The Lowdown
Welcome to our summer Newsletter for 2024.
We’ve had an interesting second quarter with our team continuing to grow and progress their knowledge, the launch of SJP’s first television campaign, and we have rounded off the first half of the year with the election of a new government
In this edition, we take a look at the amazing charity work that our team has taken part in and discuss the impact that a rise in multiretiree families might have on inheritance planning We also share what we know about the election
sofarwithcommentaryfromour Director,JamesParry,andwhere youcanreadmorefromtheSJP expertsonhowtheythinkitwill impactthemarkets
Wehopeyouenjoythiseditionand wishyouandyourfamiliesallthe best.
Mindfulness Matters
Our mental health is fast becoming just as important to nurture as our physical health, particularly within the workplace with it being one of the places we spend most of our time. For Hadlow Edwards, having a support system in place for our staff and their mental wellbeing is vital to looking after our team.
Ange Miller recently received her certificate in Managing Stress at Work where she learnt about understanding and spotting the triggers of stress and anxiety along with how it can affect employees Katy Davies, Shirley Gleadhill, and Emily Mooney also gained their certification as Mental Health First Aiders and all now have the skills, resources, and confidence to offer assistance to those that might need it
Exam Success
Our Mortgage Team have been busy with their studies this last quarter alongside their full time roles with another qualification each under their belts Jon Peatfield, Mortgage Adviser, passed his certificate in Equity Release and Jess Polson, Mortgage Administrator, passed the first of three modules on her journey to the Certificate in Mortgage Advice & Protection (CeMAP) qualification
Adam Tilston, Financial Adviser, has started on his route to becoming a Chartered Financial Planner by passing his first exam in Personal Tax and Trust Planning (AF1)
We would like to wish Jess and Adam luck on their journey with the rest of their exams
Warren Hadlow, Director
Election Breakdown
The size and scale of Labour’s victory in the General Election gives them a strong opportunity to pursue their manifesto commitments. However, in the short term, very little changes and we expect there to be a Budget this Autumn (likely any time from September to November).
CHARITY NEWS
Strength in Silence
One of our Client Servicing team, Lindsay Davies, is setting herself the challenge of a sponsored silence on Tuesday 16th July in memory of her late father, Kevin Davies She will be coming in to work and attempting to stay silent for the whole day and, as someone who is a self-professed chatterbox, this will certainly be a test for her!
What we know
Labour have committed to:
Removing non-Domicile status for tax, not implementing the proposed transitional provisions, and removing the ability to use excluded property trusts to avoid IHT
Charging VAT and Business rates on private schools
Closing the private equity ‘carried interest’ route that
facilitated the taxation of return as a capital gain rather than as income
Increasing stamp duty on residential property purchases by non-UK residents
Labour have ruled out:
Lindsay is raising money for the Brain Tumour Charity in the hope that she can raise awareness and help support others who might be going through a similar experience to the one that she had when she lost her dad to a brain tumour in 2021.
“Since losing my amazin dad two and a half years ago, raising funds so tha more research can be carried out and dedicate to finding a cure for bra tumours is something I have been determined to do I hope that one da someone else won’t hav to go through what I have been through
Everyone who knows me knows that I am quite th chatterbox, so being silent for the day is something that will definitely be a challenge for me!”
