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PPM Financial Planning Offering "No Tie" Independent Financial Advice. We regard ourselves as the GP's of financial services offering advice on all aspects of your finances.

Financial Planning for Business Owners, Business Leaders and Horse Racing Professionals
These are the areas we specialise in but we will sit down and create a plan with anyone who sees the value in planning for their future. As it is most peoples common goal to retire, it is this area where we specialise
providing bespoke individual retirement strategies that include pension, investment, business strategy planning, protection and savings advice.

Happy Birthday to our Senior Paraplanner Louise Wheeler.
16/10/2026

Happy Birthday to our Senior Paraplanner Louise Wheeler.

15/10/2026

PPM's 6️⃣0️⃣ Second Read!

Another chapter begins for long-term care in England

Andy Burnham has plans to deal with long-term care in England.

In March 2010, during the dying days of Gordon’s Brown’s Labour government, Andy Burnham was the Health Secretary. In that role, he published a White Paper on social care reform in England, proposing the establishment of a national care service. The new service was to be funded by state and individual contributions, but decisions on who would pay for what were deferred until after the impending election. In a surprise statement that contradicted what the then Chancellor had previously said, Burnham suggested that a compulsory levy on people’s estates after they have died had not been ruled out. That levy was instantly branded by the opposition as a ‘death tax’, a term that echoed around the subsequent election.

Fast forward 16 years and now Prime Minister Andy Burnham is once again talking about a national care service. On this occasion, the next general election is up to three years away, but the older and wiser Burnham is now more careful in what he says about his plans for dealing with social care. His speech on the topic, given in a North London care home, contained three announcements:

• Speeding up an existing review: In 2025, the Starmer government initiated a review into social care under Baroness Casey. It was due to issue a final report, including funding recommendations, in 2028. Burnham has brought that target forward to 2027. Casey’s report is the 23rd such review into social care.
• Focus on social care workforce: The Starmer government established a fair pay agreement for social care staff, due to start in 2028/29. Burnham wants to go further by lifting the social care workforce “closer to NHS standards”. He acknowledged that the lift would apply in terms of pay, but also in terms of training, wider support and job security.
• Cross-party approach: Perhaps it was the memory of 2010 that prompted Burnham to say he would aim for a cross-party approach. In practice, the goal looks likely to be unmet, as the Conservatives have offered their support conditional on no extra taxes or borrowing.

Realistically, it remains unlikely any change will start to operate until the 2030s – if it survives the next election. So factoring in your potential long term care should be part of your overall financial planning.

13/10/2026

PPM's 6️⃣0️⃣ Second Read!

Healey sets a pre-Halloween Autumn Budget

The Autumn Budget date has now been set for 28 October, with the new Chancellor facing some familiar challenges.

At the end of a fortnight heavily laden with announcements from Prime Minister Andy Burnham and his revised cabinet, what may prove to be the most significant statement made its appearance late on a Friday afternoon: the date of the Autumn Budget. The new Chancellor, John Healey, posted a video message revealing the Budget would be on Wednesday 28 October. That is about four weeks earlier in the year than the 2025 Budget but still leaves plenty of time for speculation to build.

So, what can we expect in late October from the second former defence minister named Healey to occupy 11 Downing Street? Among a long list to watch for are:

• Income tax: At the end of his first week, Burnham told The Times that the “frustration about the personal allowance” he experienced during his Makerfield by-election campaign had “lodged in my mind”. Shortly afterwards, he was more cautious: “There is no commitment at this point to change, but we will look at that at the Budget”. Any move away from the freeze that lasts until April 2031 would be costly.

• The VAT cut to electricity bills: This was Burnham’s first “breathing space” announcement, which the government said was “expected to take around £45 off the yearly Ofgem price cap in October”. However, it subsequently emerged the cut is only for six months, so it will be interesting to see whether Mr Healey makes any mention of its extension beyond March 2027.

