According to HMRC’s latest statistics inheritance tax (IHT) receipts for April 2024 to February 2025 were just under £7.6 billion, which is more than £0.8 billion higher than the same period last year, of just over £6.8 billion. And, for February 2025, receipts were £612 million, which is considerably higher than the receipts for February 2024 of £564 million.

This can mostly be attributed to rises in asset values, and the freezing of the IHT tax-free thresholds.

We have previously discussed the worrying statistics around how few people in the UK actually have an up to date and valid Will – the figure is around 29%.

However perhaps an even more worrying statistic, especially in this day and age, is that of those people with a Will, 93% have not included any provision for their digital assets. In fact, only a quarter knew what would happen to their digital assets when they passed away.

The Inheritance Tax Nil Rate Band (NRB) for 2024-2025 remains £325,000, unchanged since 2010 and frozen until at least 2030. Rising asset values mean more estates will face Inheritance Tax (IHT). While the NRB itself can’t increase, married couples can transfer unused allowances, and the £175,000 Residential Nil Rate Band (RNRB) may apply if a main home passes to direct descendants.

Read on to find out more about the Nil Rate Band.

Selecting a care home is a major decision, requiring time and planning. It typically takes around five weeks to find a home and another two weeks to move in, with popular homes often having waiting lists.

Here we summarise the types of care home, key considerations and options for care funding.

High Court claims for Will disputes in England and Wales have surged by over 20% in the past year, with many more cases being settled before reaching court. These disputes can result in costly legal fees, lengthy delays, and emotional turmoil for families.

Key factors driving the rise include the increasing number of blended families and the growing value of estates, particularly from property and investments. Common causes of disputes involve executor inaction, lack of understanding of duties, outdated Wills, probate delays, and conflicts over property and inheritance expectations.

Careful estate planning, selecting the right executors, and seeking independent professional advice can help prevent disputes and ensure a smooth administration of the estate.

With life expectancy rising, financial planning must account for longer retirement years. Women aged 65 in 2023 can expect to live another 22.5 years, while men can expect nearly 20 years—and those in affluent areas may live even longer.

To sustain a longer retirement, options include saving more tax-efficiently, delaying drawdown, or working longer. However, a longer life may reduce the inheritance left for family. Here we review some of the options available to you.

With 30% of over-65s and over 50% of over-80s needing help with daily tasks, planning for care costs is essential. Care fees vary widely, with residential care averaging £49,348 per year and nursing care at £65,884 per year.

If your assets exceed £23,250, you'll need to self-fund your care, but options like downsizing, equity release, and care annuities could help. Financial planning strategies - such as investing post-mortgage savings - can also provide for future care needs.

Here we outline some of the options available.

This is the estimated implication of including unused pension pots in a deceased member’s estate due to the changes announced in the Autumn Budget. Many will be forced to rethink their estate planning and pension strategies, and we urge anyone concerned by the changes to seek out independent financial advice.

Read on for some of the key takeaways.

The value of pension annuity contracts rose by 34% in 2024, reaching a ten-year high of £7bn, with annuity purchases up 24% from 2023. Despite the State Pension Age remaining at 66, the most common age for buying an annuity was 65.

With 69% of buyers switching providers, and increasing demand for joint life, enhanced, and escalating annuities, making the right choice is crucial. While drawdown remains the most popular option, a phased annuity approach could offer both certainty and flexibility in retirement.

Harold Stephens is delighted to announce the latest recipients of our Community Fund, supporting two fantastic initiatives that will make a real difference in the lives of older adults in North-West Bristol.

This funding round has provided grants to Flamingo Chicks for their inclusive Flamingo Dance programme and Alive Activities for their Carers Support Sessions. These projects address isolation and loneliness among older people, creating opportunities for connection, activity, and community involvement.

Welcome to our 2025 global outlook. As we face another year of geopolitical, technological, and fiscal transformation, the ancient saying that ‘change is the only constant’ rings truer than ever.

In this year’s global outlook below, we look back at the last 12 months as well as consider the changing landscape facing investors in 2025.

We believe face-to-face financial advice is more valuable than ever in an increasingly online world. Complex, life-changing decisions - such as retirement planning, estate planning, and care options - require personal trust, deep conversations, and emotional understanding. Our high-street office provides a distraction-free space where we can read emotions, build rapport, and tailor advice to individual needs. Unlike online meetings, in-person advice ensures privacy, focus, and a stronger connection. When it comes to investments, we emphasise long-term strategy over impulsive decisions, helping clients avoid common pitfalls. Local, independent financial advice offers clarity, confidence, and a truly personal approach.

Under the current inheritance tax (IHT) regime, our independently recommended IHT-Free Investment Plans provide 100% relief from IHT after 2 years of holding by investing in wide and diversified portfolios of qualifying funds and assets.

But, what impact will Labour’s budget have on these qualifying assets?

Inheritance tax receipts were up again for the period April to December 2024 and for the last twelve months.

According to HMRC’s latest statistics inheritance tax (IHT) receipts for April 2024 to December 2024 were just over £6.3 billion, which is more than £0.6 billion higher than the same period last year, of just over £5.7 billion. And, for December 2024, receipts were £620 million, which is considerably higher than the receipts for December 2023 of £547 million.

A report recently published by research firm Opinium found a significant lack of awareness amongst the 8.5 million people aged 55+ who could be directly impacted by the announcements in Labour’s first budget. Changes include the financial plan shattering move to include pension benefits into the scope of an individual’s estate from April 2027 for Inheritance Tax (IHT) purposes.

We are thrilled to share some exciting news: our adviser, James Kenward, has successfully passed the prestigious Society of Later Life Advisers (SOLLA) Accreditation assessment! This achievement marks a significant milestone for Harold Stephens, as both of our advisers, James and Richard Higgs, are now SOLLA Accredited.

The 2027/28 inheritance tax (IHT) treatment of pensions raises some difficult questions about the balance between retirement income planning and IHT planning.

The use of pensions in estate planning has been upended by the Budget announcement that, from 2027/28, pension death benefits will be included in the value of the estate for IHT purposes.

What should those who have hitherto earmarked pensions purely or primarily as IHT-free bequests now do, assuming they expect to be alive on 6 April 2027?

Under current inheritance tax rules, certain investment plans can provide 100% relief from IHT after two years by investing in qualifying funds and assets. However, from April 2026, changes to Business Property Relief (BPR) will limit the 100% relief to £1 million per individual, with amounts above this receiving 50% relief. For married couples, the allowance is £1 million each, but unused allowances cannot be transferred. Learn more about how these changes could impact inheritance tax planning.

We are thrilled to share some exciting news: Harold Stephens has been shortlisted for not one but two categories at the Professional Adviser Awards 2025! We’re finalists for Best Adviser Firm for Vulnerable Client Care and Adviser Firm of the Year – South West & Wales.

This recognition means the world to us. It reflects our ongoing commitment to providing exceptional financial advice to retirees and vulnerable clients in our community. These nominations are a testament to the hard work of our small but dedicated team, as well as the trust and support of our wonderful clients.