Welcome to Fleet Street Wealth - working with Silver Levene

Fleet Street Wealth and Silver Levene

We have been working with Silver Levene for many years and enjoy an exceptionally strong relationship based on mutual trust and a commitment to delivering excellent service. As a result, they refer many clients to us and we recommend them to all members of the Bar and Judiciary.

While we work with clients from all walks of life, our relationship with the Bar means that we count many hundreds of Barristers and members of the Judiciary as clients. We are also a Bar Council Partner. We also work extensively with Solicitors.

We have worked hard to build the reputation we now enjoy but we recognise that this will only continue whilst we put our clients first, always observe the highest ethical standards and act with integrity.

End of tax year planning

In the weeks leading up to 5th April, there are five things in particular we suggest you consider:

1) Pensions

Pensions still offer the most generous tax reliefs and arguably one of the quickest ways of accruing wealth within the UK. You can contribute as much as you like into your pension but there is a limit on the amount of tax relievable contributions you can make each year – currently £60,000. The Lifetime Allowance, has been removed however this cap still has an impact upon the tax free cash limit within pensions for those previously affected or likely to be affected. For many however, it is still possible to enhance the tax free amounts if they act quickly.

2) Individual Savings Accounts (ISAs)

Don’t overlook your ISA allowance (£20,000 for 2023-24). Use it or lose it! Junior ISAs are also a

tax-efficient way to build up savings for children and grandchildren. The maximum investment is £9,000 per child.

3) General Investment Accounts (GIAs) 

One can build tax efficient savings within GIAs and offset some or all of the gains against one’s Capital Gains Tax Allowance each year. You can’t carry forward this relief therefore consider crystallising any gains or offsetting any losses before 5 April. The annual CGT exemption is £6,000 and will fall to £3,000 in April 2024.

4) VCTs and EISs

Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EISs) are attractive for experienced investors and offer many tax benefits including tax relief of between 30%-50% upon investing, tax free dividends for VCTs, and no Capital Gains Tax if held for the minimum holding periods. It is essential to seek professional specialist advice when looking to invest in these products.

5) Inheritance Tax (IHT) 

IHT thresholds remain frozen until April 2028.

There are various ways of mitigating this tax through, for example, the use of Business Relief and these need not be overly high risk. Each individual also has various allowances available to them each year. Although the sums you can gift for IHT purposes are small, you should use these exemptions where possible (gifts worth up to £3,000 in each tax year are exempt from IHT on death). Certain gifts can be made in addition to this annual exemption and won’t incur IHT.

It’s important to ensure that you take expert advice to benefit from any tax planning opportunities before they are lost for this tax year. If you do not currently work with a financial advisory firm and/or would like a review of your financial situation ahead of the end of the tax year, please contact us.

Expert financial advice for Barristers and the Judiciary

We recognise the issues you face in regard to self-employment and the need to set up and review benefits that are otherwise widely available within the employed sector such as life cover, income protection, medical cover and pension entitlement. You can read more here.

Working with the legal profession

Our team of experts possess a wealth of experience through having developed a long-standing relationship with legal professionals and look after partners from within the top 20 law firms. We understand, for example, the complex challenges you often face following the move from salary to equity partner and the associated loss of employee benefits such as death in service, critical illness and a company pension scheme. You can read more here.

The information is based on our understanding of current allowances and rates which could be subject to change. The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. It is important to take professional advice before making any decision relating to your personal finances.