Overpaying your mortgage could mean you’re mortgage-free sooner, but did you also know it could save you thousands of pounds in interest?

If you have a direct debit set up, it’s easy to think of your mortgage as a set cost that you can’t change. However, it’s often possible to make overpayments regularly or as a one-off lump sum. Even seemingly small amounts could really make a difference when you work out the total cost of borrowing.

Overpayments reduce outstanding mortgage debt

If you have a repayment mortgage, your regular mortgage payment will cover the accrued interest and a portion of the outstanding balance. In contrast, when you make an overpayment, all of it goes towards reducing your mortgage debt.

As interest is calculated based on the outstanding balance, after you’ve made an overpayment, the amount of interest added the following month is lower. Over a long-term time frame, even small overpayments can compound and save you a significant amount. 

The power of regular mortgage overpayments

Imagine you have a £300,000 repayment mortgage with a 25-year term and an interest rate of 4.5%.

Your regular repayments would be £1,167, and over the full mortgage term, the total interest paid would add up to £200,053.

However, if you decide to overpay your mortgage by £100 each month, the total interest paid would fall to £177,690 and you’d pay off your mortgage two years and five months early. So, you’d save more than £22,000.

A one-off mortgage overpayment could save you money too

You might also choose to put the money for overpayments to one side and pay it as a lump sum. This could be useful if you might need the money to cover your day-to-day outgoings or you want it to be accessible in the short term in case of an unexpected expense.

Using the above scenario of a 25-year £300,000 repayment mortgage with an interest rate of 4.5%, if you made a one-off overpayment of £20,000 at the start of your mortgage, you’d reduce your mortgage term by two years and 10 months, and save £37,440 in interest.

Balancing your short- and long-term finances

So, as the figures show, overpaying will mean your outgoings will rise now, but you’ll benefit from paying less in the long term.

Whether it’s the right decision for you will depend on your financial circumstances and priorities. Taking some time to understand your short- and long-term goals could help you assess how overpayments could fit into your budget now or in the future.

One benefit of choosing to overpay, rather than shortening your mortgage term, is that it’s flexible. So, if your financial circumstances change or an unexpected bill arrives, you’re able to stop the overpayments to reflect this.

Check if you could pay an early repayment charge when making overpayments 

If you have a mortgage deal in place, you may face an early repayment charge (ERC) if you make overpayments, so be sure to check your paperwork first.

Usually, you can reduce the total outstanding balance by 10% a year through overpayments without incurring an ERC. However, this differs between providers. An ERC is typically a percentage of the debt you’ve repaid, so it could be a significant bill if you’ve paid a lump sum.

If you don’t have a mortgage deal, you can normally make overpayments without an ERC being applied. While this may be a benefit of not having a mortgage deal, usually the interest rate you pay isn’t competitive. Your mortgage adviser could help you assess your needs and understand if finding a deal could make financial sense for you.

Contact us to talk about your mortgage needs

If you’re searching for a new mortgage and would like the flexibility to make overpayments, please contact us. We could help you save money and reach the mortgage-free milestone sooner.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.

Your relationship with money is related to far more than how much cash you have. In fact, psychological influences could be having more effect on your decisions and how you feel about wealth than you think.

Speaking to the Guardian in July 2025, financial psychotherapist Vicky Reynal stated she believes thoughts and feelings about money have “everything to do with our earliest experiences, deepest yearnings, and misgivings”.

Her unusual role sees Reynal work with clients to assess why they’re making certain financial decisions. She notes that while many clients understand what they need to do to improve their financial position at a rational level, they can’t bring themselves to do it.

For example, some people know they need to cut back to balance their budget, but still obsessively purchase non-essential items like shoes. Or, on the other end of the spectrum, one client has ample means to purchase nice things but will only buy the basics.

Taking a step back to understand why you make certain decisions could help improve your relationship with money and your chances of reaching long-term goals. Read on to discover some of the psychological influences that might affect you.

Recognising these psychological influences could improve your relationship with wealth

Previous experiences

Past experiences have a profound effect on how you view current situations, and lessons from your childhood can be particularly influential. 