• State pensions and tax: In her last Budget, Rachel Reeves said that “we are ensuring that people only in receipt of the basic or new State Pension do not have to pay small amounts of tax through Simple Assessment from April 2027”. F No more detail has emerged since; in the meantime, many tax experts have highlighted a variety of complex issues raised by the seemingly simple goal.

• The fiscal rules: When announcing the date of his Budget, John Healey was careful to say that “It will meet our fiscal rules’’. At present, this could mean tax rises as the latest estimates suggest more than half of the all-important fiscal headroom has disappeared since March, due to the fallout from the Iran war.

As ever, if you wish to undertake any pre-Budget planning, do not delay.

Tax treatment varies according to individual circumstances and is subject to change.

The Financial Conduct Authority does not regulate tax advice.

08/10/2026

PPM's 6️⃣0️⃣ Second Read!

The Treasury Committee wades into the debate about student loans

The House of Commons Treasury Committee has published a critical report on the operation of student loans.

Earlier this year the Department for Education (DfE) announced a 6% interest cap on Plan 2 student loans for one year from September 2026. The DfE press release claimed that the measure would “…protect students and graduates in England and Wales from the potential of inflation pressures due to the situation in the Middle East”, but the true impact of the change will be insignificant.

Shortly after the announcement was made, the March 2026 retail price index (RPI) was published. This sets the basis for 2026/27 interest on Plan 2 loans, which ranges from RPI to RPI+3%. The March RPI was 4.1%, so the maximum reduction in the interest rate was 1.1%. Plan 2 graduates with income of less than about £44,270 will see no benefit from the cap, as their loan interest rate is 6% or less. Even higher earners may not benefit if they do not clear their loan by the end of the 30-year repayment period.

The DfE rate cap was a move to counter growing criticism about the operation of student loans and, in particular, the former Chancellor’s 2025 Autumn Budget decisions to:

• Raise the income threshold for starting repayment on Plan 2 loans by 3.2% to £29,385 in 2026/27, but
• then freeze the threshold for the following three tax years, and then
• from 2030/31, link threshold increases to RPI rather than earnings. However, from February 2030, the RPI inflation calculation will be revamped, bringing it closer to the more widely quoted and generally lower consumer price index (CPI).

In July, the House of Commons Treasury Committee issued a damning report on student loans, saying that the government has “a moral obligation” to reverse the Budget decision to freeze the threshold at which student loans are repaid. It also suggested that the loan terms would be illegal, but for specific government exemptions.

Alas, the chances that the (new) government will take much notice of the Treasury Committee look slim. Outstanding student loans totalled £295 billion in March 2026, meaning even small downward payment adjustments run into billions. As the new university year begins, it is a reminder that student fee planning should not be ignored by parents – or grandparents.

06/10/2026

PPM's 6️⃣0️⃣ Second Read!

Pension tax-free cash: don’t let Budget rumours rush your decision

The tax-free lump sum offered by most pension arrangements steps back into the spotlight as the Autumn Budget nears.

“Anomalous, but much loved” was how one Chancellor, the late Nigel Lawson, described the tax-free lump sum from pensions in his 1985 Budget. Fast forward 41 years and 13 Chancellors2 later, the tax-free lump sum has survived, although since April 2006 it has formally been called the pension commencement lump sum (PCLS).

Since April 2020, the maximum PCLS has been the lesser of £268,275 and 25% of your total pension value, unless you benefit from one of the various transitional protections introduced over the years. The freeze has not stopped speculation that the cash limit will be cut, with a £100,000 figure that is commonly floated. The speculative hype was notable during the prolonged run up to the 2024 and 2025 Budgets, both of which were preceded by weeks of tax-rise rumours.

An unfortunate consequence of the unrealised threat to the PCLS was that some people were prompted to withdraw their lump sum ahead of the Budget, only to subsequently regret their action. HMRC data, obtained through a Freedom of Information (FoI) request, showed that in 2024/25, the amount of PLCS drawn was 60% higher than in the previous tax year. In the run-up to the 2025 Budget, HMRC and the Financial Conduct Authority simultaneously issued pre-emptive statements about drawing the PCLS. The basic message from both bodies was that, once made, there was no way to reverse the transaction from a tax viewpoint.

