In this issue…
Attention is turning to the Budget, now scheduled for late November. Having promised that her initial, tax-heavy Budget last year was a one-off, continuing pressures appear to have put that hope into doubt. Our feature in this edition looks ahead to the possible avenues open for much-needed revenue raising, assuming Reeves sticks to both her commitment not to raise taxes for ‘working people’ and her self-imposed fiscal rules.
Inheritance tax (IHT) is already changing from next April, so now is the time to review your position and possibly think about how lifetime gifts could help mitigate the impact on your estate.
With pension death benefits set to fall within the IHT net, making the most of your pension income is likely to come into focus. State pension age is already changing from 2026 through to 2028, going up from 66 to 67. If you are due to retire soon, make sure you know exactly when you become eligible, and understand the benefits of taking the pension immediately, or deferring and allowing the payments to increase.
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