2024 General Election Checklist
Our 6-point checklist for the whole family
Important information: This isn’t personal advice. If you’re not sure what’s right for you, please ask for advice.
Investing for longer increases the likelihood of positive returns. Over a period of five years or more, investments usually give you a higher return compared to cash savings. But investments can go down as well as up in value, so you could get back less than you put in.
Tax pledges, pension and ISA rules can change and their benefits depend on your circumstances. Typically you need to be at least 55 (57 in 2028) to access the money in a pension.
The UK General Election takes place on 4 July.
However you’re planning to use your ballot paper, there are boxes you can tick now to help secure your long-term financial future.
Here’s our 6-point checklist for the whole family.
1. Think about taking advantage of your ISA
Although the main parties have been keen to play down fears of tax rises, frozen tax thresholds mean that whoever is elected, you could be set to pay more tax.
Now is as good a time as any to make the most of your tax-efficient ISA allowance.
Tax rules change and benefits depend on individual circumstances.
If you hold existing shares in an HL Fund and Share Account, our Share Exchange service lets you move them to your HL Stocks and Shares ISA or Self-Invested Personal Pension (SIPP). Inside an ISA or SIPP, they’re free from UK income and capital gains tax.
2. Plan your pension contributions
Promises on pensions have generated plenty of headlines.
Potential tweaks to allowances could impact the amount you’re able to pay in. Check the rules as they stand and see whether topping up a pension could help you make the most of tax relief.
Money in a pension isn’t usually accessible until age 55 (57 from 2028).
3. Get a first-time buyer boost
While a range of housing policy commitments from both sides of the political divide could benefit first-time buyers, these could take time to bear fruit.
The HL Lifetime ISA lets you save for an eligible first home today, with an added 25% bonus from the government. Rules apply.
Learn more about Lifetime ISAs
You need to be between 18 and 39 to open a Lifetime ISA. You can withdraw money from a Lifetime ISA to buy an eligible first home, or for later life at age 60. Other withdrawals will usually mean a 25% government charge, so you could get back less than you put in.
4. Keep an eye out for the kids
Pledges on schools, childcare support and private school fees have all been under the microscope.
For longer-term goals, the HL Junior ISA, HL Junior SIPP and Bare Trusts let you invest for a child’s future.
Learn more about investing for children
Think about when your child might need the money and check eligibility before you apply. Investments go down as well as up in value, so your child could get back less than you put in.
5. Take expert advice for a vote of confidence
Whichever way the nation votes, you need to focus on what you can control, and plan for the long term.
Our expert financial advisers can help you build a financial plan which will outlast governments and see you through any future turbulence.
Book a call to find out more about what’s involved, including costs.
6. Hear from our experts
See our latest insight and analysis on what the 2024 General Election could mean for financial markets and your money.
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Cash ISA
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Self-Invested Personal Pension
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