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).
Paraplanners from all over the country gathered for the Paraplanners’ Assembly’s Big Day Out 2024 on 12 September 2024.
From its first meeting in 2013, the Paraplanners’ Assembly’s annual gathering has created space for sparking collaboration and conversation among paraplanners that is unlike any other event in the world of wealth management.
Why?
The Big Day Out is an informal gathering that offers six hours’ worth of CPD thanks to its combination of tailor-made interactive sessions led by hand-picked experts (and designed especially for the event), and group discussions facilitated by paraplanner hosts.
It makes for a supportive and encouraging space in which you can listen and learn, and share ideas, knowledge and insights. And it’s a unique environment in which you can really focus and flourish – both professionally and personally.
You’ll feel you belong at The Big Day Out because The Big Day Out belongs to you. Here’s what happened at The Big Day Out 2024.
Welcome!
Assembled paraplanners joined us in the conference barn for a welcome from Big Day Out hosts, Sam Tonks and Chris Wormwell.
Then we got straight into…
Hone it. Own it: One hour to perfect your development plan
New for this year, and designed especially for the Paraplanners’ Assembly, we open and closed the day with two really interactive sessions led by Arch Inspire’s Rachael Hurdman.
What were they all about? How to create an actionable and practical plan to achieve your personal and professional development goals.
But this wasn’t some dry run-of-the-mill classroom-type session because IT WAS A BIG DAY OUT! So Rachael shared practical tools, techniques and insights that (1) participants could try out throughout the sessions at your Big Day Out and (2) will last participants (and people back at the office they shared them with) for years.
Crop Rotations
Following the opening session, the Assembly split into three groups (called Crop Rotations) to tackle three topics over three 45-minute sessions.
ROTATION A
Quiz the experts
Our technical sessions are a perennial favourite among paraplanners.
After all, it could be the one chance you get this year to fire any question you can possibly think of at experts who – we’re pretty certain – will be able to answer them. (As long as it’s a technical paraplanning question and not e.g. ‘Yes, but what’s the universe expanding into?’)
This year is no exception. Your stellar quartet of experts includes:
– Les Cameron of M&G Wealth
– Gareth Davies of Scottish Widows
– Natalie Howard of Canaccord Genuity
– Brian Radbone of Transact
So begin collecting your questions today and you’ll be all set to quiz the experts on the day.
ROTATION B
Productivity tips you live by. Apps and tools you can’t live without.
Because the Big Day Out attracts paraplanners from companies large and small, and from in-house and outsourced teams, we know that the ability to influence things such as report content and formats, and choice of software and tech tools varies widely among participants.
But one thing that won’t vary widely is the way we go about getting our own stuff done.
So that’s what this session is all about: what’s the secret to your day-to-day personal productivity? What are the tips or techniques that help you get things done? And what tools, apps or websites do you keep coming back to?
Whether you’re the world’s leading expert on the application of the Pomodoro method, Eisenhower matrix and tried all the task management apps – or are thinking ‘Pomodoro what?’, this will be a fantastic chance to discover how and why other paraplanners do what they do, the way they do.
ROTATION C
You, clients and the future of advice technology.
You already know how influential technology is in day-to-day paraplanning. But what does the future of work look like for paraplanners with the arrival of AI? In this crop rotation – designed especially for the Big Day Out – NextWealth founder and managing director, Heather Hopkins, will lead a conversation that’s all about how technology is changing advice, what innovations are coming down the line, and how they’re likely to influence the practice of paraplanning.
This is a fantastic opportunity for you and your paraplanning peers to share what you think and feel about the future – and technology’s role in it.
From due diligence to data, and research to report writing, this is a unique chance to explore how emerging technologies will influence paraplanning facilitated by one of the most influential figures in UK advicetech today
Lunch
Locally sourced and freshly prepared, we tucked into pulled pork or vegetarian chilli (or both!) along with loads of healthy salads and slaws that were grown on the farm.
Hone it. Own it: Part Two
Rachael Hurdman returned and, in this closing session, invited participants to take a couple of practical steps that will enable you to gather the loose ends of your personal action plan. It was another really interactive session where you could try out your new tools, and round off your development plan – and Big Day Out – perfectly.
And finally…
The Paraplanners’ Assembly
It was time for the session after which the Assembly is named. Just like at our first gathering in 2013, Sam and Chris will opened up the floor for you to share anything that’s on your mind.
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:
- recapped the saga of the lifetime allowance so far
- explained the changes that the government has proposed
- explored what’s already happened (and what’s still left to happen); and
- considered what it all means for paraplanners working on retirement planning cases for clients.
Be honest. This stuff is like catnip to a paraplanner isn’t it?
Listen now
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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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