worry that you’ve already fallen victim. As you would expect we have protections in place so you and we can always be sure of who it is we are dealing with when receiving instructions remotely.

Finally, we’re heading away from home and out of this world as we take a closer look at recent reports that minable metals on the moon could be worth more than $1 trillion. From the Space Race and 1967’s Outer Space Treaty to the 2020 Artemis Accords, read about the challenges that face any country or private company looking to take advantage of this lucrative opportunity.

Plenty to be keeping busy with whilst we wait for the leaves to change colour and begin to fall.

Best regards,

Ross

Download PDF.

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Could you be significantly underestimating the cost of your HNW retirement?

Wed, 10 Sep 2025 14:38:23 +0000

Recent figures published by PensionsAge highlight a worrying disparity between pension wealth and retirees’ perceptions. Survey results suggest that savers across all wealth bands are underestimating the pension pot they’ll need to secure their desired lifestyle, and often by significant amounts.

It’s a problem that could be more acute for high net worth individuals (HNWI).

For those with more than £250,000 in assets, the average pre-retiree (aged 55 and above) believes they will need around £661,000 for a “comfortable” retirement. The actual figure, though, is more than £1.5 million. This represents a savings shortfall of around £840,000.

Of course, your assets are likely higher. What’s more, you’ll be looking for much more than a merely comfortable retirement. Both factors have the potential to significantly increase the size of your pension shortfall.

Thankfully, professional financial advice can help.

Before we explain how, though, let’s take a look at the survey results in greater detail.

Survey results suggest a wide disparity between the amount retirees believe will provide their desired lifestyle and the reality

The chart below shows the size of pension pot those with assets exceeding £250,000 think they’ll need for a comfortable retirement.

“Comfortable” in this context aligns with the Pension and Lifetime Savings Association (PLSA) Retirement Living Standards report and includes:

Basic needs
Overseas holidays
Long weekends away in the UK
Money for day trips, eating out, and social activities
The financial security to be flexible.

Source: Saltus Wealth Index Report

As you can see, the vast majority of respondents are significantly underestimating the wealth they will need for a comfortable retirement. And if you are expecting to live a “luxury” retirement, you’ll need to factor in this increased expenditure too.

According to PensionsAge, 18% of respondents believe an individual pension pot of between £401,000 and £600,000 will provide a comfortable retirement. But 13% think the figure is even lower – between £201,000 and £400,000.

This obvious shortfall is even more pronounced for younger respondents. When inflation is taken into account, PensionsAge projects pension pots at retirement could be short by as much as £2.5 million.

HNWIs have already taken action to make up potential shortfalls, but they face unique challenges

Interestingly, potential pension shortfalls are already acknowledged by some demographics, including HNWIs approaching retirement.

While the average amount predicted to provide a comfortable retirement is around £660,000, this is already £100,000 short of what the average responder in this age range holds.

For this reason, 69% of HNWIs are planning to increase their pension contributions over the next six months. There is plenty of scope to do this too, as just 8% of all respondents are contributing up to the £60,000 Annual Allowance.

It’s worth noting, of course, that this report looked at individuals with assets over £250,000. As a HNWI with assets totalling £1 million, £5 million, or higher, you’ll face unique challenges.

The size of your accumulated wealth might mean you’ve already used up your Annual Allowance – and possibly that of your spouse or partner, too. Or that the Tapered Annual Allowance has significantly limited your opportunity to make tax-efficient pension contributions.

Where you have outstanding allowance, increasing your tax-efficient pension contributions is a simple and effective way to limit any potential shortfall. But you might need to consider other options.

Remember, not all retirement income comes from pensions, and re-evaluate the support you provide to others

As well as paying household bills and your future self, through pension contributions and investments, you might be providing regular financial support to adult children or grandchildren.

The imperative to support our loved ones exists across wealth bands, but the same rules apply too. You should try to avoid providing financial help that detrimentally impacts your own long-term plans.

