Ross Ibbotson
CEO
As the days grow shorter, fires crackle, and the first year’s frosts blanket the ground, change is in the air — most notably with Rachel Reeves’ Autumn Budget ushering in significant developments. With adjustments from the Chancellor and shifts overseas, the start of 2025 may feel uncertain for many. This makes financial planning more critical than ever.
Planning can provide reassurance and peace of mind, helping you to maintain the assets you have built up and provide security for the ones you hold dear. Annual reviews are an important means by which we offer this reassurance. These meetings are likely to prove increasingly vital in the next few years as Budget changes to the Inheritance Tax treatment of pension funds necessitate a refocusing on legacy.
In this winter edition of The Wire, we begin with a look at how to protect your valuable assets. After a recent period of sustained high inflation, the value of goods like jewellery, watches, art, and antiques has soared, which could leave you without the protection you need. Paul Addison is on hand, asking, “Are you underinsured?” and going on to explain what you can do about it if you are.
With 2024 drawing to a close, the new tax year is just around the corner. Changes to thresholds and allowances introduced in the Budget are either already in effect or will be soon, making efficient end-of-tax-year planning crucial. Nick Rudd offers a must-read guide to the five essential steps to take before 6 April 2025.
Tax planning is one of the foundations of our service offering and the challenging tax environment that looks set to dominate this parliament is sure to have repercussions. These have already been apparent in the form of several high-profile UK millionaires who have opted to leave. A recent report suggests that the UK could lose up to 20% of its millionaires by 2028, Jeremy Hoyland asks whether expert tax advice might be key to preventing this exodus.
Leon Blake, meanwhile, offers a deep dive into Junior ISA investments after his attention was grabbed by a recent Freedom of Information request to HMRC. Data confirms that the UK’s 50 largest JISAs hold an average of £761,000, an amount that could, (with only relatively modest growth), see their holders become ISA millionaires by the age of 24. Find out whether your child’s JISA is on track.
In this edition, we also shine a spotlight on our Mortgage Department, led by Eli Kosiner. In the first of a two-part case study series, we explore the advantages of a joint-borrower-sole-proprietor mortgage and how non-conventional income sources can help secure a competitive remortgage.
Beyond the world of finance and politics, the sporting world marked a significant moment in November: Rafa Nadal’s retirement from tennis. Over two decades, Nadal, Novak Djokovic, and Roger Federer—tennis’ iconic “Big Three”—have dominated the sport, claiming over 60 titles and countless records. Phil Patient reflects on their remarkable careers and uncovers surprising parallels between their success and principles in equity investing and retirement planning.
As the year draws to a close, I’d like to take a moment to thank you for your continued trust and partnership. Wishing you and your loved ones a joyful festive season and a prosperous New Year.
