UK summertime began early this year as the Met Office recorded our highest May temperatures on record. While the geopolitical temperature remains high, there are plenty of changes afoot closer to home, too, and it is in the UK that we broadly remain for our summer edition of The Wire.
We begin with a mandatory change to the processing of benefits in kind, effective from April 2027. The move to real-time processing through payroll might seem like a headache confined to payroll staff, but there could be implications for high net worth individuals (HNWIs) too.
A shift from delayed to real-time taxation could affect your take-home pay and, by extension, your monthly budgeting. We are on hand to help you revisit your monthly model, reassess the liquidity of your assets, and consider the benefits you have and their relative value under the new system.
Next up, HMRC reports that a record number of under-30s declared annual incomes of more than £1 million in 2024/25. High levels of wealth in this age group underline the need for financial education and intergenerational planning. Discover how your ongoing relationship with HFMC Wealth could help your high-earning loved ones.
Then, changes to Agricultural Relief (AR) and Business Relief (BR) originally announced in 2024 came into effect in April. Read about what the new rules are and what they might mean for your estate and succession planning as an HNWI.
While the changes to AR and BR are already in effect, other changes are due to come into force from April 2027. This makes early planning in 2026/27 key to a tax-efficient year.
Learn the steps you can take early in this tax year to get a head start on the next. This includes preparing for changes to the Inheritance Tax treatment of pensions and the introduction of an effective cap on Cash ISA subscriptions.
We look further afield too, asking what rising oil prices – as a consequence of global conflicts – mean for you and your long-term plans.
Finally, in the midst of this geopolitical unrest, we help you to take a moment to be mindful and relax.
The Dutch ritual of “dusking” is gaining popularity across the UK. Read about how the simple act of sitting outside to watch the arrival of evening can help you disconnect from the digital, reconnect with the natural world, and maybe improve your emotional wellbeing in the process.
I wish you all a lovely summer and hope you enjoy this summer edition of The Wire.
Best regards,
Lisa