As the Autumn 2026 Budget nears, it seems inevitable that the PCLS rumours will grow and, once again, lump sums will be drawn earlier than planned from a UK tax-free environment to be placed into a taxable one. If you are tempted to pre-empt the new Chancellor, take note that:
• Since the introduction of the current tax framework 20 years ago, any announcement of an effective reduction included protection for those who would have immediately lost out.
• As a means of raising revenue, reducing the PCLS limit is a slow burn option because it will only generate tax from those who draw the benefit, usually on retirement. To complicate HMRC’s calculations further, those retirees may delay drawing their lump sum if they face a tax bill.

Still not convinced? Then do take expert advice before making the irreversible choice.

Tax treatment varies according to individual circumstances and is subject to change.

The Financial Conduct Authority does not regulate tax advice.

Village Magazine October Edition
05/10/2026

Village Magazine October Edition

01/10/2026

PPM's 6️⃣0️⃣ Second Read!

Unmarried couples: major legal reforms proposed

The law in England and Wales is moving a step closer to treating married and unmarried couples in a similar way.

“Over 3.5 million couples live together without getting married or entering a civil partnership, a number that has more than doubled over the past three decades. Despite this, cohabiting couples and their children have very limited financial protections should a relationship end.”

So says the foreword to A fairer end to relationships, a 100-page paper from the Ministry of Justice that makes proposals on divorce for married couples and civil partners, and separation and intestacy for unmarried couples in England and Wales. The most significant proposals are those affecting unmarried couples, for whom there is currently much less legal protection than for married couples. For example, while intestacy rules start with the surviving spouse as the main beneficiary, the survivor of an unmarried couple is ignored.

The new regime for unmarried couples would automatically apply to adults in “long-term, committed and interdependent relationships” who have lived together for at least three years or live together and share a child. However, there would be an option to opt out where both parties agree, subject to certain safeguards.

Under the proposed framework, the starting point would be that each person keeps what they legally own. The court would then consider the parties’ needs, with the aim that these should be met in a way that enables both parties to “transition to independence… as far as resources allow”. This limited definition of needs would mean that cohabitants cannot receive a more favourable outcome than spouses in comparable circumstances. Children’s welfare would be the primary consideration of the court, ensuring their welfare is protected where resources are limited.

While the settlement mechanisms would be similar to those currently applying on divorce, the goal would be to achieve a clean break wherever possible, with maintenance limited to exceptional circumstances, such as long-term ill health.

On intestacy, the proposal is that rights of inheritance should be extended to ‘qualifying cohabitants’. The minimum duration for qualification would not necessarily be the same as applied on separation and might be longer.

If you are in an unmarried relationship, do not wait for the law to change, which could take years – if it happens at all. Make sure your legal and financial planning works within the existing legal framework, which does not recognise common-law marriage.

The Financial Conduct Authority does not regulate will writing or estate planning advice.

Happy Birthday to our Mortgage & Protection Manager, Laura Daniels.
27/09/2026

Happy Birthday to our Mortgage & Protection Manager, Laura Daniels.

24/09/2026

PPM's 6️⃣0️⃣ Second Read!

The £59.2 billion unpaid tax hole

New HMRC research places an uncomfortably large number on the estimated amount of outstanding unpaid tax.

£59.2 billion is a serious amount of money: about £850 a head for every man, woman and child in the UK. In the context of UK tax, £59.2 billion is:

• HMRC’s estimate of the ‘tax gap’ in 2024/25, literally meaning the difference between the tax expected to be paid and what is received by the Treasury.
• £8.6 billion less than the total extra tax forecast to be raised by Rachel Reeves in her two Budgets while Chancellor.

