The Spring Statement of 2019 was always going to be overshadowed by the more immediate and intense political debate of when, how and if the UK is to disengage from the EU. A Statement light on tinkering was anticipated and in that sense, it did not disappoint. There were no obvious policy changes announced that present significant threat or opportunity to the prevailing personal financial planning regime. Given the firm’s support this year for St. Bart’s Violent Crime Reduction unit, we were delighted by the measure to commit £100m to tackle knife crime.

Click below for our full flip book summary of the Spring Statement.

With just three weeks to go before the end of the tax year, the statement provides a useful prompt of the key annual actions to optimise your wealth accumulation strategy.

• £20,000 ISA allowance for yourself and partner.
• £4,260 Junior ISA allowance for children and grandchildren.
• Pension allowances, if applicable.
• Crystallise capital gains up to the individual £11,700 tax-free allowance.
• Set up portfolios to take advantage of the dividend allowance and any non-working partner’s personal and basic rate income tax allowances.
• VCT and EIS investment for those with a higher risk appetite.
• If accumulating cash at this time, ensure it is held in the most tax efficient name to take advantage of the tax-free interest allowances and is risk diversified with leading rates via the simplicity of the PWM Deposit Service.

The PWM Tax Optimisation Strategy will endure regardless of the Brexit outcome. In the event of a full Brexit, we anticipate the Chancellor delivering a stimulus budget and we will look at any opportunities that arise.

 

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