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.

Compare ISAs

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.

Discover the costs and considerations

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.

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.