The lifetime allowance was abolished on 5 April 2024. However, there are instead new rules limiting the tax-free lump sum payments from pensions both in lifetime and on death.

This article considers the new Individual Lump Sum Death Benefit Allowance (ILSDBA) and how it changes the taxation of your pension death benefits. 

The new rules are potentially complex depending on your situation so please research and/or seek advice before taking further benefits! Give us a call if you would like to arrange a complimentary pension review to ensure you’re not missing out on tax-free cash.

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We were so pleased to support another Later Life Alliance event last week. Around 60 people gathered at Henleaze Trinity United Reform Church for line dancing and afternoon tea and it was such a fun time!

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Explore proactive strategies for navigating inheritance tax (IHT) when your estate exceeds £2 million. Learn about the tapering of the residence nil rate band, strategic tax planning approaches like lifetime gifting and trusts, and the benefits of IHT-free ISAs. Ensure your estate plan is effective with our complimentary inheritance and estate planning review.

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Unmarried couples face unique challenges in estate planning, particularly concerning inheritance tax (IHT). Explore strategies such as maximising nil rate bands, leveraging Residence Nil Rate Bands (RNRB), and utilising trusts to protect assets and reduce tax burdens. Seek tailored advice from our experts for comprehensive estate planning solutions. Contact us today for a complimentary estate planning review.

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Discover the importance of Will trusts in estate planning, providing flexibility, protection, and tax-saving benefits for beneficiaries. Learn about Discretionary Trusts, Life Interest Trusts, and Protective Trusts, and how they offer control and flexibility over asset management and distribution. Incorporate Will trusts into your estate plan for peace of mind and financial security for your loved ones. Contact us for a complimentary estate planning review today.

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Inheritance Tax (IHT) payment is a critical step before Probate and asset distribution. Discover the timeline for IHT payment and exceptions to the rule, including instalment options and delayed payment considerations. Avoid penalties and interest charges by understanding your obligations and seeking professional advice for effective estate planning. Contact us for a complimentary estate planning review today.

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As inheritance tax concerns rise with increasing property values, understanding HMRC regulations becomes crucial. Learn about lifetime gifting, potentially exempt transfers (PETs), and taper relief to mitigate inheritance tax liabilities. Discover how early financial planning can safeguard beneficiaries from unexpected tax. Get in touch for a complimentary inheritance tax review today.

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Deciding between immediate gifting and leaving inheritance in a Will involves navigating the complexities of inheritance tax rules. Learn about annual gifting allowances, the '7 year rule' for potentially exempt transfers (PETs), and drawbacks of gifting. Explore alternatives like Business Relief investments for quicker IHT exemption and asset control. Contact us for personalised advice on your estate planning journey.

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Are you aware of all the tax efficiencies available to you? Independent chartered financial planner Richard Higgs takes you through all the allowances you could be making use of.

Time is ticking for tax year end 2024 so use this video as a checklist to ensure you are in the best possible position.

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Assuming your parent is a 'self-funder' and about to start paying for care, here are some financial considerations and things to look out for.

SOLLA Accredited independent financial adviser, Richard Higgs takes you through the decisions that might need to be made and some signposting ideas where you can find further support.

If you would like to chat about ways to fund care, please don't hesitate to get in touch by calling 0117 3636 212 or emailing office@haroldstephens.co.uk.

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Independent chartered financial planner, Richard Higgs recorded a video on the investment outlook for 2024 on 16th January.

If you are interested in what is going on globally and how that will affect your portfolio, this is for you.

• Where we are in the short term

• USA markets

• Emerging markets

• Looking at investment over longer terms

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Chartered Independent Financial Adviser, Richard Higgs, takes you through the tax outlook for 2024 in the UK.

We first see a recap of the economic landscape of 2023 including the impact of the Autumn Statement.

Richard discusses the potential implications of the Spring Budget on 6th March and General Election which is also due this year.

If you have an interest in inheritance tax, tax allowances and potential tax cuts, this video is for you.

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SOLLA Accredited Independent Financial Adviser, Richard Higgs takes you through an introduction to NHS Continuing Health Care (CHC).

He covers:

• What is CHC?

• Why is it important?

• Who qualifies for CHC?

• Once obtained, how long will I receive CHC for?

• Can I top up the amount awarded?

• Can NHS CHC only be provided in a nursing home?

• Can I receive CHC if I have dementia?

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We are thrilled to have been shortlisted in three categories in the upcoming Professional Adviser Awards!

As well as being shortlisted for ‘Adviser Firm of the Year for South West and Wales’, we are also in two national categories, ‘Best Adviser Firm for Vulnerable Client Care’ and ‘Best Consumer Duty Initiative.’

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Understanding what a Lasting Power of Attorney (LPA) is and how it functions can be a bit confusing for many people. Simply put, an LPA is a legal document that allows you (the donor) to handpick and appoint one or more individuals (attorneys) to make decisions on your behalf in the event that you lose mental capacity at some point down the line.

There are many reasons people put off making an LPA but the reality is it is vital to get organised - it’s never too early.

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A Power of Attorney (POA) is a legal document that grants someone the authority to make decisions on behalf of another person. This legal arrangement becomes crucial in various situations, particularly when an individual is unable to make decisions for themselves due to illness, disability, or other incapacitating circumstances.

Understanding when a Power of Attorney comes into effect is essential for both the donor (the person giving the authority) and the attorney (the person receiving the authority).

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If you have been asked to act as an attorney for an individual’s Lasting Power of Attorney (LPA), you should know that it is a position that carries significant weight and responsibility. LPAs are legal documents that grant an individual the authority to make decisions on behalf of another person who may be unable to do so themselves due to incapacity or other circumstances.

Read on to gain an understanding of the scope of the role of the attorney and your obligations.

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If you find yourself in the position of being asked to be an attorney for someone under their power of attorney – whether it's for handling finances or decisions about health and welfare – congratulations, you've been entrusted with a significant responsibility. This trust also extends if you're appointed by the Court of Protection as a deputy in the absence of a power of attorney.

Navigating decisions such as whether a person should be cared for at home or in a nursing home, which medication they should receive, or whether their house should be sold can be quite challenging.

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Almost 30,000 Lasting Powers of Attorney (LPA) applications were rejected by the Office of the Public Guardian (OPG) between 2022-2023. 60% of which were applications for Financial and Property LPAs.

Here are 5 reasons an LPA might not be successfully registered by the OPG.

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Research conducted by retirement specialist Just Group revealed a worryingly high proportion of older retirees have not yet organised a Power of Attorney (POA), a crucial document that protects their interests in the event of illness or loss of mental capacity.

Almost 60% of retirees aged 75 and above, totalling around 3.4 million people, indicated that they had not taken steps to establish a Power of Attorney. Of those, 35% cited a belief that they were not at the appropriate life stage as the primary reason for not having one.

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