The Wire: Winter 2021 – Updates & Introduction

(Estimated read time 5 minutes)

Updates & Introduction

Tax 

The Autumn Statement came and went with none of the forecast CGT and IHT changes coming to pass. In these volatile times continuity is welcomed, though we cannot yet fully discount announcements in a March budget, though with a view to the next election, talk from the government has turned to tax cuts following the changes made to National Insurance over the summer. 

Covid 

As we see Europe entering lockdown four and Omicron creating uncertainty for both families and the world economy; in terms of the provision of financial advice, we continue to use technology to support the provision of financial advice whilst keeping our clients and staff safe. Our offices do remain open for now, having had an uptick in use after been reconfigured to meet pandemic induced safety requirements. Whilst welcoming some long missed in-person meetings, we absolutely will respect anyone’s wish, whether staff or client, to meet virtually. 

Themes of this Issue 

Perhaps due to the pandemic, we have seen client conversations increasingly focus on mortality, life assurance and gifting to help manage inheritance tax, whilst also considering the role of property in their strategies.  

As a result, rather than the usual focus on CGT that we normally have in December with the tax-year end being just a few months away, we have instead turned our attention this issue to address some of the issues more immediately raised by clients, from property downsizing to inheritance tax, pensions and the risks of inflation.

We are also pleased to continue to explore the theme of the gender gap in pension, investments and pay.  On average, women will retire with very much less in their pension pot than men. 

We continue to support not just our immediate clients, but also their wider families and would welcome the opportunity to talk to daughters and sons alike, to help preserve your wealth through the generations and help ensure financial independence for them. Please do get in touch if you would like us to help them too.

Lastly, this issue of The Wire tells you some of the planning we are utilising currently, including a case study of some past strategic advice for one of our fantastic families. 

As always, we remain focussed and available to cover the usual end of tax year planning with you, including the merits of realising capital gains now at current CGT rates versus deferral. Please do not hesitate to reach out to your adviser if you have any questions about tax-year end planning, or the topics covered in this issue.  

We wish you and your families good health and prosperity as we move towards 2022.

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