Author: Rob Bowers

We were so excited to add a new event to the Blue Wealth social calendar this year – and it was a huge success!

On Thursday 3 July, we hosted our first summer boat trip on The Matthew, in Bristol.

Keep reading to find out more.

A gentle float along the water aboard a historic ship

A group of 40 clients and members of the Blue Wealth team met late afternoon at Princes Wharf on Thursday 3 July.

After an enjoyable 5 or 10 minutes catching up with familiar faces and meeting new ones, we boarded The Matthew, Bristol’s historic floating harbour, for a relaxing one-hour boat trip.

Great weather, delicious food, and exceptional company

We planned this event to show our appreciation to loyal clients, so we’re delighted that it was such a fantastic evening.

The weather was excellent – never a given during a British summer! – and everyone enjoyed soaking up a few rays under glorious blue skies as we coasted along the water.

We were particularly impressed by the knowledgeable, friendly crew and it was fascinating learning about The Matthew, which is run as a charity. All the money it raises is used to maintain the ship in peak condition for trips and educational visits.

After docking, we sat and chatted while eating some excellent food from The Jolly Hog.

It was a fantastic event, and we were thrilled to receive positive feedback from both staff and clients.

One of our guests said, “Thank you for treating us to such a delightful evening on board The Matthew. It was a very pleasant experience. The food from The Jolly Hog was delicious too!”

Keep your eye on team updates for news of future events. If you have any feedback on our summer boat trip or would like to share ideas for future socials, we’d love to hear from you.

Get in touch

To learn more about the Blue Wealth team and how we can help you with all your financial planning needs, please get in touch.

Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

The content of this newsletter is offered only for general informational and educational purposes. It is not offered as, and does not constitute, financial advice.

Pensions are a crucial part of retirement planning. Even if you have multiple sources of income to support you and your loved ones when you leave work behind, pensions offer a valuable, tax-efficient way to save.

Yet, a recent survey by Aviva has revealed a critical “knowledge gap” about UK pensions. While 53% of respondents claimed to be knowledgeable about pensions, 20% did not know what type of scheme they were signed up to and 57% were unaware that the government pays tax relief on pension contributions.

With the Pension Awareness campaign running from 15 to 17 September, it’s the ideal time to take control of your retirement savings.

Read on to discover four important facts that could boost your understanding of pensions and help you build financial security for later life.

1. How much State Pension you’ll receive depends on your National Insurance record

The State Pension provides a valuable source of income for many UK adults. If you’re entitled to the full new State Pension (for those who reach State Pension Age on or after 6 April 2016), you will receive £230.25 a week in 2025/26, which is equivalent to £11,973 annually.

Under the triple lock arrangement, the new State Pension will increase each year in line with whichever is higher of:

• Average earnings growth
• Inflation
• 2.5%.

However, the amount you’ll receive depends on your National Insurance (NI) record. You’ll typically need 10 qualifying years of National Insurance contributions (NICs) to receive any new State Pension and 35 qualifying years to receive the full amount.

The government website allows you to check your NI record online. If it looks like you may not have enough years of NICs to claim the full new State Pension, you may be able to pay voluntary contributions to fill any gaps in your record.

It’s important to note that you can only pay voluntary contributions for the past six tax years. For example, you have until 5 April 2032 to make up gaps for the 2025/26 tax year.

2. The State Pension is not paid automatically; you’ll need to claim it

You can claim your State Pension entitlement when you reach State Pension Age, which is currently 66 (2025/26), but will start to gradually increase from 6 May 2026.

The Pension Service should send you a letter around four months before you reach State Pension Age, explaining how to claim. You can do this in one of three ways:

• Online
• By phone
• By post.

You’ll be asked to provide certain information, such as your banking details and the date of your most recent marriage, civil partnership, or divorce. If you’re applying online, you’ll also need the invitation code from your letter.

If you’re still working or have other sources of income to draw on, you might choose to delay claiming your State Pension to increase the amount you receive. Your entitlement increases by the equivalent of 1% for every nine weeks you defer, as long as you defer for at least nine weeks.

