The Chancellor’s fiscal headroom has rapidly eroded following a series of policy reversals, including Winter Fuel Payments cuts and scaled-back disability reforms, costing billions annually. Coupled with downgrades to GDP growth and higher borrowing forecasts, the UK faces mounting fiscal pressure heading into the November Budget 2025. Analysts suggest measures such as extending income tax freezes or revisiting pension tax relief could be on the table as the Government seeks to stabilise public finances and manage long-term borrowing.

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The latest UK economic outlook from the National Institute for Economic and Social Research warns that the Chancellor is set to miss her Fiscal Rules by more than £40bn. With a projected £41.2bn deficit by 2029/30, the report raises serious questions about the Government’s ability to meet fiscal targets, stick to spending plans, and avoid tax rises. As the Autumn Budget approaches, substantial adjustments may be needed to restore economic stability and create the headroom required to meet fiscal rules.

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Immediate Care Plans, also known as Immediate Needs Annuities, can be a valuable way to manage the rising cost of long-term care. Designed for those already in care or about to move into a care home, these specialist plans provide a guaranteed income for life to help cover care fees. Read on for a deep dive into how Immediate Care Plans work, the benefits and risks, and how they fit into wider care fee planning. If you’re looking to protect assets, stabilise care costs, and gain peace of mind for your family, understanding Immediate Care Plans is essential.

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When care needs arise, it can be difficult to know where to start. Here’s an introduction about who might be best placed to help and some ideas about funding care fees.

It’s important to seek advice from qualified professionals with the correct knowledge, as well as someone you feel supported by. We’re here to help - please don’t hesitate to get in touch if you have any queries about funding care.

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Planning and paying for long-term care is one of the biggest financial challenges families face. With rising care costs, limited funding, and increasing pressure on family carers, specialist advice is essential. At Harold Stephens, we provide expert later life financial planning, guiding families through every stage of the care journey – from care fee planning and funding options to legal support with Lasting Powers of Attorney.

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Planning for paying for care can be a daunting task. Find out more here about when is a good time to start planning, what you may need to consider, likely costs and how you could pay.

Why not book on to one of our upcoming free seminars in November to start care fee planning with confidence?

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On Tuesday 23rd September, Oatley Hall at St Monica, Cote Lane, was filled with energy and conversation as we hosted the Later Life Autumn Fair. The event brought together a wide range of later life support, advice, and information alongside a fantastic selection of stalls.

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As many in later life will know, pension ‘pots’ will be included in your estate for IHT purposes from April 2027 – unless the pension is transferred on death to your spouse or a registered charity. If you pass away after 75, then there is an income tax liability too on the drawing down of any pension inherited.

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Learn how to use the GOV.UK View an LPA service to manage and share a Lasting Power of Attorney online. Faster, safer, and always up to date.

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In Autumn 2024, Labour announced in their budget that from April 2027, most unused pensions will start being treated differently when someone dies. After a lengthy consultation, the Government recently released the new rules confirming that, in many cases, they’ll be included in the value of your estate for inheritance tax purposes.

While the government estimates that around 8% of estates will be affected, that figure only tells part of the story. As ever, the finer detail matters. Many families could still feel the impact - not just from the tax itself, but from decisions people make now about how they draw their pensions and plan their legacies.

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Saturday 19th July saw a fantastic celebration of community, connection, and support for older people in Bristol as the Later Life Hub was officially launched at the St Peter’s Church Summer Fair in Henleaze.

The fair was a vibrant and joyful occasion, bringing together people of all ages. With over 30 stalls spread across the church hall and grounds, the event was bustling with life from start to finish. Visitors enjoyed everything from homemade cakes, jams, and garden plants to handcrafted goods, books, and produce. There was live music, friendly faces, and an unmistakable atmosphere of warmth and goodwill.

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Much of the emotional strain of organising care can fall on you, the adult children, who may be successful professionals in your own right, working full-time and still caring for children of your own. You are not alone in being a stressed-out member of the ‘sandwich generation’!

Find out more about how we can help reduce the stress of helping parents organise care.

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It seems the financial abuse of older people, the vulnerable and those living with dementia is on the rise. When you lose the ability to manage your own finances, you are increasingly reliant on others and at a much greater risk of financial abuse. In some cases, it can be unintentional – for instance a family member might not think they are doing anything wrong – but their actions could still amount to financial abuse.

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Long term care is a key financial consideration for many in later life. Specifically, qualifying for Continuing Health Care (CHC) can mean having all of your long-term care needs paid for by the NHS. Not qualifying for CHC can mean self-funding individuals having to pay a huge amount on long-term care – in some cases upwards of £75,000 a year. This is a big deal.

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Issues around your property and how they relate to the paying of care fees can be a complex business. Here we look in to care fees and property disregards, 12-week property disregard and deferred payment agreements.

Please do get in touch if you are beginning to look in to options for paying for care. We’re here to help.

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You may have never thought of yourself as a ‘Carer’ before? Lots of people see looking after their Mum or Dad as their duty and have never really thought about it. Or have never consciously chosen to be a ‘Carer’ but have been thrust into that situation through circumstances outside their control.

Caring for a parent can be hugely rewarding – but it can also be extremely challenging. Especially if you have children of your own to look after and provide for. This is where the phrase ‘sandwich generation’ comes from – having responsibilities for both older and younger generations of your family.

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Thinking about how to pay for care, whether for yourself or a loved one, can feel daunting. Many people worry they’ll have to sell their home or quickly spend down their savings, but if you have over £250,000 in assets including savings, investments and pensions, plus a property, there are often more options available than you might realise.

And that’s where we can help.

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On Tuesday 20th May, we were thrilled to sponsor and attend the BRACE Dementia Research 1987 Foundation event as part of Dementia Action Week. Long-term supporters and people that have pledged a gift to BRACE in their Will were invited to enjoy a ferry ride around Bristol with cream tea, followed by an update from the BRACE team on the progress the charity are making and the opportunity to have a look around the SS Great Britain.

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On Saturday 17th May, we were so pleased to attend Let’s Talk Dementia as a sponsor of the brilliant one-stop dementia information event organised by Alive Activities, BRACE Dementia Research and Bristol Dementia Action Alliance (BDAA).

The event, held just before Dementia Action Week, took over the Watershed in Bristol and we were impressed by just how much information and support was available to those living with dementia and their carers on the day

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For those with philanthropic intentions, leaving charitable legacies are very appealing given how tax efficient such a gift can be. This is especially the case after the recent Budget introduced some significant changes to inheritance tax (IHT).

These changes are likely to substantially increase the number of estates subject to IHT in the coming years. Leaving charitable gifts in the Will could be the ideal tax efficient solution.

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