If your family had a mindset that money is meant to be spent, you might find it difficult to save or invest for the future, even though you know it would benefit you in the long run. Alternatively, if you were encouraged to save all your money as a child, you may be reluctant to spend money on luxuries even if they’re affordable for you.

A financial plan is centred on your goals and identifies the steps you need to take to turn them into a reality. So, by working with a professional, you could overcome the influence that past experiences might have.

Money beliefs

“Money beliefs” refers to deeply held and unconscious ideas you have about money. Again, these often start to form in childhood, and it can be difficult to spot when they’re influencing your decisions.

For example, Reynal notes that if you grew up in a culture that thought of wealth as “immoral”, it can lead to a dilemma around what it means for you to become wealthy. For some, this money belief could mean they sabotage their financial security or build up wealth they worry about using for fear of judgment.

Working with a financial planner could provide an opportunity to re-examine your money beliefs and why you’re making certain decisions.

Comparing what you have to others

As the common saying goes, comparison is the thief of joy.

Sometimes, looking at what other people have can negatively affect your relationship with money. Such behaviour could then affect both your small and large financial decisions.

You might feel envious when a family member shows off their latest gadget. But if you let emotions get the better of you, it could lead to you splurging on the item even though you didn’t want it before. Or you may be looking forward to your retirement at 65, but feel less enthusiastic once you discover a friend plans to give up work earlier.

While it can be difficult at times, try to focus on your financial plan and stop making comparisons. Everyone’s path is different, and usually, you only see a snapshot of someone else’s life.

Get in touch to talk about improving your relationship with money

Setting clear goals and having a financial plan that reflects your circumstances could have a positive effect on your relationship with money. Please get in touch to discuss how you might turn your goals into a reality and feel more confident about your financial future.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

While many people don’t rely on care later in life, planning for the potential cost of it could help you feel confident about the future and mean you have more options should you need support.

According to a December 2021 report from The Health Foundation, people are increasingly living healthier and more independent lives in their later years. Indeed, the proportion of older people who need social care has fallen.

However, as life expectancy has improved, the number of people who will need some form of care is likely to rise. The report suggests that between 2021 and 2046, the number of people aged over 85 in the UK will double to 2.6 million.

So, while needing care might not be certain, it’s important to plan for it. Last month, you read about some of the reasons why you might consider care now. Read on to discover how you may make it part of your wider financial plan.

Calculating a potential care bill

It can be difficult to calculate how much care services could cost. After all, it’s impossible to know what’s around the corner. Setting out your preferences and doing some research could be valuable.

To start, you might consider different scenarios to understand how you’d feel about the options. For example, you may answer questions like:

• If you’d benefit from nursing care, would you prefer to receive this in your own home or a care home?
• If you moved to a retirement village or care home, are there facilities you’d like to be near or have on-site?
• Could your family or other loved ones provide support if you lived independently, or would you be able to move in with them?

With your preferences set out, you can start to calculate how much the different options may cost. The cost of care varies significantly across the UK, so doing some research in your local area alongside reviewing average figures could be beneficial. 

Don’t forget you’ll need to consider how the cost of care is likely to change over the long term due to the effects of inflation. 

When planning for care, it’s also important to consider a range of scenarios. If you only expect to get by with minimal support that your family could provide, you could find yourself in a difficult situation if your needs are more complex.

Being thorough when creating a care plan may mean you have more options should you need care and, hopefully, reduce financial worries at a time that might already be difficult.

4 ways you could cover care costs

There are many ways you might cover the cost of care. Here are four of the main options you could incorporate into your long-term financial plan.

1. Ringfence a portion of your wealth

Perhaps the simplest option is to ringfence a portion of your wealth for care costs. For example, you might earmark a portion of your savings or investments for care should it be needed.

2. Create a regular income

Another option is to create a regular income that would be enough to cover care costs.

You might do this by purchasing an annuity with your pension, which would then pay an income for the rest of your life. Alternatively, you might adjust your investment portfolio to create an income stream.