3. Pension providers invest your money to help it grow over time

Research published by PensionsAge found that more than half of adults in the UK don’t know that their private and workplace pension funds are invested.

This is how pensions providers aim to increase the value of your savings over time. They’ll usually invest your money in a range of asset classes, such as bonds, cash, stocks, shares, and property.

If you have a defined contribution (DC) pension scheme, your retirement income will depend on how well these investments perform (in addition to how much you and your employer contribute).

Some pension schemes allow members to choose how their funds are invested. This could give you the flexibility to align your retirement savings strategy with your goals, values, and preferred retirement age. However, it’s wise to seek financial advice before changing how your pension funds are invested, to avoid costly mistakes.

Alternatively, you could leave your pension wealth in your provider’s default fund and entrust them to make investment decisions on your behalf. For example, they may automatically move your money into lower-risk investments as you approach retirement. While this “lifestyling” approach could protect the value of your pension wealth, it may not fit with you retirement plans.

A financial planner can help you weigh up the relative pros and cons of both approaches and create a pension strategy that works for you.

4. You can “carry forward” unused Annual Allowance for up to 3 tax years

When you pay into your workplace or private pension, you benefit from tax relief on contributions up to the Annual Allowance until you turn 75. For most people this is £60,000 in 2025/26 – your tax-efficient contributions are limited up to 100% of your earnings.

Your Annual Allowance may be lower if your income exceeds certain thresholds or you have already flexibly accessed your pension.

However, you can carry forward unused Annual Allowance from the previous three tax years. This may be especially useful, if you have surplus income or receive an unexpected windfall.

Let’s take a look at an example.

Assuming you have an Annual Allowance of £60,000 in 2025/26, you could carry forward your unused £40,000 allowance from the past three years and contribute up to £100,000 tax-efficiently this year.

As you can see, carry forward can be a valuable tax and retirement planning tool.

Get in touch

If you’d like help reviewing your pensions and taking control of your retirement savings, we can help.

Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

The content of this newsletter is offered only for general informational and educational purposes. It is not offered as, and does not constitute, financial advice.

Blue Wealth Ltd is not responsible for the accuracy of the information contained within linked sites.

Blue Wealth Ltd is an appointed representative of Best Practice IFA Group Ltd, which is authorised and regulated by the Financial Conduct Authority.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate tax planning.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Workplace pensions are regulated by The Pension Regulator.

Approved by Best Practice IFA Group: 04/08/2025

Average life expectancies have increased significantly in recent years, both in the UK and the rest of the world. While people living longer is always good news, it also brings new challenges for your health and, crucially, your finances.

Maintaining your physical and mental wellbeing over a longer life requires more than just good luck. It involves making intentional choices about your diet, exercise, mental health, and lifestyle. 

At the same time, increased longevity means your financial resources need to stretch further, and financial planning is an important part of ensuring you can enjoy later life without stress.

As well as practical wellbeing tips that could help you enjoy a longer retirement, this useful guide looks at how you might strengthen your financial security in the future. The guide explores some of the potential challenges that may arise, such as:

• Living longer may mean you want to delay your retirement 
• Rising life expectancy could mean it’s more important to plan for care
• Estate planning strategies may need to change if you’re planning for a longer life. 

Download your copy here: “Planning for a longer life: Wellbeing tips and financial management strategies” to find out how a longer life could affect your long-term plans. 

If you’d like to talk to us about planning for a longer life, please get in touch. 

Please note: This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate estate planning, cashflow planning, tax planning, trusts, Lasting Powers of Attorney, or will writing.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance. 

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. 

As you may have noticed, the Blue Wealth team loves sport, and we’re just as passionate about supporting the local community.

So, Rob has decided to combine the two and sponsor a rugby club.

A little bit about Frampton Cotterell Rugby Football Club (RFC)

Frampton Cotterell RFC is a well-established grassroots club on the outskirts of the city, about a 25-minute drive from our office.