Lindsay Davies, Client Servicing Assistant
If you would like to learn more about The Brain Tumour Charity and the great work that they do to support people like Lindsay, you can find out more on their website –www.thebraintumourcharity.org
If you would like to support Lindsay and read her story, you can head to her JustGiving page here or scan the QR code
Increases in tax for ‘working people’ i e headline rates of income tax, National Insurance Contributions and VAT Increasing corporation tax above 25%
What there has been speculation about
Whilst their manifesto was silent on wealth (Capital Gains Tax (CGT) and Inheritance Tax (IHT)) and investment taxes, there is speculation around potential changes in areas that could be considered in the Autumn Budget:
IHT relief changes
Higher tax on capital gains and changes to CGT exemption
Higher taxes on investment income
Pensions tax relief changes
Pensions tax free allowance changes
Business Assets Disposal relief changes
The speculation is founded in the recognition that tax increases may be necessary given Labour’s commitment to continue to adhere to the fiscal rule that sees government debt falling as a proportion of GDP (Gross Domestic Product) by the end of each five-year OBR forecasting period
“Clearly Sir Keir and his new Chancellor Rachel Reeves have got their hands full Rachel gave her first speech around policies the new government are looking to introduce, new planning reforms to make it easier for developers to build houses I think it may be after the summer recess before
we hear of any changes to the tax system or changes to benefits Watch this space ”
James Parry, Director of Hadlow Edwards
The levels and bases of taxation, and reliefs from taxation, can change at any time The value of any tax relief depends on individual circumstances.
You can read what SJP experts think about the short-term impact of the UK election here
Big Ramble Update
On Saturday 11th May, we held the first ever Hadlow Edwards Big Ramble raising money for Nightingale House Hospice We had a fantastic turnout with 44 staff, family, and clients, and 19 dogs taking part –even the sun decided to join us!
Our event managed to raise an impressive £1,004.72 In total Thank you to all who took part and made this happen.
CLIENT NEWS
The rise of the multi-retiree family
Many of us are all living longer and, by 2034, we are likely to see an increase in the number of families that have multiple generations in retirement simultaneously With people starting families later, there could be thirty-five-year gaps between generations with two generations in retirement and the youngest still needing support
Multi-retiree families will need their collective finances to stretch further than ever before, and for longer, impacting both inheritances and day to day expenditure
Five questions to ask yourself if you're a multiretiree family:
1 Should an inheritance skip a generation, and if so, is the family in agreement on who should get what, and when?
2. Has the whole family discussed the possibility of long-term care for more than one generation – who would help out, and how would costs be covered? Social care is something few people save for, but most of us are likely to need.
3. If you’re a blended family with several generations already in retirement, have you thought about how to pass money on to grandchildren from earlier relationships, fairly and tax efficiently? Have existing Wills or Death in Service benefits been updated to reflect these wishes?
4. Do adult family members have Powers of Attorney in place? Most people don’t think about putting this
Growth continues
We’dliketosaywelcometwonewadditionstoour teamthisquarter
Ryan Hughes has joined the Adviser team after qualifying from the St James’s Place Adviser Academy Ryan studied Finance and Accounting at University and has spent 12 years as a pilot. After breaking his back in a bad fall, he has made his way back to the
financial world and is keen to bring his career dedication into advising He is an avid all-round sports fan and plays wheelchair tennis He is keen to add even more wheelchair sports to his repertoire in the future
Angie Wells has joined our receptionist team and will be greeting clients that visit our offices Angie has a background in customer service roles and she enjoys getting to know the people she interacts with in her job Angie likes going walking with her dog, seeing live bands, and appreciates photography and art
simple financial safeguard in place until they’re retired, but anyone may need a Power of Attorney at any age, even if it’s only temporary 5 Are your finances set to be as tax efficient as they can be? The more you use all your allowances, the less tax you may pay – and the longer your money will last
You’re more likely to inherit in your sixties now and by that age, you may be mortgage-free, or even retired yourself Would that money be better spent helping younger family members who are struggling with mortgage payments, paying nursery or school fees? Or could it help elderly relatives shoulder the huge cost burden of long-term care?
Once families start talking, most can usually see the solutions themselves If you think you need to make some changes to your financial plans, or put new ones in place, contact us today
The levels and bases of taxation, and reliefs from taxation, can change at any time The value of any tax relief is generally dependent on individual circumstances
*Will writing and Powers of Attorney involve the referral to a service that is separate and distinct to those offered by St. James's Place and are not regulated by the Financial Conduct Authority
£1,084.72 11 £17,000 7 8 4 63 4,000+
