2 Welcome to our Autumn Newsletter Tax has always been a hot topic, but that talk has intensified again as we edge closer to the Chancellor’s Autumn Budget, so I bring to your attention again, the subject of TRUSTS Trusts have been instrumental in mitigating tax since medieval times and were initially created for the nobility and wealthy landowners to avoid paying taxes to the Crown. The introduction of Trusts led to a distinct loss of Tax Revenue, and it did not take long for the first anti-avoidance statute to be introduced by Henry VIII in 1535. Since then, there have been many changes to Trusts and their uses and equally to HMRCs rules which affect them. These days, you don't have to be a nobleman, or wealthy landowner to want to take advantage of the many tax strategies Trusts can provide. Many people now look to using Trusts as a means of mitigating Tax which would otherwise be payable. There are several taxes which could affect you and your estate, and I ask: ■ do you have assets, do you own your home, are you perhaps fortunate in that you also own a second home? ■ and importantly - have you reconsidered your pension assets? ■ Are you perhaps living together but not married? Are you married but part of an extended family? If the answer is yes to any of these then perhaps Trusts should feature in your planning and at the very least a thorough review of your estate planning provision, which now will include your pension from April 2027. Life can be complicated in that families are now extended and there are often children and stepchildren to consider, and that’s before we talk about grandchildren and how we all want to help them in our own later lives. There are many types of Trust depending on what the objective is and the outcome you are looking for. For example, do you gift outright, do you control the Trust and who the eventual beneficiary is, or do you give part of an asset whilst retaining the other part for your needs? Do you consider lifetime or death planning or both? I can see there being an even greater need for Trusts/gifting/life assurance to name but a few examples of areas of planning that may be applicable. I hope you find the contents of our newsletter informative and useful, and as always, get in contact if you would like to discuss any of the topics covered in greater depth. Jackie Attention is turning to the Budget, now scheduled for late November. Having promised that her initial, tax-heavy Budget last year was a one-off, continuing pressures appear to have put that hope into doubt. Our feature in this edition looks ahead the possible avenues open for much-needed revenue raising, assuming Reeves sticks to both her commitment not to raise taxes for ‘working people’ and her self-imposed fiscal rules. Inheritance tax (IHT) is already changing from next April, so now is the time to review your position and possibly think about how lifetime gifts could help mitigate the impact on your estate. With pension death benefits set to fall within the IHT net, making the most of your pension income is likely to come into focus. State pension age is already changing from 2026 through to 2028, going up from 66 to 67. If you are due to retire soon, make sure you know exactly when you become eligible, and understand the benefits of taking the pension immediately, or deferring and allowing the payments to increase. 03 Inheritance tax expands Where will the Chancellor's attention fall in the search for revenue? 04 The Autumn Budget Where will the Chancellor's attention fall in the search for revenue? 05 Could you cut your tax bill? Salary sacrifice can rescue those on threshold incomes from higher tax bands. 06 Investing for income Is it time to look outside of banks and building societies for income from interest? 07 State pension changes In 2026-28 the State pension age is changing to 67, so make sure you know where you stand. 08 Savings or investment? Shifting from cash to stocks The Chancellor is keen to encourage savers to move into investing. In this issue... This newsletter is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The newsletter represents our understanding of law and HM Revenue & Customs practice. © Copyright 16 September 2025. All rights reserved. Credit: Sven Hansche/ Shutterstock.com Credit: Nataliia Melnychuk/Shutterstock.com
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