Welcome
We hope you are all keeping well and enjoying the summer with its mix of sport, politics and holidays! Perspective (Whittington Goddard)
Michelle Storey Practice Manager, Perspective (Whittington Goddard)
The recent election saw a new Labour government in place with a large majority. We will, as always, keep you updated on any implications for your financial planning.
In this edition we consider three main topics:
The role of Individual Savings Accounts (ISAs) and their growing importance in a financial plan. ISAs are 25 years old and during this time, the options have been simplified and their attractions have multiplied. The newly launched British ISA offers some interesting opportunities.
How the new lifetime allowance regulations might impact your pension. Many clients have been asking us about this. The changes which took effect on 6 April 2024 mainly present challenges for higher earners since the
previous lifetime allowance is now split between the lump sum allowance, and the lump sum and death benefit allowance.
Changes and adjustments (or the lack of) to income tax bands and other tax thresholds. The 2024/25 tax year saw many allowances frozen. Many people will pay more tax as a result, making it more important than ever to consider the timing of large transactions and revisit estate planning strategies.
If you think family members or friends would also benefit from our advice, please share this newsletter with them (available in digital and printed versions), or put them in touch with us. We offer a no obligation initial meeting at our cost to assess someone’s circumstances.
Your sincerely
Dore, Sheffield Office
26 Causeway Head Road
Dore Sheffield S17 3DT
Tel: 0114 235 1623
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Expert, specialist financial planning and wealth management advice for individuals, corporates and trustees.
Whilst enjoying the scale of a national group, we deliver a very personal service from our local offices, most of which have been established for over 30 years.
Over 550 staff including over 150 financial planners, a quarter of whom have been awarded Chartered status, the CII’s premier designation.
Our in-house Perspective Academy grows our next generation of financial planners who share our client-centric ethos.
‘Whole of market’ approach meaning our advice is not limited to certain providers.
High proportion of new clients coming from recommendations by existing clients and fellow professionals.
Navigating the 2024/25 Tax Year: Key Changes
The 2024/25 tax year has seen the introduction of a range of changes which will have a growing impact on personal income.
How Might the New Lifetime Allowance Regulations Impact Your Pension?
Since the turn of the century, we have seen significant changes to both the state pension and personal pensions.
“The articles in this newsletter are for information only and must not be considered as financial advice. We always recommend that you seek financial advice before making any financial decisions”
ISAs: 25 Years Old and Still Going Strong
Since their introduction in 1999, replacing Personal Equity Plans (PEPs), ISAs have undergone much change.
The Round-up: Team Events and Insights
The latest charitable and community Involvement from team Perspective.
Navigating the 2024/25 Tax Year: Key Changes
It is fair to say we have seen some significant changes in the personal and corporate tax regimes in recent years. The 2024/25 tax year has seen the introduction of a range of changes which will have a growing impact on personal income. We encourage you to start your tax planning early in the new tax year, hence it’s important to be aware of these changes at an early stage.
Personal taxation
When it comes to personal taxation, it has never been more critical to fully utilise allowances and exemptions. As many allowances continue to be eroded, it is important to place as much of your long-term funds within tax-efficient investment vehicles as possible. So, let’s take a look at the changes for the 2024/25 tax year and how these will impact your income.
Income tax
On the topic of income tax thresholds, there has been no movement across the UK, with the exception of Scotland. In Scotland, we saw the introduction of a new advanced tax rate and the top tax rate increased to 48%. Details of the new tax band are as follows:-
• Advanced income tax band charged at 45%
• Based on income between £75,000 and £125,140
Aside from these changes, there was no movement on tax thresholds, which on the surface may seem of little relevance. However, tax thresholds normally increase in line with inflation to reflect relative spending power and tax charges. Unfortunately, as wages increase (normally in line with inflation), this will create larger income tax liabilities for millions of people.
It is estimated that by the tax year 2028/29, 2.7 million people will have moved into the higher tax band, and 3.7 million people will be paying income tax for the first time, the result of what is known as fiscal drag.
An estimated 2 million self-employed people will also benefit from reduced Class 4 national insurance contributions, falling from 9% to 6%.
Dividend allowance
In tandem with the capital gains tax allowance, the dividend allowance has been significantly reduced. The rate was cut from £2,000 in April 2022 to £1,000 in the 2023/24 tax year, falling to just £500 in the current tax year.
