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Family (financial!) planning tips before changes

Gresham Wealth

Preserve Child Benefit Eligibility

Child benefit eligibility is impacted by the highest earner’s adjusted net income. The benefit begins to reduce at £60,000 and disappears completely at £80,000. Pension contributions that lower income to the £60,000 threshold can restore eligibility, effectively increasing tax relief. In 2024/25, child benefit for a family with two children amounts to £2,212.60 per year, making pension contributions an attractive way to reclaim this tax-free benefit.

Tax-Efficient Planning for Couples

Couples should ensure they maximize pension contributions at higher tax rates before making lower-rate contributions. Many people are unaware that they can contribute not just £3,600, but up to a partner’s full earnings, benefiting from tax relief at their partner’s marginal rate.

Additionally, third-party pension contributions for children or grandchildren can be a tax-efficient way to pass on wealth. Regular gifting from surplus income could be immediately exempt from IHT if the exemption conditions are met.

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A very personalised service… All advice is tailored to my needs with great consideration to issues I may not have thought of myself. I feel confident about my future finances.

Thank you so much again for your time and brilliant advice.

Just a big thank you for all you have done for our family. We do appreciate it.