Background A married couple approached us for advice about protecting their family's financial future. Following a full review of their circumstances, we recommended a life assurance policy that would have provided financial security in the event of death or terminal illness. The policy was designed to mitigate a large potential inheritance tax liability. The underwriting […]
Whole of Life Policy vs Investing for Married Couples: Which Is Better for Inheritance Tax Planning? Inheritance tax (IHT) planning for married couples often creates a false sense of security. Because assets can usually pass between spouses free of inheritance tax, many couples delay planning until later in life. However, inheritance tax is often only […]
The tax year ends on 5 April 2026; and once it passes, many valuable allowances reset. Every year, individuals and families miss opportunities to reduce their tax bill simply because they leave planning too late. Whether you’re employed, self-employed, a company director, or approaching retirement, reviewing your finances before the tax year ends could save […]
When planning for inheritance tax (IHT), many people assume that investing money over time will naturally build a pot large enough to cover the tax bill. However, once inheritance tax is applied and the timing of death is considered, the outcome can be very different. For individuals with a known or likely IHT liability, an […]
On 26 November 2025, Chancellor Rachel Reeves confirmed in the Autumn Budget that the inheritance tax (IHT) nil-rate bands will remain frozen until April 2031. Both the standard nil-rate band (NRB) (£325,000) and the residence nil-rate band (RNRB) (£175,000) are locked at current levels for an extra year beyond the previous 2030 deadline. This means […]
If you have a pension worth around £500,000 or more, you could be one of the groups most affected by the government’s upcoming inheritance tax reforms. From April 2027, unused pension pots will no longer sit outside of inheritance tax (IHT). Instead, they will be added to your estate and may be taxed at 40% […]
If you’ve built a pension pot worth £1 million or more, congratulations. That represents years of discipline, investment, and financial planning. But from April 2027, the way your pension is treated on death is changing dramatically. For the first time, unused pension funds will be included in your estate for inheritance tax (IHT). That means […]
Recent changes to inheritance tax rules have left many pension savers unsure how their retirement funds will be treated in future. If you have significant pension savings, particularly above £200,000, understanding the impact of inheritance tax is essential to protect your wealth and your family’s future. At Beals Wealth Management, our advisers explain how pensions […]
The Autumn Budget 2025 was presented following a period of economic uncertainty and speculation. With the Office for Budget Responsibility’s report released ahead of schedule, the Chancellor’s second Budget focused on restoring stability and confidence. Key priorities included reducing NHS waiting lists, lowering government borrowing costs, and supporting households facing cost-of-living pressures. Major measures announced […]
You could lose 64% of your pension to tax after April 2027. It sounds shocking, but for many UK retirees and pension beneficiaries, this could soon be a reality under upcoming inheritance tax (IHT) changes. In this post, we explain what is changing, who is affected, and how IHT planning, estate planning, and pension advice […]
The Chancellor Rachel Reeves next UK Budget is fast approaching, bringing both anticipation and uncertainty. For households, investors, and business owners, the Budget is more than a political event. It is a turning point that can reshape taxes, pensions, investments, and even the housing market overnight. Acting now could help you make the most of […]
For those of us approaching retirement it’s a simple rule that we should do everything we can to continue contributing to our pension. According to research from Which?, carried out in 2024, couples need an average income of £59,000 a year to be comfortable. This figure includes basic expenditure and some luxuries such has hobbies […]
When it comes to pensions, there’s a lot of confusion out there – especially around fees, services, and whether getting advice is even worth it. At Beals Wealth Management, we offer a full range of pension services – from tracing lost pensions to reviewing and consolidating your existing pots – but one thing we hear […]
Retirement marketing often shows images of deck chairs on sunset beaches, golf courses, and cruises, portraying it as ‘the longest holiday of your life.’ However, the picture of retirement is changing dramatically. Many people now prefer gradual retirement, known as the ‘working retired,’ rather than stopping work suddenly. This trend increases with age, as fewer […]
Are you thinking about how to make the most of your money and plan for the things you really want to do in life? Whether you're saving for a dream holiday, your child's education, or looking for a regular income, we are here to help. If you're feeling uncertain about the future and need some […]
For those of us approaching retirement it’s a simple rule that we should do everything we can to continue contributing to our pension. According to research from Which?, carried out in 2024, couples need an average income of £59,000 a year to be comfortable. This figure includes basic expenditure and some luxuries such has hobbies […]
Our monthly economic review is intended to provide background to recent developments in investmentmarkets as well as to give an indication of how some key issues could impact in the future. It is not intended that individual investment decisions should be taken based on this information; we are always ready to discuss your individual requirements. […]
Following the Chancellor's Spring Statement, Quilter's experts share their reactions and insight. Chancellor leaves herself with miniscule headroom, as OBR provides little optimism Lindsay James, investment strategist “Today’s Spring Statement confirmed what has long been known about the UK economy – growth is weak and the public finances are in a hugely precarious situation. Without […]
As we approach the spring statement from Chancellor Rachel Reeves, there's a lot of speculation about potential changes that could impact your financial plans. Although the Treasury has committed to only one fiscal update per year, some people are worried that there might be additional announcements this spring. The Chancellor has said she will take […]
Approaching your company’s year-end is a challenging time. There are the ever-present challenges of profitability, cashflow, and (getting and keeping) customers. Often, business owners can be too close to the tree to see the wood, let alone the forest! What is essential, however, is to take the time to review, plan and take advantage of […]
Getting a bonus? Don't lose It to HMRC. If you're expecting a bonus soon, you might have already planned how to spend it. Common uses include paying off debts, saving for a holiday, or setting aside for retirement. While these are sensible choices, there are valuable tax allowances that can make your spending more efficient. […]
Inheritance tax (IHT) can be a tricky topic, but it's important to understand, especially if you want to pass on your wealth to your loved ones. Let's break it down in simple terms. How IHT affects you You might think IHT only affects a few people, but in 2023-2024, the government collected £7.6 billion from […]
From our perspective, the biggest impact on investments and financial planning relates to tax allowances and shelters available from the Government. When investments aren't held correctly from a tax perspective, it can mean losing money to HMRC and reducing returns. Start by asking: Are your savings, investments, and assets held in the right name, ownership, […]
If you’re thinking about retiring and taking money out of your pension pot, it’s important to look at the timing and order in which you do it: Many people arrive at the age they want to partly, or fully, retire with a range of assets. These can include cash, property, ISAs, bonds, pension plans, and […]
When I was at school, the second half of the year was often the months that was crammed full of end-of-term assignments, revision, and exams. There is a value to education of course. Price is only an issue in the absence of value I know, but it did get me thinking about the implicit and […]
Most of us understand the benefits of investing tax efficiently. Using the tax allowances, such as ISAs, provided by the government each year means we can avoid paying unnecessary tax. However, many of us are missing out on the valuable tax savings available through our pensions. Pensions are one of the most tax efficient ways […]
As we welcome the New Year, it's the perfect time to take a fresh look at your finances. With Christmas behind us, January offers a clean slate to reassess your financial situation, set new goals, and make plans to stay on top of your finances throughout the year. Here are some tips to help you […]
This tax year brought in a reduction to some existing allowances meaning that the tax paid on income, savings and investments increased. Even for the tax rates that were frozen, in real terms when inflation is considered, this amounted to an increase in the tax payable by you. Not only was the personal allowance frozen […]
Most of us assume we would be delighted to receive a substantial sum of money. It’s fun to make that mental list of extravagant purchases such as holiday homes or your dream two car garage. However, while it’s a nice problem to have, it can be daunting. This is particularly true where the money is […]