Your financial planner could help you assess how to create an income that offers reassurance about the future if you need care.

3. Take out long-term care insurance

It’s also possible to take out insurance that will pay a regular income if you need long-term care. The income may be paid directly to your care provider.

If you’re considering this option, it’s important that you understand the terms and conditions before taking out insurance. For instance:

• What is the maximum monthly income it would pay out?
• Are there any restrictions on which care providers you can use?
• Under what circumstances would you be eligible to make a claim?

You may need to pay regular premiums to maintain the cover, which will vary depending on a range of factors, including your health and lifestyle. In some cases, you might make a one-off payment instead.

4. Use your property

Your home might be one of the largest assets you own. According to the Halifax House Price Index in June 2025, the average home in the UK was worth almost £300,000. So, if you’re thinking about how to fund a potentially large care bill, don’t overlook property.

There are several ways you might use property wealth to fund care.

If you’re moving into a care home, you might choose to sell your property to cover the cost.

Alternatively, you may use equity release to access some of the money tied up in your property without selling it. This could be a useful option if you want to remain living in your home.

However, there are drawbacks to consider before choosing equity release. The most common type of equity release is known as a “lifetime mortgage” and involves taking out a loan against your home.

With a lifetime mortgage, you don’t have to make any repayments, and the interest is rolled up. Instead, the loan is repaid when you pass away or move into long-term care. As a result, the amount owed could be significantly higher than the amount you initially borrowed and could affect the inheritance you leave for loved ones.

Seeking tailored advice could help you understand whether equity release is right for you.

Contact us to discuss your care plan

If you’d like to review your existing care plan or would like our support creating one, please get in touch.

Next month, read our blog to discover some of the steps you might take to ensure your wishes around care are followed.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up, and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Equity release will reduce the value of your estate and can affect your eligibility for means-tested benefits.

A lifetime mortgage is a loan secured against your home. To understand the features and risks, ask for a personalised illustration.

This guest blog was written by Chris Budd, who wrote the original Financial Wellbeing Book as well as The Four Cornerstones of Financial Wellbeing. He founded the Institute for Financial Wellbeing and has written more than 100 episodes of the Financial Wellbeing Podcast.

Why do we do the things we do? What motivates us to do certain things, and why are we not motivated to do some of the things that we know would be good for us?

Answering these questions can give us insight into whether our relationship with money is making us happier.

Understanding motivations

Let’s look at the nature of those motivations in a bit more detail. Why are we motivated to do something? Sometimes it might be because that thing has to be done, like preparing or eating food. Sometimes it is because not doing it isn’t very pleasant, like putting out the rubbish. Sometimes, however, we are motivated to do something because we think it will bring us joy.

Let’s bring money into this equation. Sometimes we have to spend money on essentials like food. Sometimes we spend money because the alternative isn’t very pleasant, like fixing a hole in the roof of your house. But often we can choose how we spend our money to bring us joy. And this is where things get complicated.

2 types of motivations

We can categorise the reasons why we do things into two categories. Firstly, there is an extrinsic motivation. This is something that we do because we want to please somebody else, or for some form of external reward (such as money, fame, or praise).

In contrast, an intrinsic motivation is something that we do because it is satisfying for us, something that we do for its own sake. Intrinsic motivations are very often things that are purposeful.

Achieving an extrinsic motivation tends to have only a temporary effect on our wellbeing. Doing something to please others, for status or to gain approving looks, only lasts as long as we are receiving those looks.

Achieving an intrinsic motivation, on the other hand, has a much more significant effect on our wellbeing. Doing something just because we find it satisfying is clearly going to make us feel happy. Doing something that brings meaning and purpose to our lives will also have a positive effect on our long-term wellbeing.

The ideal financial plan works towards achievable intrinsic motivations.

Your financial planning objectives

This knowledge should have a significant impact on the objectives of your financial plan. These objectives describe your desired future. Understanding whether they are intrinsic or extrinsic motivations is going to determine whether your planned future is one which brings you wellbeing.

Here are three steps to take when thinking about those objectives, in order to create a future of wellbeing.