Almost three-quarters (73%) of HNWIs provide regular financial support to adult children or grandchildren. Worryingly, 12% of those people are doing so either by dipping into their pension pots or reducing contributions, with serious implications for their retirement.

At HFMC, we can help you understand the likely cost of your dream retirement and calculate any potential shortfall. Once you identify and acknowledge a shortfall, acting upon it becomes easier.

We can help you bridge a retirement gap through increased pension contributions or non-pension means. The latter might include rental income from a property portfolio or tax-efficient investing through Venture Capital Trusts (VCTs), for example. Advice can also help you to juggle financial commitments like supporting loved ones, so be sure to contact us if you think you’d benefit from our expert guidance.

Get in touch

To find out how we can help you make up a potential pension shortfall and enjoy your dream retirement after work, please get in touch.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance. The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

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Is a UK “wealth tax” inevitable, and what might it look like?

Wed, 10 Sep 2025 14:38:23 +0000

The size of the current budget gap facing the UK government is subject to debate. Two recent articles from the Guardian and the Telegraph, appearing just a week apart, disagreed by 100%, with figures ranging from £20 billion to £50 billion. Regardless of the exact amount, additional revenue may be required to address fiscal challenges.

Following recent changes to winter fuel payments and adjustments to welfare policies, discussions around a potential “wealth tax” have gained attention.

A wealth tax is a tax charged on an individual, household or entity’s net worth. This includes the total value of assets such as property, investments, savings and valuables. Current proposals spotlight those with a net worth of £10m+ and look to tax wealth above this level at a relatively high rate of 2%, something that a YouGov poll suggest 75% of adults would support.

This raises questions about the likelihood of a wealth tax being introduced, its possible structure, and the factors that could influence government decisions. So, is the introduction of a wealth tax just a matter of time, what might it look like, and what are the factors that could yet dissuade the government?

Keep reading to find out.

A wealth tax survey suggests an appetite for its introduction

Several public figures, including former Labour leader Neil Kinnock and former shadow chancellor Anneliese Dodds, have expressed support for a wealth tax. The YouGov poll of 4,142 British adults revealed

49% “strongly” supported its introduction
26% “somewhat” supported it.

On the other side of the coin:

13% opposed a wealth tax
7% somewhat opposed
6% strongly opposed.

Interestingly, support appeared balanced across genders, while opposition was more prevalent among men and older age groups. Political affiliation also played a role, with stronger support among Labour voters.

Although Rachel Reeves previously ruled out a wealth tax in August 2023, the concept continues to be discussed, especially among Labour backbenchers on the left of their party.

While recent government feeling suggests a wealth tax might be back off the table for now, the question is: for how long?

The government would likely face several significant problems if it looked to implement a wealth tax

Back in our Winter 2024 edition, we asked whether expert tax advice could prevent a UK millionaire exodus as tax changes threatened high net worth individuals’ (HNWIs) financial security.

At that time, the Adam Smith Institute predicted a drop of 20% in the share of the UK population who are millionaires by 2028. Talk of a wealth tax will have done nothing to stem the tide of millionaire leavers. And it is here that the government has a problem.

Millionaires who leave take their money with them, and tax revenue and investment growth are crucial to the government’s for this parliament.

Which leads to another problem.

A wealth tax could disproportionately affect individuals who own valuable assets but have limited liquid income. We have seen a similar response from farmers to the changes in Business Relief and Agricultural Property Relief that were announced in the 2024 Autumn Budget.

A wealth tax could again affect farmers as well as elderly homeowners in high-value areas and small business owners with capital tied up in operations. Without exemptions or options to pay a wealth tax by instalments, these individuals may be forced to sell assets to meet tax obligations.

Implementing a wealth tax would therefore likely require significant planning and infrastructure, making immediate adoption unlikely as there would likely be legal, logistical, economic, and political challenges.