It’s a real hub for rugby across all age groups and abilities. There are three senior teams, a ladies touch team, and a thriving minis and juniors section (from under 5s to under 18s).

The club is also a registered charity, which aims to promote community participation in healthy leisure activities, including rugby union and other sports. It champions community spirit and offers a warm welcome to all enthusiastic players.

Our sponsorship

Rob’s 10-year-old son is a devoted member of Frampton Cotterell RFC. So, the Blue Wealth team knows what a wonderful experience it offers young people in and around Bristol.

That’s why we’re delighted to sponsor the club.

We have helped fund 140 items of kit for 40 junior coaches, including t-shirts, shorts, heavy-duty winter coats, and more.

The role of a junior coach can be a thankless task. Rob says, “We’re all volunteers and give up a lot of time to help run the club, both on and off the field. It’s nice to be able to support the coaches with kit to show some appreciation”.

“We’re proud to be able to support the local community. With my involvement in the club, this is a cause close to home.

“Helping grassroots sport and any other local worthwhile causes will always be something we’re interested in. So, we’re proud to offer this sponsorship in addition to our charity incentive, which is our commitment to make a £50 donation to a good cause for every initial meeting that comes from a client recommendation.”

Get in touch

If you’d like to find out more about our charitable efforts or how we can support you with all your financial planning needs, we’d love to hear from you.

Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

The Guardian recently reported that the tech mogul Bill Gates has vowed to give away most of his $200 billion fortune to support African health and education causes.

While you may not have a bank balance to rival that of Gates, giving back some of your accumulated wealth could benefit both your emotional and financial wellbeing.

What’s more, according to the BBC, an estimated 4 million fewer people in the UK are donating to charity compared to before the coronavirus pandemic, due in part to the ongoing cost of living crisis.

So, your help may be needed now more than ever before.

Keep reading to learn about the emotional and financial rewards of philanthropy and discover three practical steps for supporting a worthy cause.

Gain a sense of purpose and fulfilment

Personal success – be that in your career, business, or family life – may bring an immense sense of achievement and satisfaction.

Yet supporting causes that are close to your heart could provide further purpose and fulfilment.

Bill Gates is a huge advocate of philanthropy at all levels and encourages people to “judge yourselves not on your professional accomplishments alone but on how well you treated people a world away who have nothing in common with you but their humanity”.

Whether your passions lie in supporting a local community project or an international aid organisation, factoring philanthropy into your financial plan could allow you to make a meaningful contribution – while bolstering your emotional wellbeing.

Indeed, the University of Alabama at Birmingham has reported that engaging in acts of generosity activates the brain’s reward system, which triggers positive emotions and a sense of purpose.

Mitigate a potential Inheritance Tax bill

In her 2024 Autumn Statement, Chancellor Rachel Reeves announced several key changes to Inheritance Tax (IHT) rules. These included extending the freeze on IHT thresholds to 2030 and bringing pension wealth into a person’s estate for IHT purposes from April 2027.

As a result, the Office for Budget Responsibility has forecast that IHT receipts could double by 2030, rising from £7.5 billion in 2023/24 to £14.3 billion in 2029/30.

If you’re concerned about the potential IHT bill your loved ones may face, charitable giving could be a useful way to reduce your liability. This may be especially true if you have no dependants, or your children and wider family are financially independent.

Any gifts you make to registered charities are not usually included in IHT calculations. Moreover, if you donate at least 10% of your estate to charity, any IHT that is due will be charged at 36% rather than the standard rate of 40%.

So, perhaps it’s unsurprising that Professional Adviser has reported increased demand for estate planning advice since the Autumn Statement, with financial planners predicting a rise in charitable legacy giving.

Reduce your Income Tax liability

If you donate through Gift Aid, your chosen charity or community amateur sports club (CASC) could claim an extra 25p for every £1 you donate – at no cost to you.

What’s more, if you’re a higher- or additional-rate taxpayer in England, Wales, or Northern Ireland, you can claim back the difference between your tax rate and the basic tax rate (which the charity or CASC reclaims).

