Monthly Archives: September 2021

Easing of lockdowns boosts consumer confidence and unleashes pent-up demand

Understanding inflation is an important factor when it comes to your financial success. If you don’t factor inflation in when deciding where to put your money – whether that’s savings accounts or investing – you could find your wealth shrinks over the years.

The current causes of higher inflation are largely COVID-related. The easing of lockdowns has boosted consumer confidence and unleashed pent- up demand. At the same time, bottlenecksin production and distribution are squeezing supplies – from building materials to foodstus. This supply and demand imbalance has forced up some prices.

The rate of inflation is the change in pricesfor goods and services over time. On 18 August, the Oce for National Statistics reported the Consumer Prices Index measure of inflation saw a surprise slowdown in the year to July, down to the Bank of England’s target of 2% from 2.5% in June.

GROWING REALISATION

A sustained period of low inflation may have blunted some people’s concerns about inflation. But there’s now a growing realisation that high inflation could be around the corner, which reduces your purchasing power and what you could buy with your savings over time.

Some investors and savers may underestimate the damaging eects of inflation on their wealth. Keeping money in the bank typically earns interest, but if the interest rate is lower than inflation, money or purchasing power is eectively being lost.

PENSION SAVERS

People on fixed incomes – such as those whose pensions aren’t inflation-linked or workers on a static wage – are especially vulnerable to
the eects of inflation. As living costs rise, your money doesn’t go so far.

Pension savers need to think about what their savings might be worth during retirement – often a long time into the future. Inflation can make the diference between an enjoyable retirement and a frugal, worrisome one.

ABOVE INFLATION RETURNS

That’s why you should consider mitigating the eects of inflation by investing at least some of your money in assets that aim to oer above- inflation returns.

Arguably, we can expect inflation to settle back to lower levels once the post-pandemic surge in demand has been sated and supply chains are smoothed out. But even so, with the global economy poised for a strong rebound, most central banks are keen to get back to ‘normal’ monetary conditions. So rock-bottom interest rates can’t last forever.

GOOD INVESTMENT

Bonds and other assets that pay a fixed income and/or a fixed investment return are especially vulnerable to inflation. Bonds become less valuable as inflation and interest rates rise, reflected in falling bond prices and rising yields.

Conversely, shares are generally a good investment during periods of modest inflation.
A company’s fortunes typically track consumer demand and economic growth. If demand is strong, companies can raise prices, boosting the profits from which they pay dividends to their shareholders.

TIME TO DISCUSS MITIGATING THE IMPACT OF INFLATION ON YOUR FINANCIAL PLANS?

Inflation doesn’t just aect our everyday expenses, but could also impact our savings, investments and pensions. To discuss how we can help you plan to mitigate the impact of inflation on your financial plans, please contact us – we look forward to hearing from you.

INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE. THE VALUE OF INVESTMENTS AND INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE. THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAXATION & TRUST ADVICE.

With the disappearance of the job-for-life and with more people moving jobs several times throughout their working life and accruing multiple pension pots along the way, it can be all too easy to lose track of the pension funds built up.

Over time, pension schemes close, merge or become renamed, Changed job? Moved house? It’s not always easy to keep track of a pension, especially if you’ve been in more than one scheme or have changed employers throughout your career. Over time, pension schemes close, merge or become renamed. So even if you remember the name of your scheme, it could now be called something else.

With more of us changing jobs regularly throughout our working lives, it has become harder to keep track of old company pensions.

This is particularly the case for people who have moved home and whose pension providers no longer have their correct contact details.

With the disappearance of the job-for-life and with more people moving jobs several times throughout their working life and accruing multiple pension pots along the way, it can be all too easy to lose track of the pension funds built up.

So how can you go about tracing any pension schemes you have paid into at some point in the past?

GET IN TOUCH WITH FORMER EMPLOYERS

If your forgotten pension scheme was run by a company you worked for, you should contact them first. In some cases, individuals may not have been aware they were actually paying into a pension, especially if no monthly salary deductions were being made.

Most pension schemes must send you a statement each year. These statements include an estimate of the retirement income that the pension pot might give you when you reach retirement.

First, check to see if you have any old paperwork that might have the name of your employer or pension scheme. This will give you a good starting point. If you’re no longer getting these statements – perhaps because you’ve changed your address – to track down the pension you can contact the pension provider, your former employer if it was a workplace pension, or The Pension Tracing Service.

