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Please fill in your details to arrange a financial review with one of our financial planning or investment experts.
How it works:
- We will call you back to find out more about your aims and requirements
- We will arrange a meeting with one of our team at a convenient time, either over the phone, on video, at your home or workplace, or at one of our offices
- You will be able to ask any questions you have and find out more about managing your wealth with Saltus
- Your review will be at our cost and there is no obligation to work with us afterwards
Who we work with:
- Individuals with £250,000 or more in investable assets. This includes pensions, ISAs, other tax-wrappers and cash available for investment.
This tax year could be your last chance to save thousands, by making use of your capital gains tax (CGT) allowance.
We all have an annual CGT allowance of £12,300, meaning a couple can make tax free gains of £24,600 between them, which is certainly not to be sniffed at. Any gains over this are taxed at 10% or 20% depending on whether you sit in the basic or higher rate tax band. Although, it’s worth mentioning that for second properties, this tax does increase to 18% or 28%.
You, of course, only get one shot at using your annual allowance. So, if you have any uncrystallised gains in a normal, taxable account you should aim to make disposals every tax year (within the allowance) to reduce your tax liability.
Thankfully, this doesn’t mean you actually have to take the money out. If you are clever about it, you can continuously reduce your tax exposure whilst keeping your money growing.
Meet your financial needs and objectives…Speak to an expert
Unfortunately, you cannot simply sell and then instantly re-purchase the same investments, to use up your annual exemption. However, you can sell your investments within a general investment account and then immediately purchase the same investments within a tax-free ISA.
Alternatively, a good financial planner will crystallise gains by finding an almost identical investment fund to the one you already hold. The adviser can then simply sell your existing investment and re-invest the proceeds into the similar fund. This way you can remove all the taxable gains within your portfolio, (up to the annual allowance), without materially impacting your investments.
When done correctly, people can grow huge amounts in taxable accounts over time, alongside their ISAs and pensions, and have very little tax exposure to show for it. However, most of these people have been working with an experienced financial planner for a fair amount of time.
Now, here’s why this tax year may be your last chance to take advantage of your CGT allowance…
The Office of Tax Simplification recently completed a review for the Chancellor which recommended sweeping changes to the rules around CGT. The suggestions included aligning CGT with income tax rates, which could double CGT. In addition, guidance to slash the annual exemption from £12,300 to as little as £2,000 was also outlined. The combination of the two could have a considerable impact for investors.
These are only recommendations but COVID has to be paid for somehow and CGT is currently at historical lows.
If you have gains in your portfolio or have been thinking about selling a second property with potential tax exposure, now might be the time to get selling.
So, if you have gains and want to save thousands, don’t sit around waiting any longer- take action this tax year!
All authors have considerable industry expertise and specific knowledge on any given topic. All pieces are reviewed by an additional qualified financial specialist to ensure objectivity and accuracy to the best of our ability. All reviewer’s qualifications are from leading industry bodies. Where possible we use primary sources to support our work. These can include white papers, government sources and data, original reports and interviews or articles from other industry experts. We also reference research from other reputable financial planning and investment management firms where appropriate.
Saltus Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. Information is correct to the best of our understanding as at the date of publication. Nothing within this content is intended as, or can be relied upon, as financial advice. Capital is at risk. You may get back less than you invested. Tax rules may change and the value of tax reliefs depends on your individual circumstances.
Find out more about our award-winning wealth management services…
Financial Advisory Firm of the Year
Client Relationships Award
Financial Services, Banking and Insurance Firm of the Year
Investment Performance Cautious Portfolios
Best Medium Firm
Investment Performance: Cautious Portfolios
Investment Performance: Balanced Portfolios
Financial Planning Firm of the Year: Small to Medium Firm
Financial planning can help you reach your goals in life, whether you want to determine when you can retire comfortably, bring organisation to your financial world or pass on your wealth effectively.
Pensions and retirement planning
Deciding when to retire is a challenging decision and can feel like a leap of faith. At Saltus, we gather information on all of your existing assets and then use our technology and expertise to show you exactly how to achieve the retirement you’re after.
Reducing your tax burden
How to structure your wealth and access income should be approached in a sophisticated way. A detailed financial plan may use pensions, ISAs, general investment accounts, offshore bonds and other tax wrappers to ensure you can draw your money in a tax-efficient manner.
Consolidating your wealth
Holding multiple investment accounts and pensions can mean they’re hard to keep track of and administer. We’ll help you overcome this by consolidating your accounts into a single plan so that you can understand your financial position with ease.
Protecting you and your assets
We protect our cars and houses without much thought yet you might be the most valuable asset in your family. Whatever your situation, we can provide advice to ensure you have the right level of insurance in place to keep your finances protected.
Passing on your wealth
Estate planning is more important than just having a Will. We’ll work closely with you to understand how estate planning, which has emotional as well as financial consequences, can impact your overall financial plan.
Significant life events
Significant life events can present great opportunities but also considerable challenges. Whether you are going through a business sale, divorce or are receiving a lump sum, we’ll help build a financial plan to meet your changing lifestyle.