For example, if you pay additional-rate tax (45% in 2025/26), you could claim back the 25% difference between this and the basic rate (20% in 2025/26).

As such, with a small amount of admin, you could reduce your annual Income Tax liability.

To claim back the difference between the tax you’ve paid on your donation (your Income Tax rate) and what the charity will get back (usually, the 20% basic Income Tax rate), you’ll need to:

• Complete a short Gift Aid declaration form provided by the charity or CASC
• Submit a claim via your self-assessment tax return or by contacting HMRC to amend your tax code.

3 thoughtful ways to embrace philanthropy

1. Consider charitable donations as gifts

When a special occasion arises, such as a birthday or wedding, consider asking for charitable donations in your name rather than gifts.

Likewise, you might like to donate to a cause of your loved ones’ choosing when their special day rolls around.

2. Leave a charitable legacy in your will

In 2010, Bill Gates founded The Giving Pledge with the investor and philanthropist, Warren Buffett. This charitable campaign encourages wealthy individuals to give generously to charity, which many famous faces, such as Sir Elton John, have since chosen to do by leaving a legacy in their wills.

As mentioned above, this could be a valuable IHT planning tool.

There are several different ways to include charitable beneficiaries in your will, so you may benefit from speaking to a financial planner who can explain your options.

3. Give as you Earn

If you have an employer, find out whether they offer a “Give as you Earn” or “Payroll Giving” scheme.

This is a tax-efficient way to give to charity directly from your salary or your pension, as your donation is made before Income Tax is calculated.

It’s also a simple way to make regular contributions to worthy causes, which many charities rely on for funding their good work.

Get in touch

If you’d like help balancing your philanthropic interests with your long-term financial goals, we can help.

Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

The content of this newsletter is offered only for general informational and educational purposes. It is not offered as, and does not constitute, financial advice.

Blue Wealth Ltd is not responsible for the accuracy of the information contained within linked sites.

Blue Wealth Ltd is an appointed representative of Best Practice IFA Group Ltd, which is authorised and regulated by the Financial Conduct Authority.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate estate planning, tax planning, or will writing.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Workplace pensions are regulated by The Pension Regulator.

Approved by Best Practice IFA Group: 1/7/25

A few months ago, we shared details of an exciting new Blue Wealth social event that’s taking place this summer.

If you’re keen to join us for a fabulous evening floating along the water in Bristol, time is running out to book your spot!

Here’s a little reminder of what we’ve got planned…

Join us for a boat trip on Thursday 3 July

We love meeting up with our clients both in and outside the office. There are some staples in the Blue Wealth calendar, such as the annual golf day, but we also enjoy coming up with new ideas.

So, this summer, we’ve planned our first summer boat trip.

Here are the key details:

• The event will take place on Thursday 3 July, 5 pm to 7 pm.
• We’ll meet at Princes Wharf, which is around a 10-minute walk from the city centre.
• After boarding, you’ll enjoy a gentle one-hour trip around Bristol harbour aboard The Matthew.
• There’ll be another hour to relax and chat after we dock, with food provided by The Jolly Hog.

The Matthew of Bristol is a unique heritage attraction

The Matthew is Bristol’s historic floating harbour. It’s a fabulous and faithful reconstruction of the vessel used by explorer John Cabot when he sailed from Bristol and discovered Newfoundland in 1497.

It is continually being improved and updated by The Matthew of Bristol Trust to ensure it remains in tip-top condition for all those who come aboard.

Offering an unrivalled view of the city from the water, a trip on this beautiful ship is sure to be a memorable experience.

So, why not join us for a few drinks on board? Soak up the history, enjoy the evening sunshine (we hope), and chat to the team.

It’s going to be a fabulous evening, and we’d love to see you there.

If you’d like to book your place or if you have any questions about this event, please email your adviser.

Get in touch

If you’d like to find out more about our upcoming social events, we’d love to hear from you.

Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

Keeping an up-to-date will gives you control over how your assets and personal belongings are distributed after you’re gone. Without a will, your wealth could be passed on in ways you do not intend.

As such, will writing is a fundamental part of your financial plan – no matter what stage of life you’re at.

Yet, despite its significance, the law governing wills in England and Wales remains rooted in the outdated Wills Act 1837 – which has not been changed or updated in over 200 years.

So, on 16 May, the government welcomed the publication of the Law Commission’s final report, Modernising Wills Law, as “an important and timely review of the existing law.”

The report is accompanied by a draft bill, which is currently under consideration by the government.

While the report sets out 31 proposals, here are four of the key recommendations for reform.

1. The introduction of electronic wills

An electronic will or “e-will” is one that is created in digital form and signed using electronic signatures. It is typically stored and transmitted online.

However, UK law does not currently recognise this type of will.

Under the Wills Act 1837, you (the testator) must sign your will in the presence of two witnesses. To make the document legally valid, these must all be physical “wet” ink signatures – pen on paper.

Yet, legalising electronic wills may offer several benefits:

• Greater accessibility and convenience – Allowing people to create, sign, and store their wills online could make the process much easier for those with mobility issues or whose witnesses live in another country.
• Enhanced security – Digital security measures, such as encryption, could reduce the risk of wills being lost, damaged, or tampered with.
• Increased engagement – Research by Canada Life has revealed that over half of UK adults do not have a will. Streamlining will writing by introducing electronic wills might encourage more people to complete this important estate planning task.

However, there are potential drawbacks too, such as the risk of technical issues and data breaches compromising the integrity of e-wills.

Law Commission recommendation

Electronic wills should be expressly permitted, provided they meet the existing “formality requirements” that make a paper will valid.

The Law Commission has also proposed additional requirements to safeguard against events such as fraud and undue influence.

2. Reduce the age at which a person can make a will from 18 to 16

Under the current legislation, a person must be at least 18 years old to make a will in England and Wales.

This means that if a child dies before they reach 18, their estate is usually distributed according to the intestacy rules – these dictate how a person’s assets are distributed if they die without a will.

Where this occurs, a young person’s estate may not be passed on in line with their wishes.

On the other hand, reducing the minimum legal age for creating a will could:

• Protect vulnerable young people – If a young person has a substantial estate, allowing them to make a will could give them control over how their assets and personal belongings are distributed. This may be especially important for terminally ill minors or those who are estranged from their parents.
• Reflect modern realities – Many under-18s have significant responsibilities and assets, such as bank accounts and digital assets. Allowing 16-year-olds to create a will could bring the law in line with the legal and financial responsibilities many young people face.
• Enhance consistency in the law – At 16, an individual has the legal right to make significant decisions, such as whether to get married or give medical consent. Moreover, in Scotland, the minimum legal age to write a will is 12 (provided the individual has the mental capacity to do so). As such, this change could align will writing laws in England and Wales with other legal capacities and jurisdictions.

However, concerns remain about the risk of undue influence and whether a 16-year-old may have the maturity to make well-considered decisions about the distribution of their estate.

Law Commission recommendation

The minimum age at which a person can make a will should be reduced from 18 to 16 years.

The court should also have the power to authorise a child under 16 to make a will.

3. Abolish automatic revocation of wills on marriage or civil partnership

Currently, a will is automatically revoked if a person marries or enters a civil partnership – unless the existing document contains specific instruction for this not to happen.

So, if you fail to make a new will under these circumstances, your estate will likely be distributed in line with the rules of intestacy.

Moreover, some individuals may exploit this rule by entering into “predatory marriages” for inheritance purposes.

The proposed change could:

• Remove the financial incentive for predatory marriages – Reducing the risk of financial abuse for vulnerable individuals.
• Avoid unintended consequences – Many people are unaware of this rule. As a result, their estates may be passed on in ways they would not have chosen at the time of their death.

However, these benefits are reliant on effective public education about the proposed changes.