National Insurance
In the autumn 2023 statement a 2% reduction in national insurance was announced, with a further 2% cut announced at the last budget. Therefore, the national insurance rate for basic rate taxpayers fell to 8% from 6 April. This compares to a rate of 12% before the initial 2% reduction announced in the autumn and subsequent 2% reduction in the Spring. To put this into perspective, the average worker earning £35,400 a year will see a reduction of £900 in their national insurance payments.
An estimated 2 million self-employed people will also benefit from reduced Class 4 national insurance contributions, falling from 9% to 6%. We also saw the abolition of the requirement to pay Class 2 national insurance contributions. This will see
the average self-employed person currently earning £28,000 per year saving £650.
Capital gains allowance
While many of us have become accustomed to the capital gains allowance increasing year-on-year, normally in line with inflation, the situation today is very different. The individual capital gains tax allowance peaked at £12,300 in the 2020/21 tax year, after which it was frozen for four years from the 2021/22 tax year – but this has all changed.
The allowance was cut to £6,000 in the 2023/24 tax year, falling to £3,000 in the current tax year. This equates to a 75% reduction in the last two tax years, which will increase the government's capital gains tax income.
While this will impact investors, the owner-managed business sector will be hit particularly hard. Initial forecasts suggest that this will raise £455 million in additional taxation in 2024/25 from owner-managed businesses.
Capital gains on residential property sales
In recent years, we have seen a significant rise in the number of buy-to-let investors, with many crystallising significant capital gains over the years. This prompted previous chancellors to increase capital gains tax rates on the sale of residential investment property.
A partial reversal was announced of this trend, reducing the capital gains tax rate for higher-rate taxpayers from 28% to 24%. The standard rate remains unchanged at 18%, as does the tax exemption for your main residence.
Individual Savings Accounts (ISAs)
As various tax allowances come under threat, it’s refreshing to see that ISA allowances remain unchanged at:-
• £20,000 a year for a standard ISA
• £9,000 a year for a Junior ISA Plans for a “British ISA” were recently announced which would introduce an additional £5,000 a year allowance for investment into UK-based companies. While there is no definitive launch date it could be delayed until as late as April 2025.
The impact of these tax-free allowances is useful in isolation, but the compounded impact can be much greater. Therefore, it is important to consider tax-efficient vehicles, such as ISAs and pensions, as a means of sheltering funds from additional taxation and maximising returns.
Conclusion
The freezing of income tax thresholds will increase tax liabilities going forward, while a reduction in the capital gains tax and dividend allowances will directly impact investments and owner-managed businesses.
If you look at the changes (or non-changes) to income tax rates, allowances, and tax benefits, the stand-alone impact may seem relatively modest. It is only when you look at the broader implications that the true benefits of tax-efficient investment vehicles such as pensions and ISAs start to emerge.
The impact of fiscal drag, combined with allowance and tax benefit changes, could be significant going forward. Therefore, it is crucial that you speak with your financial planner to adapt existing tax and investment strategies to the changing landscape.
The plans for a “British ISA” would introduce an additional £5,000 a year allowance for investment into UK-based companies.
*See page 23 for sources.
How Might the New Lifetime Allowance Regulations Impact Your Pension?
Since the turn of the century, we have seen significant changes to both the state pension and personal pensions. Overall, this has resulted in substantial pension freedoms compared to previous legislation. The latest amendments came in March 2023, when some bold changes to the pension lifetime allowance (LTA) were announced. While the new legislation has been well received, there is a degree of confusion about the potential impact.
Confusing two-part legislation
The idea was simple: remove the tax charge on assets above the lifetime allowance and encourage those who had been impacted by the old legislation to recommence pension contributions. In the 2023/24 tax year, the LTA was still part of the regulatory structure and calculations, but the punitive tax charges were removed. At the time, the government also confirmed that legislation for the 2024/25 tax year would completely remove the LTA from the statute books.
As we stand today, it’s fair to say it seems a little up in the air, especially with the recent change in goverment.
The LTA has been replaced
While the LTA’s impact was negated in the previous tax year, it was formally removed from pension legislation on 6 April 2024. Unfortunately, as you might expect, the situation is not as simple as many had first assumed. Following the removal of the LTA, we saw the introduction of the Lump Sum Allowance (LSA) and the Lump Sum and Death Benefit Allowance (LSDBA).
