Iain Stevenson, Head of Dental at Wesleyan Financial Services, shares why now is a good time to take back control of your finances…
Financial planning has always been a complex task in the UK, with ever-evolving rules, regulations, and taxes. It’s precisely why experts in the industry stress the importance of regularly reviewing your financial goals and provisions to ensure everything remains in order, giving you peace of mind and control over your financial future—no matter what life throws your way.
Much like regular dental check-ups are essential for preventing oral health issues, financial check-ups are just as critical for securing your financial well-being. While the analogy might seem simple, it rings true: things change quickly, and what worked for you last year may not be the best course of action today.
Changing landscape
For the year, the financial landscape has become even more complicated. The UK tax system continues to evolve, making it increasingly difficult to navigate and plan effectively. What was once a sound decision could now be outdated, especially with the recent proposal in the Chancellor’s Autumn Budget regarding Inheritance Tax (IHT).
One of the most significant changes being discussed is the potential removal of pension funds’ exemption from IHT from 6 April 2027. Although the proposal is not yet confirmed, its implications have sparked widespread discussion in the financial community. If this change goes through, anyone with a pension plan and an estate exceeding £325,000 will need to reassess their strategy. It’s worth being aware that the IHT threshold can increase to £500,000 but only to include residential property, commonly known as the ‘main residence’ band.
Pensions have long been hailed as a tax-efficient way to save for retirement, with many tax advantages still in place. However, if this legislation passes, those with larger estates will need to factor in the value of their pension fund when considering their overall estate. This could alter existing plans, especially for dentists with substantial retirement savings.
Stay up to date
As with all areas of financial planning, the devil is in the detail. Staying up to date with these changes is beneficial to ensure your strategy remains appropriate for your personal situation. Just as no two dental patients are the same, no two financial situations are identical. Whether or not this change is enacted, it serves as a timely reminder: regular reviews with a dental specialist financial adviser are essential. A proactive approach ensures you’re doing everything you can to grow and protect your financial future, providing you and your family with long-term security and peace of mind.
Please note: Tax treatment depends on your individual circumstances and may be subject to change in future.
Inheritance Tax planning is not regulated by the Financial Conduct Authority.
Speak to a specialist
If you would like help with tax-efficient saving strategies, you can book a financial review with a Specialist Financial Adviser at Wesleyan Financial Services by visiting wesleyan.co.uk/dentists or calling 0808 149 9416.
Charges may apply. You will not be charged until you have agreed to the services you require and the associated costs.
Learn more about our charges at wesleyan.co.uk/charges.
Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Calls may be recorded to help us provide, monitor and improve our services to you.
Practice Plan Limited (Registered in England and Wales No. 03089948) is a part of the Wesleyan Group. Registered office: Cambrian Works, Gobowen Road, Oswestry, Shropshire, SY11 1HS Telephone number: 01691 684120. Website: www.practiceplan.co.uk. Practice Plan Limited is an introducer appointed representative of Wesleyan Financial Services Limited.
