Video cover image features a head and shoulder picture of Les Cameron. Text reads: Recorded on 24 April 2024. Les Cameron's guide to the new allowances landscape featuring Les Cameron of M&G Wealth

In a world where even HMRC doesn’t seem too sure what the score is, how can paraplanners get to grips with the new allowances landscape so clients know what they need to know right now?

Well you could tune into this recording of our Assembly with Les Cameron on 24 April 2024 for starters.

Because M&G Wealth’s head of technical took us on a guided tour of the new allowances regime following the abolition of the lifetime allowance (LTA).

What you’ll gain from this Assembly

During this lunch-hour event, hosted by Richard Allum of The Paraplanners, Les explored what has changed, what matters, and what it all means for you and your clients.

In a session that was jam-packed with examples, case studies and practical tips, Les covered all the essentials including

Among the nuggets that Les shared were his analysis of the winners and losers under the new regime, nine things you need to know about TTFACs, and planning opportunities for clients as a result of the changes.

What’s more, he recapped the legislative position as well as shared some good-to-know quirks that the changes are throwing up.

With the post-LTA world still in an apparent state of flux, this is a timely chance to take stock in the company of one of the Assembly’s most popular experts. Want to join in? Then save your spot now.

A special tax year end Assembly combining expert insights and Chat-powered Q&A.

Coming just a week after the Budget statement on 6 March, a little over a fortnight before tax year end, and while the Finance Bill from last October’s statement is still making its way through Parliament, it was the ideal time to tune in to what you really need to know as the tax year hits its paraplanning peak.

To help, we gathered together a stellar panel of experts to share their knowledge and know-how: Les Cameron from M&G Wealth, James Jones-Tinsley of Barnett Waddingham and Transact’s Brian Radbone. (Scottish Widows’s Tom Coughlan, was due to join us but technical gremlins proved too much of an obstacle.)

Expect a lunch-hour discussion laden with lashings of insights on allowances, reliefs and exemptions spanning pensions, ISAs, capital gains tax and inheritance tax (and everything in between).

Ever-popular Assembly regular, Les Cameron of M&G Wealth, joined us to answer the question ‘What’s going on with the lifetime allowance?’

Why? Because in his Budget statement to the House of Commons earlier this year, the Chancellor of the Exchequer, Jeremy Hunt, announced the removal of the amount you could hold in pension savings before becoming liable for tax.

And that’s quite the change. Because it’s not all that long since Hunt’s predecessors stood accused of levying ‘stealth taxes’ by freezing the LTA at to £1,073,100 – potentially exposing an influx of pension savers to tax liabilities thanks to the effect of inflation.

So with proposed legislation removing the LTA and introducing a rise in the annual allowance, doesn’t the future look rosey for pension savers and their pots?

Or do other proposed measures – like setting a limit of £268,275 on tax-free lump sums – muddy the waters a bit?

Well, that’s where Les came in. Because over the lunch-hour session he:

Be honest. This stuff is like catnip to a paraplanner isn’t it?

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Video cover reads 'Investing for businesses these days. Recorded on 16 August 2023. Featuring Les Cameron of M&G Wealth.'

Popular Assembly regular, Les Cameron of M&G Wealth, joined us in something of a follow-up to last November’s online Assembly on financial planning essentials for small businesses.

As you’ll know if you tuned into that Assembly, there are already plenty of reasons for business-owning clients to consider investing surplus profits rather than, for instance, taking them as income. 

But April’s 6p rise in corporation tax could add impetus to business owners interest in weighing up their options.

Yet there’s so much uncertainty around these days – even about once relatively dependable vehicles like bonds – so what strategies should you be considering for clients with businesses?

During this lunch-hour online Assembly, Les explored investment options, discuss tax treatments and tackle the topic of demonstrating suitability.

So if you have clients with businesses – or run a business yourself – why not tune in?

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We recently teamed up with friend of the Assembly, Steve Sayer of Utmost 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 looked 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.

In the second episode, he explored the flexibility of loan trusts and their potential for inheritance tax planning – especially in the wake of the freezes in nil rate and residence nil rate bands announced by the Chancellor of the Exchequer earlier this year.

In the final part of the trilogy, Steve considers discounted gift trusts as an alternative to loan trusts for inheritance tax planning.

