Smart Money May/June

Welcome to our May/June edition of Smart Money.

As we embark on the new tax year, we consider why reviewing your pension savings strategy presents an opportune moment to help set a solid foundation for future financial stability. Early attention to your private pension at the onset of the fiscal year is not just about cultivating beneficial saving habits; it’s also about ensuring you take advantage of the benefits and allowances available to you. Find out more on page 08.

Individual Savings Accounts (ISAs) can offer a versatile and tax-efficient way to save for the future, whether for yourself, your children or grandchildren. Now that we have entered the new financial year, significant changes to ISAs have been introduced. From 6^th April, savers and investors now have a more flexible approach to using their ISA allowance. For the first time, individuals can open multiple accounts of the same type of ISA within a single tax year, from 6^th April one year to 5^th April the next, provided they do not exceed the annual ISA limit. Read the full article on page 06.

Inheritance Tax (IHT) represents a significant consideration for anyone looking to pass on assets to the next generation. With the IHT threshold frozen until at least April 2028, understanding how to manage your estate’s potential IHT liability is more crucial than ever.

Click here to read the full report.

Get in touch

If you’d like to arrange an initial meeting to talk about your financial planning requirement, please contact us: email advise-me@fosterdenovo.com, call 0330 332 7866 or book a meeting.

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Foster Denovo Private Wealth is a trading name of Foster Denovo Limited, which is authorised and regulated by the Financial Conduct Authority.

A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age).

The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Your pension income could also be affected by the interest rates at the time you take your benefits.

The Financial Conduct Authority doesn’t regulate trust planning and most forms of inheritance tax (IHT) planning.

Some IHT planning solutions put your money at risk, and you may get back less than you invested. IHT thresholds depend on individual circumstances and the law. tax and IHT rules may change in the future.

The tax treatment is dependent on individual circumstances and may be subject to change in future.