The stealthy Budget: how personal tax changed in April and what to do about it
We recently teamed up with friend of the Assembly, Steve Sayer of Utmost Wealth International, to record a three-part series of special Assemblies. Each one-hour session explores the issues affecting tax and tax planning, and offers practical ideas that paraplanners can consider for their firms’ clients.
In the first part of the series, Steve takes a look back at the last two budgets - the 'mini-budget' in September 2022 and spring Budget in March 2023 - to demonstrate the cumulative effect of 'stealth' tax rises and explore strategies to alleviate their effects.
During the hour-long talk he deals with changes in income tax, capital gains tax, corporation tax, and inheritance tax.
To download a PDF version of Steve’s slidedeck, just tap the link below. You can also download a CPD certificate as a record of viewing the recording, and links to other resources mentioned during the recording.
CPD, downloads and links
Slides: Post-April 2023 personal tax changes (opens a PDF in a new browser tab)
View all episodes
1. The Consumer Duty: how’s it going so far?59:40Host Caroline Stuart from Sparrow Paraplanning is joined by Heather Hopkins of Next Wealth to explore how financial advice practices have addressed – and continue to address – the demands of The Consumer Duty.What did we cover?As well as recapping what firms are expected to do about the Duty, Caroline and Heather also considered what they could do thanks to the opportunities it presents. Over the course of the lunch-hour session two significant themes emerged:how firms are demonstrating the value of their advice; andhow to prove that clients really understand what they can expect from their financial planTo bring the topic to life, Heather shared insights from consumer research recently carried out by Next Wealth (see the downloads below) which reveals what clients value – essential intel for With its focus on practicalities of implementation illuminated by evidence from original research, it proved to be a really informative and engaging hour.Useful linksHeather refers to a set of slides during the Assembly. Here they are:NextWealth - The Consumer Duty (opens PDF)Want to take part in future research by NextWealth? Join the panel here:https://www.nextwealth.co.uk/research-panel/Follow this link to receive a personalised certificate to add to your record of CPD:https://bit.ly/47YwVLeHeather mentioned the Financial Advice Business Benchmarks Report (FABB). Here's the latest edition:https://www.nextwealth.co.uk/research/financial-advice-business-benchmarks-report-2023/NextWealth's websitenextwealth.co.ukCaroline’s site/ssparrowparaplanning.co.uk and sparrowsols.co.uk
29. Is it time to challenge your assumptions about planning assumptions?59:08For what seemed like AGES, low interest rates and low inflation rates gave the impression that the factors affecting a client’s future were pretty predictable.But more recently, roller-coaster interest and inflation rates, combined with pandemics and wars, could leave you thinking that the future is altogether more unpredictable.But is it?Assumptions that are fit for purposeDuring this online Assembly, Dan Atkinson and Richard Allum explore ways to think about planning assumptions in future.They consider the kind of indicators that can form a set of assumptions with the durability to withstand those periodic headwinds sparked by social, economic and environmental events – the kind that have dominated our lives lately.Of course investments are important but healthspans, death, inflation, spending, retirement, care and more have the potential to feature.And then there are clients with specific outcomes in mind to add to the mix – for instance, meeting school fees, saving to offset childrens’ university tuition fees or deposits for their first homes.LinksDan and Richard referred to loads of sources of information throughout this Assembly. We've posted them at the event page but thought we'd add them here too:LinksONS: mortality in England and Wales ➔ https://bit.ly/41tRNbEONS: life expectancies ➔ https://bit.ly/4aFEHwrONS: life expectancy calculator ➔ https://bit.ly/3tfKCYdInequalities in life expectancy ➔ https://bit.ly/48fzv06🥕 Carrot price ➔ https://bit.ly/4avnDcn🥬 Brussels sprouts price ➔ https://bit.ly/48fzGZkGuaranteed income: a licence to spend ➔ https://bit.ly/48lX7A8DownloadsIFP briefing paper on assumptions ➔ https://bit.ly/41r9R6l (opens PDF)FCA product projections and transfer value analysis ➔ https://bit.ly/3GPs5oB (opens PDF)Rates of return for FCA prescribed projections ➔ https://bit.ly/3v5T6BD (opens PDF)ScreengrabsThe wealth effect in later life ➔ https://bit.ly/3NyMNwL (opens PNG image)UK inflation from 1210 to 2000 ➔ https://bit.ly/3tlD5qJ (opens PNG image)UK inflation from 1950 to 2023 ➔ https://bit.ly/3GNkGpO (opens PNG image)Private education fees ➔ https://bit.ly/3towJa1 (opens PNG image)
28. What happens at a platform when you transfer pensions and investments?14:14Have you ever wondered how the transfer of pension or ISA or other investment actually gets transferred? Well now you will.Because Transact’s Sian Ayling and Brian Radbone explain all in this bite-sized Assembly in conversation with host, Richard Allum.In fewer than 15 minutes, they recap the reasons why transfers became a thing in the first place, why it can be hard to predict the time it takes to complete some in-specie transfers (it’s not just faxes that get a mention here but physical post), and why electronic transfer providers – like Origo – are making a difference to the ease of transfers.Along the way, Sian and Brian talk about the effect of new UK pension transfer regulations, designed to fight scams, on the pace of transfers between providers.Tune in and you’ll discover just how much choreography is required to make platform technology perform.Useful linksRichard said we’d include a link to The Pension Regulator’s guidance on transfer requests. Here it is:Dealing with transfer requestsRecorded on 22 September 2023
27. A bite-sized Assembly on rebalancing (from a platform's point of view)04:01Rebalancing portfolios is a familiar task for paraplanners. Periodically – often after a client’s annual review – we make sure that fund allocations are tweaked so they’re true to original investment goals.But how does rebalancing work from a platform’s point of view?In the second episode of a three-part series on life behind the scenes at platforms, Transact’s national sales manager, Stuart Fleat, walks you through the rebalancing process.In just four minutes, Stuart explains how a platform calculates and processes sells and buys, how long it takes and how to check tax impacts upfront.NoteWe’ve tested a snazzy bit of tech to do some rebalancing of our own – to the sound for this episode. We’d love to know what you think so, whether you liked it or not, email email@example.com and tell us what you think.