Law Commission recommendation

The final report recommends that this rule be abolished.

This would mean that an existing will remains valid after a marriage or civil partnership, unless explicitly revoked or updated.

4. Increase the power of the courts

The Law Commission’s report proposes several important changes that could affect the role of the courts in deciding issues relating to wills.

Deciding whether a will is valid or not

Under the current law, a will is deemed invalid if it does not meet strict legal requirements.

The report recommends that the courts be granted the power to recognise a will as valid if the person’s intentions are clear.

Reforming the test for testamentary capacity

You must have the mental ability and legal capacity to make or alter a valid will. This is known as “testamentary capacity”. There are currently two tests to assess this.

The Law Commission has recommended that a single test is sufficient. It proposes that the more recent criteria, set out in the Mental Capacity Act 2005, should be applied to all assessments.

Strengthening protections against undue influence

It can be difficult to prove that a will has been created due to the influence of others. The burden of proof is high, and it lies with the person who is disputing the will. Moreover, undue influence often occurs behind closed doors.

Under the Law Commission’s proposed change, the court would have increased powers to identify and quash such behaviour. The report also recommends that the burden of proof should move to the person seeking to enforce the will.

Get in touch

If you need to create or update your will, our financial planners can help you review your financial situation to give you a clear picture of your estate.

We can also advise on Inheritance Tax and help you structure your estate to maximise the wealth that is passed on to your loved ones.

While we do not write legal documents, our team works closely with solicitors who can help you craft a legally compliant will that meets your specific needs.

Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

The content of this newsletter is offered only for general informational and educational purposes. It is not offered as, and does not constitute, financial advice.

Blue Wealth Ltd is not responsible for the accuracy of the information contained within linked sites.

Blue Wealth Ltd is an appointed representative of Best Practice IFA Group Ltd, which is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority does not regulate estate planning or will writing.

Approved by Best Practice IFA Group: 12/06/25

Read our brand-new guide filled with key information, tips and insights to keep you safe from financial fraud

You may have seen the recent headlines about Marks & Spencer (M&S) and the significant cyberattacks the retailer has been a victim of, causing immense disruption to its online operations and costing an estimated £300 million in profits.

In this case, scammers have stolen key customer information, which the BBC reported could include names, email addresses, telephone numbers, and dates of birth, and are using this data to scam people through a process called “social engineering”. This involves them pretending to be an authority, such as your bank or the police, and using the small amount of information they have illegally obtained to trick you into giving away more of your personal details, or even steal money from you.

Even if you are not an M&S customer, the story may have left you feeling concerned about being contacted by fraudsters and scammed yourself.

When it comes to financial fraud, knowledge is power. That’s why we’ve produced a brand-new guide, featuring everything you need to know about scams and how to avoid them.

The guide contains all kinds of useful insights into scams, including:

• The cost and impact of scams on victims
• 10 common scams and how to spot them
• How to spot a cloned firm, and five signs of a pension scam
• Why people fall for scams, and how you can prevent yourself from being a victim
• Who to turn to if you’re worried about scams.

To read more about scams and staying safe, download your copy by clicking below.

Download the guide here.

If you’d like to speak to us about keeping your wealth safe and secure from fraud, please get in touch today.

This month, we’re delighted to share the details of two exciting events.

First up, the Blue Wealth team has been busy planning a brand-new summer social, and we’d love you to join us.

Also, we’re proud to announce that Adrian Thorley will be taking part in a triathlon this month. He’ll be raising funds for our charity partner, Community for Purpose, and would love your support.

Keep reading to find out more.

Join us on a summer boat trip this July

We love meeting up with our clients both in and outside the office. There are some staples in the Blue Wealth calendar, such as the annual golf day, but we also enjoy coming up with new ideas.

So, this summer, we’ve planned our first summer boat trip from 5 pm to 7 pm on Thursday 3 July.

The evening will begin at Princes Wharf, where we’ll board The Matthew, Bristol’s historic floating harbour.

