In this webinar we discuss the key Budget announcements affecting personal taxes, pensions, investments, savings and property and what it might mean for your financial plan as an individual or business owner.
Every year in the UK we have Budgets that can affect your options around pensions, mortgages, investments and financial planning. This year more than ever the budget is coming under close scrutiny because of the pandemic and the national deficit arising. As financial planners it is our role to encourage our clients to understand the implications now and in the years ahead and the options open to them to make the most out of their wealth and keep their life plans on track.
Setting out the Government's tax and spending plans for the year ahead, last week Chancellor Rishi Sunak announced new measures to help businesses and jobs through the pandemic and to support the UK's long-term economic recovery.
To help us interpret the key announcements and changes within the Budget, from a financial planning perspective, David Melloy, Business Development Manager at Ascot Lloyd, together with our panel of in-house experts and special guests, discusses the nuances and practical implications of how the budget may affect your financial plan.
Our panel:
Helen Richardson
Helen Richardson
In this webinar, Ascot Lloyd Independent Financial Adviser, Helen Richardson, talks us through a Budget where private individuals have fared surprisingly well for the time being. Capital Gains Tax and Inheritance Tax were surprisingly left untouched with no changes to the tax relief on pensions, both of which were widely rumoured to suffer more punitive environments. Naturally the freezing of the Lifetime Allowance for pensions means that those with larger pension pots will need to adjust their planning to accommodate the change. Helen also makes that point that, although the freezing of the personal allowance and higher rate threshold is a disappointment, it does make planning ahead slightly more simplified.
Gill Philpott
Gill Philpott
Ascot Lloyd Tax & Trust Specialist, Gill Philpott highlights the key tax takeaways for clients.
Gill explains how ‘no change’ in tax allowances and reliefs will raise about £21bn from income tax, inheritance tax and capital gains tax.
Gill also shares with us her expert opinion on the long-term view on tax, as the Treasury Committee continue to review and release consultation papers through 2021.
Fenella Martin-Redman
Fenella Martin-Redman
Fenella Martin-Redman who is a Tax Partner at Saffery Champness, one of the UK's Top 20 accountancy firms, joins us as a very welcome expert guest from one of our business partners. Fenella talks us through how the Budget’s Corporation Tax rate increases could affect business owners. Fenella also explains how some companies will benefit from carefully choosing how they take dividends out of the business and how moving profits or pension contributions around could help them to take advantage of the lower rates.
Graham Bentley
Graham Bentley
Graham Bentley who is a Non-Executive Director and Chair to the Avellemy Board, a UK Asset Manager, explains how this Budget could impact our clients and their investments.
Graham also talks about why inflation is an important factor to this Budget and his views on the new green bonds and guilts that the Government will introduce this summer.
We hope that you find the webinar informative, and it has shown you how the Budget may impact your savings, investments, pensions and general financial planning, as well as the importance of ensuring you have a financial plan and that it is regularly reviewed by your trusted Ascot Lloyd financial adviser.
Should you have any questions about the measures introduced in the Budget or if you are interested in talking further about new opportunities arising from the announcements made, please do get in touch with you adviser or request a call back.
