NWM Smart Money Newsletters...
Welcome to our latest issue.
The National Institute of Economic and Social Research (NIESR) has issued a stark warning. If no action is taken, the government is likely to miss its fiscal rule, which requires that day-to-day spending is covered by tax receipts of a significant £41.2 billion by 2029/30. To stay on track, Chancellor Rachel Reeves will need to implement further tax increases. This raises important questions about the policies being considered and who might face the greatest financial impact. From workers’ wages to pension contributions, many groups could be most affected by these changes. Turn to page 09 to read the full article.
A UK trust is a legal arrangement in which one party holds and manages assets on behalf of another party, in accordance with the terms set by the trust's creator. Many individuals and families utilise them for future planning. On page 11, we explain how they often serve as a safeguard for wealth, ensuring that assets are passed on to the next generation according to the specific wishes of the owner. Trusts are essential in estate planning; however, due to their complexity, obtaining professional advice before setting one up is vital.
A significant proportion of people (47%) plan to pass on their wealth to future generations, with over a third (38%) intending to transfer assets directly to their children, according to a new report[1]. However, many are unaware of how to do this in a tax-efficient way. With the increasing awareness of intergenerational wealth transfer following the significant changes announced in the 2024 Autumn Budget, on page 05, we examine two notable examples.
The UK Treasury is seeking new ways to reduce the growing deficit ahead of the much-anticipated Autumn Budget. Reports suggest that officials are exploring further potential changes to Inheritance Tax (IHT) rules. Tightening gifting regulations is just one of the measures being considered to increase revenue and stabilise the country’s finances. Read the full article on page 10.
A complete list of the articles featured in this issue can be found on pages 02 and 03.
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Source data:
[1] Survey of 4,000 nationally representative UK adults conducted for LV= by Opinium in March 2025.