For reference purposes, the limits are as follows:-
• LSA - £268,275
• LSDBA - £1,073,100
Under the previous legislation, two lifetime allowance charges were considered for funds over the lifetime allowance. Those taking any excess as a lump sum payment would be liable for a 55% charge, reduced to 25% of the capital value (plus income tax at the recipient’s marginal rate), where the excess was taken as taxable pension income.
We will now examine these allowances in isolation and consider how they may impact your pension in the future.
What is the Lump Sum Allowance?
For the vast majority of people, there will be no change in their tax-free cash entitlement, which will be 25% of the value of their funds. However, there will be additional considerations for those with pension funds in excess of the LSDBA.
Where the pension holder has applied and received LTA protection in the past, this will still stand. For example, Fixed Protections 2012 would give a life time allowance of £1.8 million, meaning up to £450,000 would be available as a tax-free cash payment. If no protection is in place, whether the fund is valued at
the LSDBA or higher, the maximum tax-free lump sum payment would be £268,275.
Any lump sum payment above either the level of protection or the LSA would be subject to income tax at the member’s marginal rates. Any funds used to pay pension income would not be tested but automatically subject to the individual’s income tax in the usual manner.
What is the Lump Sum and Death Benefit Allowance?
The LSDBA is principally tested against lifetime payments of tax free cash and lump sum death benefits from funds that were uncrystallised on 5 April 2024, on death before age 75. Funds moved into drawdown before 6 April 2024 will not be subject to a test against the LSDBA because they have already been tested against the old LTA.
Where funds have been moved into drawdown from 6 April 2024 onwards, later paid as a lump sum on death, the amount will be tested against the LSDBA. Under the new
legislation, all pension fund assets used to provide pension income will not be tested; they are added to the recipient’s income and taxed accordingly.
Drawdown funds over the Lump Sum and Death Benefit Allowance
Suppose the remaining drawdown funds are in excess of the LSDBA and paid out as a lump sum payment on the member’s death. In that case, the excess will be added to the recipient’s income and taxed at their marginal income tax rate. This differs significantly from the previous regulatory structure, where benefits in drawdown were not subject to further tests on death.
Where your planner calculates your pension assets will be more than the LSDBA on your death, there is the possibility of paying death benefits as beneficiary’s drawdown (if available). Again, this will be discussed with you if relevant. This avoids the lump sum tax charge, although the recipient would pay tax on the drawdown payment at their marginal rate.
Death Benefits before and after age 75
Under the new legislation, there are changes in how pension assets are treated if death occurs before the age of 75 and 75 onwards. Where death occurs before the age of 75:-
• Lump sum death benefits within the LSDBA will be free of tax
• Lump sum death benefit in excess of the LSDBA would be added to the recipient’s income and charged at their marginal rate
• Death benefits taken as drawdown or as part of an annuity will not be subject to a test against the LSDBA and are paid tax-free
If you were to die from age 75 onwards, your beneficiaries would pay income tax on any pension assets received, whether via a lump sum or income drawdown. Your Perspective financial planner will always be proactive in discussing new pension regulations to ensure that your long-term tax planning is adjusted accordingly.
Pension benefits taken before 6 April 2024
The treatment of pension benefits taken before 6 April 2024 is relatively simple compared to those taken after this date. The LSA and the LSDBA refer to tax-free lump sum payments, while the previous LTA included a 25% lump sum payment. If the pension member had already used 100% of their LTA, they would not be entitled to either LSA or LSDBA.
Disjointed legislation
Even though the original legislative changes were announced in March 2023, there is growing concern within the industry about potential lifetime allowance loopholes that still need to be addressed. These concerns prompted HMRC to advise
some clients to delay taking pension benefits or transferring assets until these issues have been fixed.
While these issues are only likely to affect a minority of individuals, requesting delays and deferrals just before the end of the 2023/24 tax year was not ideal. Consequently, it is important to take advice from your financial planner to ensure that your actions are not only in your best interests but also supported by the changing legislation.