The ship is a fabulous and faithful reconstruction of the vessel used by explorer John Cabot when he sailed from Bristol and discovered Newfoundland in 1497.

Once everyone’s aboard, we’ll set off on a gentle one-hour trip around Bristol harbour, during which you can catch up with the team over a drink or two.

After docking, there will be another hour to relax and chat, with food provided by The Jolly Hog.

It’s going to be a fabulous evening, and we’d love to see you there.

If you’d like to book your place or if you have any questions about this event, please email your adviser.

Adrian is taking part in a triathlon to raise funds for our charity partner

When he’s not busy supporting clients at Blue Wealth, our financial planner, Adrian Thorley, loves keeping fit.

Over the past few months, he’s been training hard for the First Tri Lydney Olympic triathlon, which will take place on Sunday 27 April in the Forest of Dean.

This challenging race includes a 750-metre swim, a 43-kilometre cycle, and finally, a 10-kilometre run.

What’s more, this is just the first of a series of sporting events Adrian will be taking part in this summer – watch this space for more updates!

Get in touch

If you’d like to find out more about getting involved with the boat trip or supporting Adrian in his charity triathlon, we’d love to hear from you.

And as always, if you have any questions about Blue Wealth and how we can support you with all your financial planning needs, please get in touch.

Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

After Rachel Reeves’ impactful first Budget in autumn 2024, you might have been concerned about the announcements that would be included in her Spring Statement on 26 March 2025.

Reassuringly, the major headline from this year’s springtime fiscal event is that Reeves made few announcements that are likely to affect you and your personal finances directly. Although, it did reveal that none of the changes made in the Autumn Budget would be overturned. However, one significant change has been made to the High Income Child Benefit Charge, which could affect you or your family.

The chancellor did announce that, due to global uncertainty and after the economy declined in January, the Office for Budget Responsibility (OBR) has downgraded its 2025 forecast for UK growth from 2% in October 2024 to 1% as of March 2025. She also noted the OBR’s long-term forecast, indicating that growth would increase for each year remaining in this parliament.

In addition to growth figures, the chancellor’s Statement introduced a range of measures designed to increase economic activity in the UK, as well as cost-saving initiatives, predominantly at state level, to reduce government debt.

Read on for your summary of the chancellor’s 2025 Spring Statement.

Personal tax thresholds and allowances are set to remain unchanged

Those who were concerned the chancellor would announce sweeping changes that might affect their personal finances will be breathing a sigh of relief as many worries didn’t materialise.

Personal tax

Reeves stuck to a pre-Spring Statement commitment to not increase personal taxes.

So, Income Tax thresholds and rates will remain unchanged, and thresholds are frozen until April 2028. As a result, your Income Tax liability is likely to rise in real terms.

Similarly, the rates and thresholds for paying Capital Gains Tax (CGT) and Dividend Tax will remain the same.

Individual Savings Accounts (ISAs) 

Before the Spring Statement, the government was reportedly considering reducing the amount you can tax-efficiently place in a Cash ISA each tax year to £4,000 in a bid to encourage greater investment.

The good news is the ISA subscription limit will remain at the current level (£20,000) in the 2025/26 tax year. The ISA subscription limit is frozen until 2030.

The Junior ISA (JISA) allowance will remain at £9,000 in 2025/26.

However, the government did note it will continue reviewing ISA reform options to improve the balance between cash and equities to earn better returns for savers, boost the culture of retail investment, and support its growth mission.

Pensions

Last year, the government announced a new Pension Schemes Bill, which will legislate several areas of pension policy. However, further reforms weren’t announced in the Spring Statement.

The Annual Allowance will remain at £60,000 in 2025/26. Your Annual Allowance may be lower if your income exceeds certain thresholds or you have already flexibly accessed your pension.

As usual, there was also speculation that the amount you could withdraw from your pension tax-free would be reduced, but this has remained unchanged. So, when you reach the normal minimum pension age (55, rising to 57 in 2028), you may withdraw up to 25% of your pension (up to a maximum of £268,275) before paying Income Tax.

