St. James's Place

The pensions and IHT changes coming in from 6 April next year, mean many families may need to review their estate planning strategy. This includes how they access assets, and in what order of priority, in retirement. In the past, it often made sense to preserve pension assets and draw from other savings first in retirement. This was because pensions usually sat outside an estate for IHT purposes. But that logic has been turned on its head.

Yet the speech was delivered against a challenging backdrop of rising government debt, low fiscal headroom, rising government bond yields and the confirmation by Jaguar Land Rover today that it plans to cut 4,000 jobs from its UK workforce. Speaking at a manufacturing plant in the West Midlands, Healey said fiscal discipline was his ‘first priority’.

Until a few years ago, government bonds rarely made headlines. Despite most Western governments running deficits for years, lenders appeared happy to tolerate being paid relatively low levels of interest to buy bonds. As an asset class, government bonds played an important role as a calming diversifier against the more volatile stock market. They were seen as relatively safe and dependable. Since Covid, though, the situation has become more complicated.

From self-assessment tax returns to Making Tax Digital, business owners face a growing number of tax deadlines and reporting requirements. And with an Autumn Budget only weeks away, more changes could yet be on the horizon. Missing an important date could result in penalties, interest charges and unnecessary stress, making it more important than ever to stay organised and ahead of key deadlines. The deadline for filing a paper self-assessment tax form is 31 October.

Anxiety can change the way we view problems. A setback can seem much worse than it really is when we let our emotions take over. If you are worried about money, that usually means financial security matters to you – which is a positive. Worrying is often a sign that something isn’t right. But it doesn’t always mean there is an immediate problem. Taking time to understand the facts, and talking things through with someone, can help separate genuine concerns from anxious thoughts.

From April next year, most unused pension funds and pension death benefits will count towards the value of an estate for IHT purposes. Traditionally, pension have been designed to provide income in retirement. However, because for decades they have been outside an estate for IHT purposes, some people have used them to pass wealth on to future generations. The forthcoming change is intended by the government to reduce the use of pensions as a vehicle to pass on wealth free from IHT.

Achieving a successful handover of your business to a family member typically comes down to three aspects: early planning (ideally five to 10 years in advance), having a full understanding of the value of the business, plus open communication with all involved parties to ensure fairness. It’s not just about passing on ownership of your company. Succession planning is also about the future leadership and management of your business. And these things won’t necessarily lie in the same hands.

Global investors as well as central banks are paying attention. It is a case of “what happens in Japan may not stay in Japan...” A prolonged decline in the yen has the potential to affect global bond markets, as well as borrowing costs for mortgage rates in the UK. For many years, Japan has faced slow economic growth, weak consumer spending and periods of falling prices. To provide support, the Bank of Japan has kept interest rates much lower than those in most other developed countries.

When the US and Israel first launched strikes on Iran in late February, the global economy faced a fresh bout of uncertainty. With its ability to potentially close all shipping through the Strait of Hormuz, a key transit route for a significant share of the world's oil and fertiliser exports, there was an initial jump in energy prices.

According to the 2025 National Wills Report, 79% of UK adults are comfortable talking about death1. Yet when it comes to considering finances, only 36% of people have made a Will2.. This highlights the uncomfortable gap many of us fall into between discussing and doing. There are many reasons for not making a Will. These range from ‘not getting round to it’ to thinking we’re too young to need one.