Summary
Even though these changes are welcomed by the industry and
Your Perspective financial planner will always be proactive in discussing new pension regulations to ensure that your long-term tax planning is adjusted accordingly.
pension members, there are concerns that they have been rushed through without the appropriately timed legislative changes. Thankfully, while at first glance, the new legislation may seem relatively complex and challenging to follow, in reality, it is mainly focused on limiting the level of tax-free lump sum payments.
Whether you seek to maximise your income in retirement or manage your estate in the longer term, it is important to be aware of how adjustments to pension legislation may impact your situation. Taking advice today will allow us to consider potentially time-critical changes to protect your assets going forward.
ISAs: 25 Years Old and Still Going Strong
Since their introduction in 1999, replacing Personal Equity Plans (PEPs), ISAs have undergone much change. Over the years, we have seen the options simplified, attractions multiplied, and ISAs become an integral part of longterm investment and tax planning. Now, let's take a more in-depth look at the benefits of ISAs and how they fit into long-term financial planning.
The ongoing development of ISAs
Back in 1999, the ISA allowance stood at £7,000 per annum, while today it stands at £20,000, with the addition of Junior ISAs (£9,000 annual allowance) in November 2011. While parents and guardians would need to open a Junior ISA on behalf of their children, grandparents can also contribute as a tax-efficient way of saving for their grandchildren.
There are four different types of ISAs available today:-
• Cash ISA
• Stocks and shares ISA
• Innovative finance ISA
• Lifetime ISA
The UK government is working on a "British ISA," which is expected to come with an additional £5,000 annual allowance. Although it may be April 2025 before this is available, it is safe to say that ISAs have developed since the very basic option at the outset.
Protecting your money with ISAs
The primary attraction of ISAs is that funds held within this tax wrapper are free from capital gains and income tax. So, not only do you benefit from protection from these two taxes, but you also have the enhanced power of compound returns.
In the early days many investors viewed ISAs as a useful but relatively insignificant annual allowance. However, financial planners were aware of the potential long-term benefits of ISAs, encouraging clients to see them as a valuable tax-efficient investment vehicle. While there are many possible uses of an ISA, the most common are retirement savings and an emergency savings fund.
Contributions and long-term returns
There have been several industry reports on the 25th anniversary of the ISA. These include a summary
of contributions and theoretical returns and make interesting reading. Since the inception of ISAs, the maximum contribution figure is £306,560 with a theoretical value today as follows:-
• £360,000 - if left in a cash savings account
• £898,000 - if invested in the stock market
For indicative purposes, the stock market return is based on the performance of the MSCI World Index since 1999.
Considering this indicative investment return, you won't be surprised to learn that over the years, a growing number of ISAs have broken the £1 million level. While past performances are not an indicator of the future, using these figures (which do not include fees), the return on stock market investment is circa ten times cash.
Summary
Our financial planners take a proactive approach to tax-efficient investment vehicles, such as ISAs, where applicable. It's important to appreciate the short-term benefit and the long-term potential enhancement of your returns under this tax-efficient umbrella. Recently, there have been rumours of changes or reductions in the annual allowance. However, the proposed introduction of the British ISA suggests a more proactive approach by the government.
A further reduction in your capital gains tax allowance to just £3,000 for the 2024/25 tax year further highlights the value of ISAs and these allowances do not roll forward into future tax years. Whether we see any detrimental changes in the future remains to be seen, but it is essential to appreciate and utilise the current tax benefits available today. Have you used your allowance for the current tax year?
Already maximised your allowance? Are you sure your loved ones are doing the same? We’re always here to speak to your friends and family, if you feel it would help them.
*See page 23 for sources.
Seven charities benefit from Perspective’s £12,000 donation
Supporting good causes and strengthening local communities has always been especially important to us with the communities around our 40 local offices mattering a great deal to both our clients and staff.
We are proud to ‘give back’. Our staff deliver over 3,500 hours of hands-on support to charities and community projects every year.
At our recent annual conference at the NEC, Birmingham, our staff selected seven great causes to support. Generously, our Board members personally matched Perspective’s initial donation, giving a total of £12,000.
The charities to benefit were:
Midlands Air Ambulance Charity
Jamie Taylor, Financial Planner in our Woodstock, Oxon office said:
“14 years ago I had a serious mountain biking accident resulting
in a head and neck injury. I still have no recollection of around a month of my life. I was wearing a helmet, but the impact split it in two! I was air-lifted from the crash on Bredon Hill, near Evesham to Worcestershire Royal Hospital where I spent 48 hours on a spinal bed and four months in a neck brace.