CONTACT PENSION PROVIDERS

Even if your pension was linked to your job, it may have been run on your employer’s behalf by a pension company. In this case, you should get in touch with the provider rather than your previous employer.

The same applies if you set up your own personal or stakeholder pension, for example. The Pensions Advisory Service, which is sponsored by the Department for Work and Pensions, can also help you look for a personal pension.

You’ll need to provide information about the name of your old employer or pension provider, and potentially further information such as the dates you worked at the company and your National Insurance number.

If you know which provider your pension was with, your first step is to contact them. However you contact them, you should provide as
many of the following details as possible: your plan number, your date of birth, your National Insurance number and the date your pension was set up.

By asking the following questions, you’ll get a thorough overview of your pension pot:

Q: What is the current value of my pension pot?

Q: Have I nominated a recipient for any death benefits?
Q: How much has been contributed into my pension pot?
Q: What charges do I pay for the management of my pension pot?
Q: How much income is the pension pot likely to pay out at my chosen retirement date?
Q: How is my pension pot being invested and what options are there for making changes?

Q: What are the charges if I wanted to transfer the pension pot to another provider?
Q: What are the death benefits – in other words, how much money would be paid from the pension if I died?

USE THE PENSION TRACING SERVICE

An alternative way of tracking down a lost workplace or personal pension is by using the Pension Tracing Service. This is a free government scheme which can be accessed via the government website. Again, you will need to provide as much information as possible about yourself and the dates you were a member of any scheme.

You can phone the Pension Tracing Service on 0800 731 0193 or submit a tracing request form to the Pension Service via the GOV.UK website.

STICK TO OFFICIAL SERVICES

Be warned though, from time to time, businesses are set up to oer similar tracking services to people who have lost pensions. Although they are not necessarily doing anything illegal and often oer assistance for free, they may try to give the impression that they are ocial services.

In fact, they could be trying to obtain the personal information of people who have substantial pension savings so they can persuade these individuals to make investments or pay for financial advice, for example.

To reduce the risk of losing track of a pension in future, ensure you let providers know whenever you change your home address or any other details, such as your email address.

READY TO START A CONVERSATION ABOUT BUILDING A SUCCESSFUL FINANCIAL FUTURE?

We’ll help you navigate through the complexities of today’s financial world. The choices available can often be bewildering, which is why we are here. Our goal is to work with you to build a successful financial future, where you can live a happy, secure and prosperous life. To find out more, please contact us.

A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS THE PLAN HAS A PROTECTED PENSION AGE). THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE. YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.

THE TAX IMPLICATIONS OF PENSION WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL CIRCUMSTANCES, TAX LEGISLATION AND REGULATION WHICH ARE SUBJECT TO CHANGE IN THE FUTURE. YOU SHOULD SEEK ADVICE TO UNDERSTAND YOUR OPTIONS AT RETIREMENT.

ACCESSING PENSION BENEFITS EARLY MAY IMPACT ON LEVELS OF RETIREMENT INCOME AND YOUR ENTITLEMENT TO CERTAIN MEANS-TESTED BENEFITS AND IS NOT SUITABLE FOR EVERYONE. YOU SHOULD SEEK ADVICE TO UNDERSTAND YOUR OPTIONS AT RETIREMENT.

Understanding your options and putting a plan in place

We spend our working lives building towards retirement. Choices we make today will have a big impact on the quality of our lives later on. If you only have a handful of years to go until you reach your retirement, it has never been more important to understand your options and put a plan in place – now could be a good time to re-evaluate your plans with us.

The changes made to UK pensions in 2015 mean that we all have more choices available on how to fund our lifestyle in retirement. But decisions surrounding when, why, and how you decide to retire will be very personal and will largely depend on your individual circumstances.

These decisions will also be impacted by external factors such as the rising State Pension age, and the impact of the recent pandemic on the job market. When planning for your future, it’s important to know when you can access the money in your pension pot.

If your pension is not on track to give you the income you want in retirement, you need to look at how to boost it. It’s also worth remembering that taking your pension doesn’t mean you need to retire.

TAKING STOCK OF YOUR RETIREMENT PLANS

Retirement is a time to reap the rewards of years of hard work and do more of the things that you love, whether that’s travelling the world or spending time with your grandchildren. But to make this a reality, you need to prepare as well as you can financially. This isn’t always easy, as pensions and retirement planning can be complex.

