Tax Year End Hub

Register to join our upcoming virtual Adviser Insights event.

As this tax year draws to a close and we look towards a new one opening, it is time to take stock and ensure that we have utilised all the exemption and allowances permitted giving the most tax efficient advice for our clients while still helping clients achieve their investment aims.

When the Conservatives won the General Election back in December 2019, it was on the back of some manifesto promises that would move the UK forward post Brexit. Now we have officially left the EU, the new Chancellor has stood up to deliver the first Budget of this new era, facing a number of challenges, which were not in anyone’s plans.

Recently, there have been a number of fund suspensions in the UK property sector because the Covid-19 virus has impacted the independent valuers’ ability to value UK property held as underlying investments in the funds.

In this Government’s first budget and the first since the UK left the EU, the Chancellor, just four weeks in to his role, was faced with a number of challenges. Our summary sets out the main changes to tax rates and allowances for individuals, companies and trustees. It also aims to identify other notable changes which may be of interest.

Tax year end is fast approaching and we’re here to support you and your clients at this busy time. We’ve outlined the important deadlines for sending us applications and other top-ups to ensure your clients’ money is invested for this tax year.

In September 2019, HMRC along with The Office of National Statistics released the Trust Statistics 2013/14-2017/18. While it shows that overall the number of trusts and estates completing self-assessment returns has fallen, the amount paid in tax and the number of trusts which have been registered under the Trust Registration Service have increased.

Trusts can be complex, and many clients assume they are for the very wealthy. Julia Peake, Sanlam UK, discusses the benefits of trusts, the key considerations, and the rules around them.

Julia Peake, Sanlam UK, discusses the key tax considerations and benefits of investment bonds (onshore and offshore) versus collective investments, given some recent changes that may affect your client recommendations.