On Wednesday, the 20th of November, the Bar Association for Commerce, Finance, and Industry (BACFI) kindly invited Lawbore to attend one of their monthly webinars. The topic for the month was “The UK Budget: How Will This Impact Your Financial Planning?” The meeting was chaired by Martin Quaye, founder of Marque Wealth Management, and Simon Martin, a chartered financial planner at Technical Connection. Being privy to insights from some of the sharpest minds in financial planning was a true honour. 

The lecture was structured into four distinct sections: what might have changed, what did change, what didn’t change, and, finally, initial thoughts and opportunities. 

To ground the discussion and contextualize the actual impact of the budget, Simon first broke down the rumours that preceded the announcement. This served as an excellent reference point for later discussions, with consistent callbacks to the initial fears and hopes surrounding the budget. One example was an analysis of Rachel Reeves’ Keynesian economic philosophy, which informed predictions about the budget’s direction. 

Having set the stage, Simon explored what didn’t change before diving into the more substantial changes. Key examples included the lack of changes to pension tax relief, the retention of capital gains tax rates for properties at 24%, and no changes to Individual Savings Accounts (ISAs). I found this focus on what remained unchanged fascinating; before addressing the more radical changes, it rooted the discussion in what aspects of the financial framework stayed the same, illustrating the more restrained areas in the new budget. 

We then moved on to the real substance of the budget. Simon provided insights into the key changes, such as the adjustments to inheritance tax—a topic sparking backlash, including the recent farmers’ protests—and how middle-asset owners will now need to focus more on inheritance tax planning. Additionally, he explained the increase in capital gains tax to 24% for share disposals and the rise in the basic tax rate from 10% to 18%. Hearing these specifics from an expert in financial planning was a thrilling exercise that illuminated how financial analysis intersects with law. Much like lawyers, financial advisors must analyse lengthy documents, extract key points, and present them in a way that is accessible to the public. Witnessing Simon’s ability to do this was a fascinating insight into how skills learned through legal study can be applied across diverse fields. 

Finally, Simon shared his initial planning thoughts. He strongly emphasized leaving pensions untouched, maintaining that capital gains tax remains more attractive than income tax, and highlighted the need for increased focus on inheritance tax changes in individual financial planning. As a law student, I am rarely exposed to the real-life financial impact of government policies; instead, we focus on dissecting legal enforceability and justiciability. Hearing about how government policies and legislative proposals directly affect individuals was a refreshing and enlightening experience. It underscored the importance of understanding how laws operate differently for individuals and how a seemingly minor change can have significant consequences for many. 

Personally, I found reassurance in the discussion that the UK budget would have little effect on my financial planning for the foreseeable future. However, it also made me aware of how much more some segments of the population will struggle under these changes. If you are concerned about how the budget might impact your savings, inheritance, or capital gains tax, I highly recommend watching the talk, which is available on YouTube.

Many thanks to Louis Milne for this succinct breakdown of his evening with BACFI. Louis has a keen interest in media law and a goal to work within the entertainment industry supporting creatives. He currently volunteers with the City CLAC housing disrepair team to try and support people in his local area who cannot afford legal care.

In his spare time, Louis is an avid hiker and big movie fan having ran both a YouTube account and a blog on everything film related in the past.