Mar 10 2020
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Welcome to our latest edition of Intelligent Wealth. After the resignation of Sajid Javid, we have a new chancellor of the exchequer, Rishi Sunak. He is due to deliver the Budget on 11 March 2020, and in our next issue, we’ll look at the key announcements and how they could affect your finances. 

Meanwhile, some of the questions our clients almost always ask us are: ‘Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind of retirement I want?’ Worryingly, it’s been well documented that many Britons aren’t saving enough in their pension for their retirement. Figures published by HM Revenue & Customs (HMRC) in September 2019 show that the annual average contributions that every individual makes decreased in 2017/18 compared to the previous year. We look at what you need to consider when saving for retirement. 

Planning for retirement can be both exciting and daunting. It’s essential to structure your affairs to make sure you have enough money when you eventually retire. To give your pension pot a boost, one option to consider if your pension savings are more than your annual allowance is to take advantage of the carry forward rules for unused annual allowances from previous years and still receive tax relief.  

Are you worried about leaving an inheritance to your loved ones and then having them pay tax on your legacy? No one likes to think about a time when they won’t be here, but the reality is that unfortunately some people aren’t prepared financially. Estates that pass on to a spouse, registered civil partner or charities are exempt from Inheritance Tax (IHT), even if the value of such estates is higher than the threshold limits. Estates that pass on to anyone else, including siblings, children and grandchildren, attract IHT.

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The new Chancellor of the Exchequer, Rishi Sunak, delivered his inaugural Budget to parliament on 11 March 2020, amid the backdrop of a growing threat to the economy from the global outbr