Implementing a wealth tax requires accurate, up-to-date valuations of diverse asset classes—such as private businesses, farmland, intellectual property, and artwork. These are notoriously difficult to appraise and may lead to disputes with HMRC. HMRC’s current infrastructure is geared more toward income and transactional taxes, not wealth monitoring. A shift would require significant investment in technology, staffing, and training

While a tax on wealth above a certain threshold has been proposed, it may not address short-term fiscal needs. So much so that even an announcement at the Autumn Budget, for example, would likely mean its introduction was still years away.

According to the YouGov poll, any tax that did come in would likely be a percentage on wealth above a certain threshold, but a future tax won’t solve the hole in the public finances now.

So what can the UK learn from wealth taxes in other countries?

The international experience with wealth taxes presents a varied picture. While some countries continue to apply them, many have repealed such measures due to practical and economic concerns. Below is a summary of current approaches:

Country	Rate	Key Observations
Spain	0.2% to 2.5%	Spain maintains a wealth tax on net assets above €700,000, though exemptions vary by region—Madrid residents, for example, receive a full exemption. The tax has faced legal and political scrutiny.
France	0.5% to 1.5%	France initially taxed net assets above a threshold, but over time, concerns about capital flight and limited revenue led to its replacement in 2018 with a narrower tax focused on real estate.
Colombia	0.5% to 1.5%	Colombia’s wealth tax applies to assets above COP 3.5 billion (~£650,000). Challenges include underreporting, reliance on tax havens, and difficulties in asset valuation.
Norway	1% to 1.1%	Norway’s wealth tax applies to net wealth above NOK 1.76 million (~£125,000). It is broadly accepted due to its long-standing presence, though some argue it may discourage investment and entrepreneurship.
Switzerland	0.05% to 1%	Switzerland levies wealth tax at the cantonal level, with rates and thresholds varying by region. Its success is attributed to low rates, local administration, and predictability.

The global experience suggests that successful implementation of a wealth tax depends heavily on its design and administration. Poorly structured taxes may lead to unintended consequences such as capital flight, underreporting, and minimal fiscal impact. Conversely, models like those in Switzerland and Norway show that low-rate, broad-based, and locally administered systems can be more sustainable—though not without debate.

What other potential tax changes might be more likely in the short term to fix the revenue gap?

However large the chancellor’s budget deficit actually is, it looks increasingly likely that more tax rises are in the offing with Keir Starmer being unable to rule it out earlier this month.

While it was a Labour manifesto promise not to raise Income Tax, employee National Insurance (NI) or VAT, the government did press ahead with rises to employer NI, and other tax changes do seem imminent.

A likely outcome is more stealth taxes, such a freeze on tax bands such as the personal allowance and higher rate tax thresholds. We are also seeing more speculation about reform of existing allowances and reliefs with a possible reduction in the Cash ISA component of the £20,000 annual allowance, pushing more savers to investments or exposing more interest to taxation.

One area where changes could occur – and in a way that wouldn’t break that manifesto promise – is Capital Gains Tax (CGT).

Proposals to align CGT rates with Income Tax bands have been discussed, which could increase tax liabilities on gains. However, reductions in the Annual Exempt Amount—from £12,300 to £3,000 over four years—have coincided with a decline in CGT receipts, highlighting the complexity of balancing revenue generation with taxpayer impact.

Get in touch

As always with proposed changes to tax and legislation, it’s vital to keep your long-term plans in mind. Speculation is rife, but acting hastily could prove detrimental to your ability to reach your goals.

We’re on hand to keep abreast of changes and will let you know when they move from rumour to policy, and by so doing, potentially impact your wealth.

If you have any concerns about a future wealth tax, though, or any other aspect of long-term plans, please get in touch.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

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5 reasons why intergenerational planning is key as a HNWI

Wed, 10 Sep 2025 14:38:23 +0000

As a high net worth individual (HNWI), you’ll have very firm ideas about what you want to happen to your wealth when you die.

