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)
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)
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)
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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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:
- the tax landscape and recent changes
- how the internal tax on investment bonds works
- pros and cons of each tax wrapper
- planning opportunities before and after tax year end
- how rebalancing, bed and ISA, DIMs and self assessment fit into planning
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.
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:
- How to avoid trustee rates of tax on gains
- When should new money top up an existing bond or go into a new bond?
- How to apply time apportionment relief
- How to plan for ongoing income
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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Do you know the order in which income tax is applied to different sources?
If not, this online Assembly is for you. And – even if you do – are you really really sure? (Like, really?)
Either way, we’re sure you’ll leave this Assembly older (by 60 mins) but wiser thanks to our guest, M&G’s Les Cameron.
Les will be a familiar face to many Assembly participants and his most recent appearance was May’s Case Study Investigation: IHT and Trusts.
Learning objectives
During the session we covered…
- The 7 steps of a UK Income Tax calculation
- Allowable deductions
- Adjusted net income
- 72% marginal tax rate
- Allowances Beneficial ordering
- Tax reducers
Long term care and what paraplanners should know about it
Learning objectives
During the session we covered…
- Powers of Attorney
- Working with attorneys
- Care fees planning case studies
Are you up to date with your top slicing relief knowledge.
Learning objectives
During the session we covered…
- Chargeable event gains
- Simple top slicing relief calculation
- Where dividends are paid What to do with more than one gain