Wealth Matters: Tax-saving measures before 2023/24 Year End?

Welcome to the latest edition of Wealth Matters, now available to view and download here.

The tax landscape has witnessed considerable changes, making the situation more challenging for taxpayers and investors alike. As we near the end of the 2023/24 tax year on 5 April, every taxpayer should understand the importance of this date and consider their tax position. Don’t leave it to chance and miss the deadline. On page 6, we’ve provided some planning tips to consider and discuss with us.

Did you know as many as 1 in 20 people could have a pension they didn’t think they had? Could that be you? It’s estimated £26.6 billion is currently trapped in forgotten pensions, averaging about £9,500 each. With most individuals juggling multiple jobs throughout their lifetime, it’s no wonder that some of these pensions fall through the cracks. Read the full article on page 34.

ESG (Environmental, Social and Governance) investing, a socially responsible investing approach, seeks to harmonise financial returns with a company’s environmental impact, stakeholder relationships and global footprint. Our planet faces numerous challenges, from climate change to a rapidly growing and ageing population. On page 10, we consider understanding and incorporating ESG opportunities into your investment strategy.

Transferring wealth within a family is a delicate process that requires clear communication and effective planning. Otherwise, it could lead to a potentially large tax bill and bad feelings in the family. This narrative was depicted in the hit American HBO series ‘Succession’. By engaging in succession planning, you can ensure your assets are distributed according to your wishes, simplifying the process and maximising tax efficiency. Read the article on page 12.

A complete list of the articles featured in this issue appears on pages 2 and 3.

Safeguarding, expanding and cultivating your wealth

We aim to help you secure your future and achieve your financial objectives with a carefully crafted plan to fit your needs. By developing this plan, we’ll focus on what really matters and how to manage your financial situation to achieve your goals. We’re here to safeguard, expand and cultivate your wealth using our expert guidance. Don’t hesitate to contact us if you require further information or want to arrange a meeting – please contact us.