Step 1: Are they real objectives?

First, let’s check that you actually have a real objective in place. Do these objectives describe what you would like to be different as a result of engaging the financial planning process, or do they simply describe the financial advice?

“I would like to retire” is an objective. “I want to consolidate my pensions” is not!

Step 2: Goal or motivation?

Next, ask if the objectives relate to a particular target, perhaps a specific goal, or do they suggest a deeper motivation.

The difference between the two is that once a goal is achieved, a new goal is required. A motivation, however, tends to be something purposeful that continues to provide wellbeing after it has been achieved.

As an example, let’s take a financial plan that helps someone retire. This is a goal. Once reached, the goal has been completed. A motivation might be to be able to stop working in a job you hate and instead spend time making stained glass windows because that is your passion. The cashflow forecast will look the same, but the objective is very different.

Step 3: Intrinsic or extrinsic?

A few years ago I was coaching a business owner. At an early stage I asked how much he needed to sell the business for. He replied that he wanted £3 million.

I’m always suspicious of such a round number, so I asked where that figure had come from. We talked about what life after the business might look like. After half an hour or so, he finally admitted that he wanted £3 million because that’s what a friend had sold his business for.

With more discussion, we started to get into the things that really motivated him – his intrinsic motivations. This enabled us to work on a financial plan that showed that he didn’t need anything like that much money in order to do the things he wanted to do with his life.

Asking the question “How much is enough?” can often start this conversation. If the answer to that question involves owning things, ask yourself whether this is an intrinsic or extrinsic motivation. Is that bigger house necessary for your wellbeing, or is it because other people you know have a bigger house than yours?

Understanding our motivations in this way can help us to create financial plans that will make us happier, not just wealthier.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

The US struck trade deals with several countries in July 2025, leading to markets rising and putting an end to some of the uncertainty that had plagued investors for months. Read on to find out what else may have affected your investments recently.

While it might seem like 2025 has been a poor year for investors, due to geopolitical tensions and trade wars, the figures paint a different picture.

In the first half of 2025, the FTSE 100, an index of the 100 largest companies listed on the London Stock Exchange, gained 7.2%. It’s the best performance in the first six months of the year since 2021. The data shows how markets often bounce back following short-term market movements, as the index fell sharply in April due to US tariff announcements.

Remember, while markets typically deliver returns over a long-term time frame, they cannot be guaranteed, and it’s important to invest in a way that reflects your risk profile and goals.

Trade deals lead to market rallies in July 2025

While uncertainty affected markets in July 2025, there were also several record highs.

On 3 July, it was announced that the US and Vietnam had struck a trade deal. In addition, US data showed 147,000 new jobs were created in June. The good news led to global stocks reaching a record high, according to MSCI.           

US President Donald Trump previously set a deadline for trade deals. As this date approached on 7 July and countries without a deal faced high tariffs, shares on key US indices dipped slightly. The Dow Jones Industrial Average fell 0.16% and the S&P 500 was 0.3% lower.

With the trade deal deadline looming, Trump announced a pause on the levies for 14 trading partners to give countries time to negotiate with the US. It led to Asia-Pacific indices rising, including Japan’s Nikkei 225 (0.3%), South Korea’s KOSPI (1.9%), and China’s CSI 300 (0.8%).

The good news continued the following day. The FTSE 100 climbed 1.23% to close at a record high. Mining stocks led the way with Glencore, Rio Tinto, and Anglo American all up more than 3.5%.

On 14 July, European markets opened lower after Trump threatened to impose a 30% tariff on EU imports in August. The pan-European Stoxx 600 index was down 0.6%. Falls were also recorded on the main indices for Germany, France, Italy, and Spain.

There was further positive news for investors of stocks on the FTSE 100 index on 15 July. It hit 9,000 points for the first time after a rise of 0.2%. The UK was one of the few countries to have a trade deal with the US, and UK stocks benefited from trade tensions as a result.

The US and Japan reached a trade deal on 23 July. Under the deal, Japanese goods will incur a 15% tariff at the US border compared to the 25% Trump had previously threatened.