“The Midlands Air Ambulance saved my life that day and I regularly undertake charity work for them to try and pay something back.”
The charity said:
“Thank you for your kind gift of £4,000. Our mission is to provide patients with outstanding prehospital care and lifesaving intervention through the operation of helicopter-led emergency medical
services (HEMS) - we will continue to save more lives and improve survivors’ quality of life through the provision of a comprehensive, transparent, clinical and operational helicopter led emergency service aligned to changing patient need and demand.
Every second counts in an emergency and on average, our crew arrive on scene within ten minutes, whether by air ambulance or in one of our critical care cars.
The Movement Centre (TMC)
Vanessa Lowe, Administrator in our Oswestry, Shropshire office said:
“We chose TMC because they are a specialist treatment centre based in Oswestry, that treats children from every corner of the UK. TMC is dedicated to supporting children and their families living with movement difficulties, by providing a specialist children’s physiotherapy called Targeted Training Therapy, to help children gain movement control.
“Targeted Training therapy can enable children to develop new skills and become far more independent. This can have a huge impact on their life. It can also make a big difference to the lives of their family and friends.
“Through a course of Targeted Training therapy children can gain head control, so they can interact with their family; it can help children develop the skills to sit unaided, so that they can play with their friends. For some children it can enable them to walk, which means they can be far more independent!”
TMC replied:
“Thank you! We are delighted to have ongoing support from Perspective’s local office, who are an amazing and caring group of individuals, and a force when it comes to fundraising.
“We have had support from Julian, Vanessa and the team for a number of years, and have been lucky enough to be chosen as charity of the year for two years runningwe can’t thank them enough. Their contribution to our fundraising efforts has been incredible and has supported a number of therapy sessions.
“Alongside the ongoing fundraising efforts of the team at Perspective (West) Ltd, we were delighted to recently receive £2,000 from their
Group’s annual conference. These fundraising efforts are making a huge difference to us and ultimately the children and families that attend our centre.”
Dementia UK
Daria Opanowska, Head of Finance said:
“Supporting friends and family with Dementia has been close to my heart for a number of years.”
Hilda Hayo, Chief Executive of Dementia UK said:
“Thank you for your donation of £1,000 which means that even more families will receive the life-changing care of an Admiral Nurse. Our nurses are here to help people when they need it most. They have the time to listen and the knowledge to solve problems. For families affected by dementia, they can be a lifeline.
“Admiral Nurses help people living with dementia stay independent for longer and support the people caring for them. They help to give them the strength to cope with the bad days, and the energy to enjoy the good days.”
The Scout Association
Mel Latham, Financial Planner in our Milton Keynes office said:
“We chose Scouts as my family have been involved with Scouts for four generations. My great-grandfather and grandfather built the Scout hut in my local community in the 1950’s which sadly was burned down in 2010. Through The Scout Foundation we were able to build a new hut and keep the community thriving.
“In an age of mobile phones and technology, it’s great to support Scouts to embrace nature and promote friendships for children.”
I strongly believe that giving back to charities and communities is a key part of what makes us a successful group.
Cancer Research UK
Clare Brandon, Financial Planner in our Chesham, Bucks office said:
“Cancer seems to be striking more people at younger ages than ever before. We all know someone who has suffered and watched the impact of the disease on their life and family. Knowing so many would benefit was a key driver in our choice of charity and we hope that our contribution will make a difference.”
Muscular Dystrophy UK
Lindsey Pepperell-Wood, Head of People said:
“I am grateful that Muscular Dystrophy UK works towards a future with effective treatments and ultimately cures for all musclewasting conditions and where there are no limits in life for people who are affected. This is an encouraging time with many clinical trials in development, and several treatments either available or emerging on the horizon.”
Muscular Dystrophy UK said:
“On behalf of all we want to express our heartfelt appreciation to you for your kind donation. With your help, we are able to fund ground-breaking research and life changing support for people living with muscle wasting and weakening conditions. Together we are changing the future.”
