September – October 2022 Newsletter

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Welcome to our September / October 2022 edition. Rising living costs have been so significant in recent months that most UK households will have noticed a squeeze on their monthly budgets. Not only does this have a direct impact on people’s lifestyles, even though they are making every effort to cut back, but it has a knockon effect on their lifelong goals such as owning a home or retiring comfortable. We focus on this topic in this edition.

• • On page 3 we look at why making plans for Inheritance Tax is so important.
    
    
  • On page 5 new research highlights millions of people across the UK fear that the long-term impact of today’s rising living costs could see their life goals delayed or even missed altogether.
    
    
  • On page 6 we explain how by making the wrong decision it could cost you heavily in the
    form of an unwanted tax bill, eventually running out of money in retirement and even a tax credits and benefits overpayment. So before you do anything, take a look at what you should consider.
    
    
  • On page 12 we look at the impact of the freezing of the higher rate tax band.

Full Contents

03 INHERITANCE TAX RECEIPTS REACH £6.1BN. What if I could make my wealth more tax-efficient? 

04 GREAT WEALTH TRANSFER. Preparing both ‘the family’ and ‘the money’ for the transition of wealth to the next generation. 

05 PUTTING LIFE ON HOLD. Cost-of-living crisis delays homeownership, having children and retirement.

06 CASH MAY NOT BE KING. Deciding whether to withdraw cash from your pension pot. 

08 ARE YOU SAVING ENOUGH FOR RETIREMENT? One in six over-55s have no pension savings yet.

09 BRINGING PENSIONS TOGETHER. What to consider if you have multiple pension pots.

10 HOW TO PROTECT YOU AND YOUR FAMILY’S FUTURE. What kind of protection insurance do
you need?

12 NAVIGATING THE HIGHER RATE TAX FREEZE. Minimising the impact on your personal finances.