You understand that tax-efficient estate planning isn’t something to worry about only in later life. Instead, it should be a vital part of your long-term financial planning from the outset.

Your robust plan should allow you to live the lifestyle you want now, cover your future expenditure, and leave a legacy for the next generation. But what happens to your accrued wealth – and your carefully laid plans – then?

The ‘World Wealth Report 2025’ from business strategists Capgemini finds that 81% of children who inherit a parent’s wealth plan to switch advisers within two years.

At HFMC, we think this is a mistake, and one that could be costly. Keep reading to find out why.

1. We can help you think about and communicate your wishes

Back in 2023, Professional Adviser reported that 32% of baby boomers didn’t want to pass their wealth onto someone whose attitude to money differed from theirs.

While this is understandable, it’s also important to acknowledge that money attitudes are bound to differ between generations. Our relationship to money is formed early. And growing up in the post-war decades, for example, compared to today’s world of cryptocurrency and 24/7 access to news and markets, might have led to an understandable gulf between you and your children.

But communication can help to bridge this gap.

Talk to your children (and your whole family) about your long-term financial plans and the legacy you intend to leave, and your rationale for these decisions.

Ensuring everyone is on the same page can help to avoid disputes or misunderstandings and ensure that your children are mentally and emotionally prepared to receive an inheritance.

2. Intergenerational planning keeps you in control

Sitting down with a trusted adviser to formulate a long-term plan puts you in control of your future. But it can provide peace of mind that your money will be in safe hands after you’re gone, too.

You might incorporate trusts, for example, stipulating how and when your money can be used, and by whom. This ensures younger generations will make sensible use of your accumulated wealth and spend, save, or invest it in a way that aligns with your wishes.

And by communicating these wishes well in advance, your offspring will understand the reasons for your choices and hopefully be on board.

With HFMC alongside, you’ll know that your loved ones will be receiving the best advice, aligned to your carefully conceived strategy.

3. Planning early can be tax-efficient, which means you pass on more

Intergenerational planning isn’t just about how you’ll pass on your wealth when you die. One major benefit of starting your estate planning early is that you put tax-efficient strategies in place from the outset.

Giving while living (often referred to as “giving with a warm hand”) can help to lower the value of your estate for Inheritance Tax (IHT) purposes, while benefiting your loved ones, financially and non-financially.

You might take advantage of the “seven-year rule” to give gifts during your lifetime. These gifts are generally IHT-free if you live for a further seven years from the date the gift is made. So-called “potentially exempt transfers (PETs)” usually only become liable for IHT on death within these seven years and on a sliding scale known as “taper relief”.

We wrote about this more extensively in our spring 2025 article, ‘How to manage complex life insurance and estate planning as a HNWI’, in which we also touched upon other tax-efficient strategies you might consider.

4. Giving with a warm hand means you can provide ongoing guidance

There are other important benefits to giving with a warm hand.

You’ll still be around to see the difference your money makes to your children and grandchildren. What’s more, you might find yourself passing your money on at a time when your beneficiaries need it most.

Your children could receive an inheritance when they’re buying a first home or starting a family, for example. And you’ll be there to make memories with them and offer guidance based on the money lessons you’ve learned throughout your life and career.

5. A consistent message means your legacy is in safe hands

Our ongoing relationship with you means that we understand your goals and aspirations as well as your financial position. We’ve helped you to formulate your plan and continue to work alongside you to ensure your money delivers.

That puts us in the best possible position to continue to manage your money as it changes hands, and to look after your family as we have looked after you.

Get in touch

A consistent voice, delivered through a cohesive intergenerational plan, can make a significant difference to the financial outcomes for you and your family.

We can help you leave a tax-efficient legacy, with peace of mind that your wealth is in safe hands. To find out how, please get in touch.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate estate planning, tax planning, or will writing.

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