Alzheimer's Society
Julie Meulenbergs, Head of Business Monitoring said:
“I’m really pleased to support this great cause given the impact it has had on people close to me.”
Susanne Driffield, of Alzheimer's Society said:
“A huge thank you for your generous donation! We are so grateful. Your donation will contribute to gamechanging work like the recently announced Lecanemab, a drug which has been shown to slow down the decline in thinking and memory skills in people living with early Alzheimer’s disease by 27%.
“We’re incredibly proud that Alzheimer’s Society research was responsible for the breakthrough that made this research.”
Ian Wilkinson, Chief Executive Officer said:
“I strongly believe that giving back to charities and communities is a key part of what makes us a successful group.
“I’m proud of how well our 550 staff actively engage with the communities around them. I think it works both ways – our Six Values include Doing the Right Thing, Always Delivering and Teamwork. These are just as important within our business as for the communities and charities that we support.”
Perspective (South) Ltd: Rugby Sponsors
Olney Rugby Club under 8s have been sponsored by Perspective (South) Ltd for the last 3 years. They successfully completed an enjoyable rugby tour in April.
Perspective (West) Ltd: Charity Work
Our Oswestry office had a busy February with Marie Teleki entering the gruelling Brynkinalt 10k and managing to raise £120 in sponsorship. A week later Oliver Davies and Marie took part in the Welshpool 10k to raise awareness and they finished the month with everyone mucking in together and heading off to The Movement Centre to give it a fresh lick of paint, as part of our CSR activity.
They also held an annual cake sale on 1st of May, which with addition of Tombola raised £220!
Vanessa Lowe said “we can’t wait to see what the rest of 2024 brings for us and our fundraising efforts for The Movement Centre.”
We have partnered with ReciteMe for the last 2 years to make our website more accessible for everyone as part of our commitment to putting clients first. Anyone can now explore our website with ease and utilise personalised accessibility tools tailored to their needs.
Perspective (North East) Ltd: Jeff Thurlbeck’s Marathon Journey
“I joined Perspective (North East) Ltd as a Financial Planner in September 2022 based in the Darlington Office. On Sunday 29th September 2024 I will be taking part in the Berlin Marathon for the first time, with my brother Ian. It also will be my first marathon as a 60 year old!
One of the main reasons for choosing the Berlin Marathon is because my Mam lived in Germany as a 10 year old girl from 1948-50. Following 3 years in Burma in WW2, my Grandad who served in Durham Light Infantry was part of the Allied Occupation Forces in Berlin.
I have decided to use this occasion to raise money for the charity Alzheimer’s Research. My Mam passed away on Christmas Eve 2022 after suffering from Dementia for many years. I have seen first-hand the debilitating nature of this disorder affecting the brain. Many of you will have experienced through caring for a family member, relative or a close friend how stressful it is for you, your parent, relation or friend.”
Alzheimer’s research helps scientists and researchers find new ways to diagnose dementia, develop new treatments and hopefully find a cure.
If you would like to donate, please use the link below www.justgiving.com/page/jeff-thurlbeck1714582360175?utm_term=pJRnbjj3A
You can follow my training on Strava. Thank you for your generosity
Sam Smith: Futures Week
Our Acquisitions Director Sam Smith was proud to present to Normarsh Junior School in Royal Wootton Bassett for their ‘Futures Week’. He discussed what Perspective does, what his role invlolves, what office life is like and how dyslexia is his superpower!
The children really enjoyed learning about what life can be like within financial services as well as the ins and outs of working in an office. The discussion around dyslexia benefited from being exposed to a different way of thinking and the overarching message of work hard and try your best.
Flying high, brushing shoulders with the stars
Right
Place, Right Time: Financial Administrator, in our Newcastle office Chris Linton reflects on his Journey from Concorde to Perspective.
I have recently started another chapter in my professional story. I am training and working as a Financial Administrator at Perspective. In other chapters, I have lived and worked in London, Paris, and most recently returned from teaching in Berlin.
My mum once told me that I was the sort of person “who would fall off Blackpool Tower and land on a donkey”. I hope she meant that I am lucky, and things often work out well
for me. She is right; I do tend to find myself in the right place at the right time.