State Pension

As expected, there were no announcements relating to the State Pension or the triple lock, which guarantees the State Pension will increase every tax year by either the rate of inflation, average earnings growth, or 2.5%, whichever is higher.

As a result, the full new State Pension will pay a weekly income of £230.25 in 2025/26.

High Income Child Benefit Charge reforms will come into place this summer

Although the chancellor did not explicitly announce the change, the Spring Statement document revealed that those who pay the High Income Child Benefit Charge will be able to do so through PAYE from summer 2025.

As it stands, those who pay the charge need to register for self-assessment to do so, even if they do not otherwise need to self-assess. But this year, the government is making it easier for families to pay the charge without needing to submit a tax return.

Inflation is forecast to meet the Bank of England’s 2% target by 2027

After reaching a 40-year high of 11.1% in October 2022, inflation, as measured by the Consumer Prices Index (CPI), has gradually fallen, bringing it closer to the Bank of England’s (BoE) target of 2%.

The chancellor announced in her Statement that in the 12 months to February 2025, inflation rose by 2.8%, down from 3% in January. Now that inflation is better under control, the BoE has cut its base rate three times since the general election, bringing the rate down from 5.25% to 4.5%. These cuts mean borrowers will likely pay less while savers may see their interest payments fall.

It was then announced that, according to the OBR’s forecast, inflation will average:

• 3.2% in 2025
• 2.1% in 2026
• 2% in 2027, 2028, and 2029 – the BoE’s target rate.

The key fiscal announcements from the 2025 Spring Statement

The chancellor’s speech largely revolved around changes to government spending and investment. Some of the key measures and announcements included in the Statement were to:

• Increase defence spending to 2.5% of GDP by 2027, including providing an additional £2.2 billion to the Ministry of Defence next year
• Rebalance payment levels in Universal Credit to incentivise people into work, and review the assessment for Personal Independence Payments, with the OBR stating these changes will save £4.8 billion from the welfare budget in 2029/30
• Crack down on promoters of tax avoidance schemes, as initially announced in the Autumn Budget in October 2024
• Invest £2 billion in social and affordable housing, so housebuilding reaches a 40-year high that helps put the government on track to reach its target of building 1.5 million homes by the end of this parliament
• Introduce a £3.25 billion Transformation Fund to streamline public services using technology and Artificial Intelligence, making the government “leaner and more efficient”. Additionally, government departments will reduce their administrative budgets by 15% by the end of the decade.

2024 Autumn Budget changes remain intact

In October 2024, the chancellor announced a series of tax-raising measures during the Autumn Budget, some of which could have affected your personal finances. These included:

• Inheritance Tax (IHT) will be levied on unused pension benefits from April 2027.
• Agricultural Property Relief and Business Property Relief will be reduced from April 2026.
• CGT rates for non-property gains were raised in line with property rates with immediate effect, and Business Asset Disposal Relief and Investors’ Relief were both reduced.
• Employer National Insurance contributions (NICs) will rise from April 2025, from 13.8% to 15%, and the threshold at which employers start paying NICs will also fall.
• Income Tax thresholds will remain frozen until 2028.
• The IHT nil-rate bands will remain fixed for a further two years, until 2030.
• VAT was levied on fee-paying schools, effective from 1 January 2025.
• The non-dom tax regime is set to be abolished from April 2025.
• The Stamp Duty Land Tax surcharge on second home purchases rose from 3% to 5% from 31 October 2024.
• Corporation Tax is now capped at 25% for the duration of the parliament.

While many hoped the chancellor would row back on some or all of these measures, all remain intact.

Please note

All information is from the Spring Statement documents on this page.

The content of this Spring Statement summary is intended for general information purposes only. The content should not be relied upon in its entirety and shall not be deemed to be or constitute advice.

While we believe this interpretation to be correct, it cannot be guaranteed and we cannot accept any responsibility for any action taken or refrained from being taken as a result of the information contained within this summary. Please obtain professional advice before entering into or altering any new arrangement.