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Family Wealth Management Planning
Planning your finances for the future can be one of those things that is easy to put off. Our specialist Ellacotts Wealth Planning team take away the hassle and deliver tailored financial planning to suit you and your family.
Whether you are looking to discuss investments, pensions, retirement options, life and illness insurance, tax advice or matters related to a business, our wealth management team can help.
Why wealth management?
The money you’ve worked hard to earn won’t look after itself – it takes careful stewardship and active engagement to make sure it retains its value and, ideally, shows long-term growth.
Wealth management is about defining what you want to achieve – what a comfortable life looks like for you and your family – and then arranging your finances accordingly.
From minimising tax to making calculated investments, it puts you in control, and means you’ll spend less time worrying about what the future might hold.
Wealth management services
Our part in the process is as expert advisers, providing you with options and the information you need to make intelligent choices with confidence.
Our in-house Independent Financial Adviser, Chris Slatter, will work with you to forecast and plan, identifying tax-efficient ways to save and invest.
He’ll also help you work through the options around savings and pensions, modelling the results of various scenarios so you can make informed judgements and work towards your dream retirement.
Wealth management products
Chris has extensive knowledge of financial products available on the market and a track record at matching them against client needs.
Individual Savings Accounts (ISAs) allow you to save up to £20,000 a year across different types of ISA. Savings and investments are free from Income Tax and Capital Gains Tax.
Junior Individual Savings Accounts (JISAs) allow you to save for your children’s or grandchildren’s first car or for a deposit on their first house. Find out more about Junior ISAs and children’s savings here.
General Investment Accounts (GIA) have similar investments to stocks and shares ISAs but there are no annual investment limits. However, gains on investments are potentially liable to Capital Gains Tax and Income tax is due on dividends and interest.
Investment bonds are life insurance policies that aim to provide capital growth or tax-efficient income. You can withdraw up to 5% a year (minus any charges) tax-free. When you cash the bond in, non or basic rate taxpayers don’t have any tax to pay. Higher rate taxpayers are liable to 20% tax on any gains made.
Wealth management, pensions and retirement planning
Pensions are one of the most tax-efficient investments available as you get tax relief on your contributions at your highest marginal rate. Up to 25% of your fund is available as a tax-free lump sum when you retire. You can pass on your fund tax-free if you die before you are 75.
We can help you with your pension and retirement planning.
Do you need help with your savings and investments?
Managing your wealth through business investment
There are three particularly tax-efficient ways to invest in companies:
Venture Capital Trusts (VCTs) are high-risk investments offering attractive tax reliefs for investing. You can invest up to £200,000 a tax year but you need to keep the shares for 5 years to get the maximum tax reliefs.
Dividends are tax-free and can either be taken as income or reinvested into the VCT. There is no Capital Gains Tax due when you dispose of the shares.
Enterprise Investment Schemes (EIS) are similar in structure and risk to VCTs but you only need to hold the investment for 3 years to retain the tax breaks.
The maximum annual investment is £1,000,000, with the option to carry an investment back into the previous year.
Investments are exempt from Inheritance Tax after two years, as long as the investment is held at death.
The Seed Enterprise Investment Scheme (SEIS) offers tax-efficient benefits to investors in return for investment in small and early-stage startup businesses in the UK.
You can invest a maximum of £100,000 each tax year, which can be spread over a number of companies.
Up to 50% tax relief is available in the tax year the investment is made. The investment must be held for three years to fully qualify for the tax reliefs.
Speak to us about devising a saving and investment strategy that works for you.
Speak to a wealth management expert
Chris Slatter
Independent Financial Adviser
Banbury
We can also help you with
Personal tax planning
We will help you complete your tax return and minimise your personal tax liabilities by planning income and gains.
Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales under company number 07801188.
You & your family