I began working for British Airways in the early 1990s on the Concorde and First Class Team. It was the perfect time and place to experience an outstanding investment in people, both customers and staff. The airline was driven by strong leadership with a clear vision: to be the most preferred airline in the world. From recruitment to training and career development, the right people were selected and equipped with the skills they needed. Staff were respected, supported, and prepared to deliver outstanding service.
Although, I don’t think anything could have prepared me for being asked to escort Michael Jackson to his seat on my first day! The company’s priority was to deliver a seamless service from start to finish. Quality Customer Service meant exceeding all customer expectations. One
group of people working towards a common goal, the very definition of a team. This successful strategy made the airline an outstanding employer and a leader in delivering world-class service.
Customers in Concorde and First Class were often the people “who run the world”. I once asked one of these frequent passengers why he travelled so often instead of making a call or video-call. His reply still resonates today: “At some point, someone needs to look another person in the eye and shake their hand. That someone is me”. It is the ‘human connection’ that seals any deal, gains trust, earns respect, forms teams, and nurtures that family feeling within an organisation that ultimately brings success.
Jump forward to February 2024, and as I enter the Perspective Newcastle office, the first thing I notice on the wall is Our Purpose, Vision and Values: We are Client-centric, We will Do the Right Thing, We become a Trusted Member of the Family, We believe in Teamwork, We continually Set Standards of Excellence, and We Deliver.
Note to self but not to my mother: I think I am in the right place at the right time again. Not a tower or a donkey in sight! I recognise those ideals, and in the few months I have been here, I have seen them in practice many times. This is a company that means what it says.
Sources
Pages 06–09
Navigating the 2024/25 Tax Year: Key Changes
https://mhrglobal.com/uk/en/knowledge-hub/ finance/changes-new-tax-year-202425
https://www.sage.com/en-gb/blog/new-tax-year/ https://inews.co.uk/inews-lifestyle/money/savingand-banking/obr-forecast-budget-uk-highest-levelni-cut-2942678
https://www.thetimes.co.uk/money-mentor/ pensions-retirement/state-pension/how-muchstate-pension-will-i-get
https://www.accountancydaily.co/personal-taxchanges-6-april-2024
https://www.bbc.co.uk/news/business-68359756
https://www.hl.co.uk/news/british-isa-announced-in2024-spring-budget-what-we-know-so-far
https://www.gov.uk/government/publications/ spring-budget-2024-overview-of-tax-legislation-andrates-ootlar/annex-a-rates-and-allowances
https://mhrglobal.com/uk/en/knowledge-hub/ finance/changes-new-tax-year-202425
https://www.sage.com/en-gb/blog/new-tax-year/
Pages 10–13
How Might the New Lifetime Allowance Regulations Impact Your Pension?
https://www.moneyhelper.org.uk/en/pensions-andretirement/building-your-retirement-pot/lifetimeallowance-for-pension-savings
https://adviser.royallondon.com/technical-central/ pensions/benefit-options/Lump-sum-and-lumpsum-death-benefit-allowances-from-April-2024/ https://www.investorschronicle.co.uk/ news/2024/01/04/what-s-the-catch-with-theabolition-of-the-pensions-lifetime-allowance/ https://www.mandg.com/wealth/adviser-services/ tech-matters/news-and-views/lifetime-allowanceabolition-from-2024/lsa-lsdba
https://taxscape.deloitte.com/article/pensions-lifetime-allowance-protections.aspx
https://www.ftadviser.com/pensions/2024/03/27/ lta-abolishment-days-away-but-advisers-stillmissing-clarity/
https://www.ftadviser.com/pensions/2024/04/05/ hmrc-advises-delaying-taking-benefits-until-ltarules-fixed/
https://www.thepfs.org/news-insight/news/articles/ updated-the-abolition-of-the-lifetime-allowancefrom-6-april-2024-key-changes/109047 https://www.standardlife.co.uk/adviser/businesssupport/news/lifetime-allowance-changes https://www.ftadviser.com/opinion/2023/12/15/ the-clock-is-ticking-on-the-next-historic-date-forpensions/
Pages 14–15
ISAs: 25 years old and still going strong
https://www.theia.org/news/press-releases/isacontinues-25-year-success-story-savers-invest-future https://www.vanguardinvestor.co.uk/articles/latestthoughts/investing-success/25-years-of-isas-howmuch-could-you-have-made https://www.gov.uk/individual-savings-accounts