In sharp contrast to loan trusts, the decision to execute a gift trust brings no flexibility but their appeal is the immediate inheritance tax advantages.

Whether they’re the right vehicle will depend on a number of planning considerations such as the ages of the applicants and the types of gift trust.

During his talk, Steve looks at the difference between absolute trusts and discretionary trusts, touches on issues like the consequences of pre-2006 flexible power of appointment arrangements, making gifts and insurance policies.

In the slides that you can download below, you’ll find two case studies:

Case study No 1: explores the issues a couple might consider when choosing between a joint settlor or single settlor discounted gift trust.

Case study No 2: a client who wants to invest in a discounted gift trust but wants to be able to secure a fixed level of withdrawals. By combining discretionary and absolute trusts they’re able to achieve their objective without exceeding their nil rate band.

Steve’s talk is ideal if you’re handling cases where clients are weighing up planning opportunities for inheritance tax, this is the special Assembly for you.

We’ve ‘chapterised’ the video above so you can navigate the video however you’d like – and provided the slide number/s too for easy reference.

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: Discounted gift trusts (opens a PDF in a new browser tab)

CPD certificate »

Utmost International

We recently teamed up with friend of the Assembly, Steve Sayer of Utmost 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 looked 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.

In this episode, Steve explores the potential for loan trusts to feature in inheritance tax planning – especially in the wake of the freezes in nil rate and residence nil rate bands announced by the Chancellor of the Exchequer earlier this year.

Perhaps typecast as a bit of a ‘slow burn’ option in the past, Steve reveals the surprising flexibility that loan trusts offer clients. For instance, offering the ability to begin inheritance tax planning but not cutting off access to cash.

While the inheritance tax advantages of a loan trust may not be so significant initially, the growth of the funds outside the estate over time can accumulate to a substantial amount, providing future planning flexibility.

If you’re handling cases where clients are weighing up planning opportunities for inheritance tax, this is the special Assembly for you.

We’ve ‘chapterised’ the video above so you can navigate the video however you’d like – and provided the slide number/s too for easy reference.

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: Planning with loan trusts (opens a PDF in a new browser tab)

CPD certificate »

Utmost International

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.

Just hit play (above) to watch here or watch it on Vimeo. Alternatively, you can listen to Steve because his talk is also the latest episode of our podcast.

We’ve ‘chapterised’ the video above so you can navigate the video however you’d like – and provided the slide number/s too for easy reference.

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)

CPD certificate »

Top slicing relief: planning strategies – online Assembly, 16 November 2022 »

Talking top slicing relief – online Assembly, 29 June 2022 »

Les Cameron of M&G Wealth joined us to explore what the Budget in March 2023 meant for paraplanners, financial planners and clients.

Over the course of a lunch hour, as well as fielding questions from paraplanners in the chat, Les talked through the key financial planning questions of the Chancellor of the Exchequer’s statement.

In particular, Les tackled the changes to lifetime and and annual allowances and their consequences.

Scroll down to view the video replay or listen instead via our podcast.

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CGT and dividend allowance changes: what do they mean for bonds and GIAs? Recorded on 22 February 2023.

Big reductions in allowances for capital gains tax and dividends announced in last November’s autumn statement invite the question: should we be re-thinking how we use investment bonds and GIAs?

In this lunchtime Assembly online, we were joined by Les Cameron from M&G Wealth to dig into the topic and consider the consequences for paraplanning of the changes. 

Over the course of the hour we covered:

We concluded by taking a look at M&G’s new tax wrapper comparison tool.

Listen to this Assembly

As you can see below, we’ve published this Assembly as our latest podcast episode. Because Les is talking about the contents of a presentation, it’s definitely worth downloading his slidedeck (opens in PowerPoint online) and following along if you can.

Click on the button to load the content from open.spotify.com.

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Steve Sayer from Utmost Wealth Solutions joined us for the second of two online Assemblies tackling the issue of top slicing relief.

In the first Assembly – held on 29 June this year – Steve invited us to look at more technical considerations and calculations.

In this second session, he took a look at planning strategies for top slicing relief. The session covered:

From now on, there’s no need to visit Crowdcast to save your spot at an online Assembly. Just tap ‘Book event’ and follow the step-by-step instructions.

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