26. A bite-sized Assembly on forecasting27:34In the last of his quartet of bite-sized Assemblies on investing, Timeline investment strategist, Laurentius van den Worm, tackles the topic of market forecasting.Given our recent experience with high inflation, higher interest rates not to mention pandemics, wars and conflict, is there much point attempting to forecast the future?Or put another way: what's the outlook for forecasting (geddit? 😉)Tune in and you'll soon discover that Laurentius thinks three things are worth remembering:active managers rarely outperform the market long-term. Investors should get low-cost market exposure rather than try to beat it;missing just a few of the stock market's best days over decades can seriously affect overall returns. Timing the market is extremely difficult, so investors should stay invested; andequities have created significant wealth over the past century and remain an essential feature of long-term financial plans.What's more fixed income can help reduce volatility (and traditional asset allocation still makes sense despite recent volatility).The takeaway? Long-term historic trends remain a pretty sound basis for forecasts despite recent volatility. And equities tend to reward patient investors with long time horizons.Rather than market timing, appropriate asset allocation and risk management enable investors to endure short-term swings.But don't take our word for it. Listen yourself now.
25. Property, pensions and paraplanning59:24In our latest episode, we’re exploring what clients need to know if they want to invest in property as part of their pension.To help us, host Richard Allum was joined by experts Rachel Geary and Murray Smith from Barnett Waddingham for a lunch-hour Assembly.Together, they covered the technical, regulatory and legal issues that influence pensions and property serving up practical and valuable insights and ideas along the way.Among the topics covered were:Why buy a commercial property with a pension?SIPP vs SSAS. What, why and when?Rules about property in a pensionTechnical and legal things to know about investing in commercial property with a pensionFAQs. Which things crop up time and again?What can go wrong – and how to avoid it happeningFor more details, visit the event page:Property, pensions and paraplanning
24. A bite-sized Assembly on what happens when you place a trade on a platform05:23The team from Transact recently joined us to record a series of fantastic 5-10 minute audio treats. We hope you enjoy them.Have you ever wondered what goes on behind the scenes when you place a trade on a platform? In this bite-sized Assembly Transact's head of distribution, Glen Sweet, does just that.In just FIVE minutes, Glen tells host, Richard Allum, all about trading points, settlement periods (including the difference between settlement of equities and funds), reconciliations, execution prices, trading windows...you get the idea. When you consider the intro takes about 60 seconds it's AMAZING how much insight and knowledge Glen packs in to his remaining 4 minutes and 23 seconds. So if you've ever wanted to lift the lid on the workings of a platform, tune in to this episode for insights galore!
23. A bite-sized Assembly on sequencing risk14:30In the third episode of his series of bite-sized Assembly on investing, Timeline’s Laurentius van den Worm takes on the topic of sequencing risk.In just 15 minutes he offers a working definition of sequencing risk he brings the topic to life with an example of two fictional sisters who – despite enjoying identical returns over their 30-year retirement journey – experience starkly different levels of income during…all because of the consequences of sequencing risk.What’s more, Laurentius explores pound cost averaging and ravaging as well as the ‘4% rule’. For paraplanners keen to top up on your investment know-how, it’s the ideal lunchtime listen.
22. A plain English guide to old pensions jargon: part three29:10What can you do to treat a case of fluctuating emoluments?Join Barnett Waddingham’s James Jones-Tinsley as he takes us on a third exploration of old pensions jargon for paraplanners – that’s what.James joins host Richard Allum to shed light on acronyms and concepts that paraplanners may encounter in the wild including FURBS, UURBS, cash balance schemes, the difference between final salary and career average, CARE, fluctuating emoluments and straddling PIPs.Didn’t catch the previous two episodes in James’s popular plain English trilogy? Visit the post about this episode at our website to catch them there.In part one, which was recorded in May 2022, James covered s226, s32, AVC, FSAVC, EPP, GMP, with profits annuities, GAR and SSAS.And in part two, he lifted the lid on UFPLS, NMPA, master trusts v deeds, SERPS, S2P, QROPS, ROPS and TIEA. This episode was recorded in January 2023.