IN FOCUS6-8 min read

Summer 2023 Newsletter

The summer edition of our newsletter is out, exploring the pension allowance landscape, highlighting the costs of Inheritance Tax, options for retirement income, Capital Gains Tax relief for divorcing couples and more.

03/08/2023
Tier 2_Landscapes
Read full reportSummer 2023 Newsletter
8 pages

The longer days of summer at a more relaxed pace, and more opportunities to spend time with family and friends may leave you daydreaming about the possibilities of retirement. The current economic climate, however, has contributed to a more gradual retirement process and means those planning for and approaching retirement have much to consider.

Our feature for this edition of our newsletter drills into the changed pension allowance landscape, exploring the impact of the scrapped lifetime allowance and increased annual pension allowance. While constraints on contributions have been lifted for those at the higher end of the earnings spectrum, working out the best strategy for contributions isn’t straightforward for everyone.

The rise in inflation over the past 18 months has forced many to consider how they spend their money and meet financial commitments. For those nearing retirement, that will include how they take their pension. The security of an annuity will be appealing to many, but we explore creating the right balance of income sources to suit an increasingly phased process.

Our other stories include:

Rising inheritance tax take – The inheritance tax (IHT) threshold has remained static for a decade and half while house prices have risen, creating a growing disconnect between this tax intended for the highest earners and the wealth of the people now left footing IHT bills.

Capital gains rules relaxed for separations – The time pressure on divorcing couples to sell their homes to avoid a substantial tax bill has been lifted. Separating couples and civil partners now have three years to decide what to do with a previously shared home and how to split reliefs.

Your self-employment checklist – There are 4.4 million self-employed workers in the UK enjoying the freedoms of being their own boss, but alongside that are responsibilities that generally sit with an employer and HR department. We look at four key planning areas for those moving into self-employment.

Download and read the full newsletter at the link below.

Read full reportSummer 2023 Newsletter
8 pages

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Issued by Benchmark Financial Planning Limited. An Appointed Representative of Best Practice IFA Group Limited which is authorised and regulated by the Financial Conduct Authority, the registration number is 223112. Registered office: Broadlands Business Campus, Langhurst Wood Road, Horsham, West Sussex, RH12 4QP. Registered in England and Wales No 07572431.

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Benchmark Financial Planning is an Appointed Representative of Best Practice IFA Group Limited which is authorised and regulated by the Financial Conduct Authority, the registration number is 223112. Registered office: Broadlands Business Campus, Langhurst Wood Road, Horsham, West Sussex, RH12 4QP. Registered in England and Wales No 07572431.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk

The guidance and/or advice contained within this website are subject to the UK regulatory regime and are therefore targeted at consumers based in the UK.