Welcome to our latest edition of SmartMoney

November December 2024

Welcome to our latest issue. The amount of Inheritance Tax (IHT) paid by families has dramatically increased over the past decade, increasing from £3.1 billion in the 2012/13 tax year to £7.5 billion in the 2023/24 tax year. This rise is attributed to growing asset values and stagnant IHT thresholds, coupled with many families delaying their planning. On page 06, we look at how to maximise IHT allowances, strategic planning to reduce IHT, tax-efficient gifting and transfers, utilising pensions for IHT efficiency and additional strategies for reducing IHT.

Dividends represent the portion of a company’s profits distributed to its shareholders. Although often underestimated, reinvesting dividends is a formidable strategy, harnessing the power of compounding to deliver substantial growth over time. On page 04, we consider how this effect means your investment can grow even if a share or the broader stock market shows minimal appreciation or decline.

Many people prefer to avoid the subject of long-term care. Most find it hard to contemplate going into a care home when they are older, but many will do so eventually. However, planning for these potential expenses is important before they become urgent. The NHS, while a cornerstone of healthcare in the UK, only covers care costs in specific circumstances, primarily when related to medical health needs. Turn to page 11.

In today’s unpredictable world, safeguarding financial stability is more crucial than ever. Many of us would struggle to keep up with our essential outgoings, such as mortgage and rent, if we lost an income due to illness or an accident. Whether you’re employed or self-employed, income protection is a long-term insurance policy designed to ensure you receive a regular income until you either retire or are fit to return to work. Turn to page 10 to find out more.

Note that this issue was published before the Chancellor, Rachel Reeves, delivered the Autumn Budget Statement 2024 on 30 October. In our upcoming issue, we’ll provide comprehensive coverage of all the key announcements and analyse their potential impact on your finances. 

Click the cover or download the PDF to read this issue in full.

SmartMoney archive:

2024

Quarterly market commentary September 2024

Guide to the Autumn Budget Statement 2024

September October 2024

July August 2024

May June 2024

March April 2024

January February 2024

2023

November December 2023

September October 2023

July August 2023

January February 2023

March April 2023

Spring Budget Statement 2023

May June 2023

2022

Guide to the Autumn Budget Statement 2022​

November December 2022

September October 2022

July August 2022

May June 2022

March April 2022

January February 2022

2021

November-December 2021

September-October 2021

July-August 2021

May-June 2021

March-April 2021

January-February 2021

2020

November-December 2020

Spending Review 2020

September-October 2020

July-August 2020

May-June 2020

March-April 2020

January-February 2020

2019

November-December 2019

September-October 2019

July-August 2019

May-June 2019

March-April 2019

January-February 2019

2018

November-December 2018

September-October 2018

January February 2024

November December 2023

September October 2023

July August 2023