‘Today’s changes have brought a whole new set of people to the cusp of the IHT and pensions allowances. Many individuals will now need to reassess their financial arrangements, or risk losing out.
‘These are just the latest in a stream of reforms, with potentially even more options to come from the pensions green paper, so people could be forgiven for losing track of what it all means for them and their money. Making these judgements for yourself is difficult already – for instance, the growth in house prices means that many homeowners have been carried unawares above the IHT threshold, despite today’s extension. Meanwhile the reduction in pension tax relief will send high earners exploring other options to keep their money tax efficient.
‘It’s hard for a busy individual to keep pace with such developments, but fortunately IFAs make it their business to do just that. A professional adviser is ideally placed to help you make these judgements and position your finances not only to weather the changes, but take advantage of them in the long term. The new rules should be a wake-up call to anyone who wants to get the most out of their tax allowances, as well as a reminder that tax planning should be an active and ongoing process.’
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