Inevitably, the tax gap is an estimate, but it is one that HMRC has calculated each year since 2005/06. Back then it was 7.5% of all tax due; the latest figure is 6.4% for 2024/25. HMRC illustrates the sources of missing revenue in a variety of ways:

Source: For 2024.25, Table 1.2, ‘Measuring the tax gap tables online’, .gov.uk

Source: For 2024.25, Table 1.3, ‘Measuring the tax gap tables online’, .gov.uk

In 2024/25, HMRC collected £48 billion in ‘compliance yield’: extra tax raised by investigations, inquiries into returns and other revenue protection measures. Narrowing the tax gap regularly features in the list of Budget measures, not least because it appears to be pain-free extra cash. The government’s Spending Review 2025 allocated £1.7 billion to HMRC to fund 5,500 more compliance and 2,400 debt management staff. In total, measures announced by the government since the Autumn Budget 2024 aim to reduce the tax gap by £10 billion a year by 2029/30.

To a large extent, whether that goal is achieved will depend on reducing the tax that HMRC fails to collect from small businesses, around half of which is corporation tax. This is a perennially difficult area for HMRC because of the number of small businesses in the UK, which the government estimates at about 5.6 million (based on enterprises with less than 50 employees). At the opposite end of the spectrum, there are fewer than 8,500 large companies (250 or more employees). For HMRC, there comes a point when compliance work on small businesses is simply not cost-efficient.

One consequence is that HMRC will continue to push for more timely information from taxpayers – for example, the roll out of Making Tax Digital for Income Tax. Similarly, you can expect to see more proposals for reducing the time between receiving income and paying the tax due on it – such as the recently announced plans for accelerating payments on account.

Tax treatment varies according to individual circumstances and is subject to change.

The Financial Conduct Authority does not regulate tax advice.

17/09/2026

PPM's 6️⃣0️⃣ Second Read!

Goodbye LISA, hello FTB ISA

The government has published a consultation document on the replacement for the Lifetime ISA (LISA).

The Lifetime ISA (LISA) was unveiled in the March 2016 Budget to no great fanfare. It was widely criticised at the time for attempting to address two different issues:

• Saving for the purchase of a first home – a relatively short-term goal.
• Building funds for retirement – a long-term goal, as the maximum age to start a LISA is 39 and the minimum age to draw retirement benefits is 60.

There was a point after the initial announcement (by George Osborne) it seemed possible LISAs would be killed off (by Osborne’s successor, Philip Hammond). LISAs did eventually launch in April 2017, but from only a handful of providers. Most ISA managers viewed the new plan as neither fish nor fowl and best ignored.

In 2025, the House of Commons Treasury Committee issued a report on LISAs, which reached much the same conclusion. Later that year, the then Chancellor Rachel Reeves announced in her Autumn Budget that LISAs would be replaced with a new ISA for first-time buyers. A consultation paper on the design of a new First Time Buyer ISA (FTB ISA) was published in late June 2026. Its proposals include:

• Whereas LISAs benefit from a 25% government bonus as each contribution is paid, the FTB ISA would only benefit from a bonus when it was used towards the purchase of a first home.
• The paper did not specify any bonus level, but suggested that the amount would be a trade-off between the maximum contribution level (£4,000 a year for a LISA) and the maximum eligible property value (frozen at £450,000 for LISAs since April 2017).
• There would be no penalties for the FTB ISA if it were cashed in other than for home purchase. If a LISA is not used for home purchase or cashed in before age 60, an ‘unauthorised withdrawal charge’ of 25% of its value goes to the Treasury. The paper notes that more LISA investors have suffered this charge than have used their plan for property purchase.

Despite the widespread criticism of LISAs, there are circumstances where they are appropriate and potentially better than the FTB ISA. If you think those circumstances might apply to you, do take advice before acting.

Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances.

The value of the investment and the income from it can fall as well as rise and investors may not get back what they originally invested, even taking into account the tax benefits.

Investors do not pay any personal tax on income or gains, but ISAs may pay unrecoverable tax on income from stocks and shares received by the ISA managers.

Stocks and Shares ISAs invest in corporate bonds, stocks and shares and other assets that fluctuate in value.

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