On the back of the news, Japan’s Nikkei index jumped 3.75%. Carmakers in particular saw rises, including Toyota (14.5%), Honda (10.8%), Subaru (16.8%), and Mazda (17.75%).

There was yet more trade deal news on 28 July when an agreement between the US and EU was announced. Indices across the EU were up as a result, including Germany’s DAX (0.8%), France’s CAC 40 (1%), and Spain’s IBEX (0.8%).

UK

With the Autumn Budget due in October, Reeves faces increasing pressure as key data released in July 2025 was negative.

Indeed, the Office for Budget Responsibility (OBR) said public finances are in a “relatively vulnerable position” with risks posed by tariffs, defence costs, and an ageing population. Based on current tax and spending policy, the organisation said public debt was on track to hit 270% of GDP by the 2070s. The projection would see public debt almost triple compared to the current level.

The concerns around public debt were further highlighted when UK borrowing increased to £20.7 billion in June 2025 due to interest payments rising. Worryingly, the figure was £3.5 billion more than the OBR’s forecast and could prompt the chancellor to raise taxes or cut spending.

In addition, data from the Office for National Statistics shows the UK economy shrank in May for the second month running. The 0.1% contraction was driven by a slump in industrial output.

The rate of inflation also unexpectedly increased to 3.6% in the 12 months to June 2025. It’s the third consecutive monthly increase and was the highest rate recorded since February 2024.

While the Bank of England’s Monetary Policy Committee didn’t meet to discuss interest rates in July, member Alan Taylor signalled a cut was likely in August. He said the “deteriorating” UK economy warranted a deeper interest rate cut than financial markets currently predict.

A Purchasing Managers’ Index (PMI) measures economic activity, and a reading above 50 indicates growth. In June, S&P Global’s PMI data for the UK found that the:

• Manufacturing sector continued to contract with a reading of 47.7, but hit a five-month high
• Construction sector was also contracting, but reached a six-month high with a reading of 48.8
• Service sector posted its strongest growth in 10 months with a reading of 52.8, and improvements in order books indicate further growth in the months ahead.

So, while there are setbacks for many UK businesses, the figures suggest there’s movement in the right direction.

Europe

The eurozone hit the European Central Bank’s (ECB) 2% inflation target in the 12 months to June 2025.

Over the last 12 months, the ECB has cut its base interest rate by a quarter percentage point eight times, taking the policy rate from 4% to 2%. Despite speculation that there would be a further cut when inflation hit its target, the central bank opted to leave the rate as it was.

S&P Global’s PMI suggests the manufacturing sector across the eurozone continues to contract. However, the data indicates it may have turned a corner as the reading in June 2025 was the highest in 34 months and only just below the 50 mark at 49.5.

As the bloc’s largest economy, Germany’s exports are essential and ongoing challenges could dampen growth this year, though the new US-EU trade deal may ease some of the pressure.

A Destatis report found that German exports fell by 1.4% in May when compared to a month earlier. Exports to the US played a significant role as they were down 7.7% month-on-month and 13.8% lower than the same period in 2024.

Germany’s central bank, the Bundesbank, said the country’s exporters were losing competitiveness and called for urgent reforms to improve the business climate, including reducing barriers for skilled migrants and enhancing tax breaks for private investment.

US

Official data from the Bureau of Statistics shows that inflation increased in the 12 months to June 2025 to 2.7%. The figure is above the Federal Reserve’s 2% target.

Tariffs and uncertainty continued to leave a mark on the US’s trade deficit.

In May, the trade deficit widened by 18.7% when compared to a month earlier, according to official data. The deficit now stands at $71.5 billion (£53.5 billion) as exports dropped by 4%.

The consumer sentiment index from the University of Michigan suggests people are feeling more optimistic. The reading in July was 61.8, up from 60.7 in the previous month. It was the highest score since the trade wars began five months ago.

American chipmaker Nvidia became the first listed company to reach a valuation of $4 trillion (£3 trillion). The company announced it would build high-powered systems to train its AI software, which led to shares soaring. As of the start of July, the company’s shares have gained 22% in 2025. 

