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PROFICIENCY+ Consumer Duty competency diagnostic tool

Supporting your business to fulfill its Consumer Duty requirements.

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Real World Opportunities

Registration is now open for our second XCHANGE event series! Explore Real World Opportunities with us this summer at our new multi-streamed events.

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Career confident

We provide access to Chartered Insurance Institute qualifications and learning-based content for your CPD needs, to help you stay up to date in your career.

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Spotlight: ESG and Sustainable Investment Advice

Introducing our new course to enhance your knowledge of ESG and sustainable finance.

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5 Minutes with... Emma Hall

In our first Five minutes with.... we catch up with Emma Hall FPFS a Chartered Financial Planner at Bristol-based 75point3.

Emma who was crowned Chartered Financial Planner of the Year 2023/24 and is a Fellow of the Personal Finance Society, shares her thoughts and experience on becoming Chartered.

Absolute Trust - Using a grandchild's allowances and exemptions

When considering making lifetime gifts, many individuals prefer to set up a discretionary trust as this enables them to retain control and flexibility as they can act alongside the other trustees and can decide when to make payments out to a beneficiary. However, from a tax perspective any income and capital gain will be taxed at the trust rate(s). Income above the standard rate band, usually £1,000 assuming only one trust has been settled by the same settlor, will be subject to income tax at 45% or 39.35% on dividend income. From the 2024/25 tax year the standard rate band will be eliminated, and all income will be subject to the rate applicable to trusts. If income is paid out to a beneficiary, they are treated as receiving it with a 45% tax credit and can therefore reclaim some tax depending on their personal income tax position. In addition, capital gains over and above the annual exemption of £3,000, again assuming only one trust has been settled, are subject to capital gains tax (CGT) at 20% or 28% for residential property. From 2024/25 tax year the CGT annual exemption will reduce to £1,500. If capital is appointed out then this gives rise to an exit charge for inheritance tax (IHT) purposes, however whether any tax is due will depend on the precise facts.

UPDATED The abolition of the lifetime allowance from 6 April 2024 - key changes

The lifetime allowance (LTA) will be abolished on 5 April 2024.  Instead, there will be new rules that will limit tax-free lump sum payments both in lifetime and on death. There will be no limits on any funds used to provide a taxable pension income.  Whilst there are many technical complexities involved in the transition, below are the key changes.

Statement on the Spring Budget

"Right at the beginning of his speech, the Chancellor set out his fundamental aim – for a ‘high wage, high skill economy’.

Personal Finance Society

As the leading professional body for the financial planning sector, our members are respected and recognised for their knowledge and expertise. Membership supports your professional development, enhances your career potential and integrates you into a community of like-minded professionals.

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