Smart Money May-June 2024
15th May 2024
Welcome to our latest issue. As we embark on the new tax year, on page 08, we consider why reviewing your pension savings strategy presents an opportune moment, setting a solid foundation for future financial stability. Early attention to your private pension at the onset of the fiscal year is not just about cultivating beneficial saving habits; it's also about ensuring you take advantage of the benefits and allowances available to you.
Individual Savings Accounts (ISAs) offer a versatile and tax-efficient way to save for the future, whether for yourself, your children, or grandchildren. Now that we have entered the new financial year, significant changes to ISAs have been introduced. From 6 April, savers and investors now have a more flexible approach to using their ISA allowance. For the first time, individuals can open multiple accounts of the same type of ISA within a single tax year, from 6 April one year to 5 April the next, provided they do not exceed the annual ISA limit. Read the full article on page 06.
The financial implications of care in later life are often underestimated, leaving many unprepared for the substantial costs associated with care homes. On page 05, we look at why establishing a thorough wealth strategy is key to ensuring financial readiness for long-term care needs.
Inheritance Tax (IHT) represents a significant consideration for anyone looking to pass on assets to the next generation. With the IHT threshold frozen until at least April 2028, understanding how to manage your estate's potential IHT liability is more crucial than ever. Turn to page 10 to read more.
A complete list of the articles featured in this issue appears on page 03.