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up, and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Managing your tax liability could help reduce your overall tax bill and get more out of your money. If you’re unsure how and when you might pay Dividend Tax, read on to find out.

A dividend is one way a company can distribute profits to shareholders. You might receive dividends if you hold shares in dividend-paying companies or if you’re a business owner.

Changes over the last few years mean more people are paying Dividend Tax.

For example, the amount you can receive in dividends before tax is due, known as the “Dividend Allowance”, gradually fell from £5,000 in the 2017/18 tax year to £500 in 2024/25.

According to a September 2024 FTAdviser article, the number of people paying Dividend Tax for the 2024/25 tax year is expected to double when compared to 2021/22. It’s estimated that almost 3.6 million people will need to pay Dividend Tax for the 2024/25 tax year, leading to the Treasury collecting almost £18 billion.

So, it may be important to understand how current legislation might affect you and some of the ways you could reduce your liability.

The Dividend Tax essentials you need to know

If you receive dividends, understanding when Dividend Tax may be due and the rate you’ll pay is important.

As mentioned above, you won’t pay Dividend Tax if the total amount you’ve received is below the Dividend Allowance. For the 2025/26 tax year, the Dividend Allowance is £500.

Dividends above this threshold will usually be taxable, and the rate will depend on which Income Tax band(s) the dividends fall within once your other income is considered. As a result, when calculating your Dividend Tax liability, you may need to include the income you receive from your salary, savings, and other sources.

For the 2025/26 tax year, Dividend Tax rates are:

• Basic rate: 8.75%
• Higher rate: 33.75%
• Additional rate: 39.35%

Depending on your circumstances, paying Dividend Tax on income could reduce your overall tax liability. For example, if you’re a business owner, choosing to reduce your salary and withdraw some money through dividends might result in you paying a lower rate of tax on a portion of your income.

Understanding tax rules and how they apply to you can be complex, and you might benefit from seeking tailored advice.

3 effective ways to reduce your Dividend Tax bill             

1. Use your Dividend Allowance

One of the simplest ways to reduce your Dividend Tax bill is to use your Dividend Allowance.

The allowance resets at the start of each tax year. If you can, spreading dividends across several tax years could reduce how much tax you’re paying.

The Dividend Allowance is also individual. So, if you’re married or in a civil partnership, managing tax liability together could be useful. You may pass some dividend-paying assets to your partner to use both of your Dividend Allowances.

2. Place dividend-paying shares in a tax-efficient wrapper

A Stocks and Shares ISA is a tax-efficient way to invest – you won’t pay tax on dividends from shares held in an ISA, and returns aren’t liable for Capital Gains Tax (CGT) either.

As a result, moving investments to an ISA could be an efficient way to reduce your tax bill.

You should note that the ISA subscription limit caps how much you can place into adult ISAs each tax year. For the 2025/26 tax year, it is £20,000.

In addition, pensions are a tax-efficient way to invest for retirement. Again, dividends you receive from investments held in a pension will not be liable for Dividend Tax, and investment returns won’t be liable for CGT.

The Annual Allowance (the amount you can save into a pension each tax year before tax charges may be applied) is £60,000 in 2025/26. However, your Annual Allowance might be lower if you’re a high earner or have already taken an income from your pension.

Keep in mind that you usually can’t access the money held in your pension until you are 55 (rising to 57 in 2028).

3. Reduce the number of dividend-paying shares you hold

Depending on your investment goals, you might choose to reduce dividend-paying shares if you’re focused on growth rather than income.

However, it’s important to note that this may not be appropriate for everyone and could increase your tax liability in other areas, such as CGT. Your financial planner could help you assess if adjusting your investment portfolio could be right for you.

Get in touch to talk about reducing your tax liability

If you’d like to discuss your tax liability and the steps you might take to reduce it, please get in touch. We’ll work with you to create a tailored plan that suits your circumstances and goals.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The value of your investments (and any income from them) can go down as well as up, and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The Financial Conduct Authority does not regulate tax planning.