To help you ensure you’re on the right track, ask yourself the following questions. What type of pension/s do I have? Do I have more than one pension pot? If so, where are they? When and how can I access the funds in my pension pots? What is the value of my pension pots? What benefits will they provide me with? What about any other options or guarantees?

WILL YOU POTENTIALLY EXCEED THE PENSION LIFETIME ALLOWANCE?
If you’re close to retirement, you may find you are approaching the Pension Lifetime Allowance (LTA) limit. The LTA is the most you can accrue overall within your pension plans without incurring an additional tax charge on the excess funds. The LTA test can take place at various times and all funds are tested at some point (for example, when your pension plan is accessed, if you die without having accessed it and/or on reaching age 75). The LTA has been cut over the years and is now £1,073,100 for the 2021/22 tax year.

The LTA has also been frozen at £1,073,100 until 2026, potentially exposing you to the charge for breaching the threshold. If you breach the threshold you face a 55% LTA charge on amounts taken above this ceiling if they are withdrawn as a lump sum (with no further income tax due beyond the 55%), or a 25% LTA charge when taken as income which includes placing the funds in a drawdown plan. In addition, any income withdrawn is then taxed at usual income tax rates.

If you think you are nearing the LTA, it’s important to monitor the value of your pensions, and especially the value of changes to any defined benefit (DB) pensions as these can be surprisingly large. DB pensions are valued for LTA purposes as 20 times the annual pension figure, plus the tax-free cash amount, whereas defined contribution (DC) pensions are tested against the LTA based on the fund value. There were, and are, protections that can help you avoid a tax charge by giving you a higher LTA. We can discuss whether this applies to your situation.

WHAT DOES YOUR CURRENT AND FORECASTED WEALTH LOOK LIKE?
As you get closer to retirement, it is important to assess your current and forecasted wealth, along with your income and expenditure, to create a picture of your finances for both now and in the future.

Lifetime cash flow modelling will help ensure you don’t run out of money – or die with too much – by showing whether your current investment approach is either excessively risky or unduly cautious. Retirement cash flow modelling can help to alleviate your concerns. Building your individual retirement cash flow plan involves assessing your current and forecasted wealth, along with your income and expenditure, using assumed rates of investment growth, inflation and interest rates, to build a picture of your finances both now and in the future.

If you have accumulated wealth, retirement cash flow modelling will help you manage your position and make sensible decisions over the years. However, cash flow planning is arguably even more beneficial if you have longer-term personal or business objectives, as you can see how much you need to save and the returns you need to meet those defined objectives.

TIME TO LOOK AT YOUR OPTIONS AVAILABLE WHEN ACCESSING YOUR PENSION?
Once you reach age 55, you can access your defined contribution (DC) pension pot. You can take some or all of it, to use as you need, or leave it so that it has the potential to continue to grow. It’s up to you how you take the benefits from your DC pension pot. You can take your benefits in a number of dierent ways.

You can choose to buy a guaranteed income for life (an annuity). You can take some, or all, of your pension pot as a cash lump sum, or you
can leave it invested. However you decide to take your benefits, you’ll normally be able to take 25% of your pension pot tax-free. The rest will be subject to Income Tax.

It’s good to have choices when it comes to pensions and your retirement, but it’s also important to understand all your options and any impact your decision may have on your future security. How long your pension pot lasts will depend on the choices you make. We can help by discussing the options available to access your pension.

ANNUITIES

If you buy an annuity this will provide a guaranteed income for the rest of your life. With this option,
the provider agrees to pay you an agreed regular sum until you die. With an annuity, you may receive more or less money than you put in depending on how long you live after your annuity has started.

FLEXI ACCESS DRAWDOWN

By opting for flexi-access drawdown, you can leave your pension pot invested so that it has the potential to grow, or take lump sums or a regular income from it. Your pension pot will last until you’ve taken all your money out. The level of income you take and any investment growth will be key factors as to how long your pension pot will last.

TAKE SOME OR ALL OF IT IN CASH

If you take some or all of your pension pot as a cash lump sum, it’s up to you how long it lasts. Once you receive your money after tax, you’re completely responsible for it and can use it as you require – although remember that although 25% of the amount you take is tax-free, you’ll pay Income Tax on the rest.

LEAVE IT ALL FOR NOW – DEFER YOUR PENSION

You could decide not to take your pension at your selected retirement date and leave it invested until you’re ready to take your benefits. This means your pension pot would have the potential to grow, although this is not guaranteed. It’s important to ensure you don’t lose any guarantees which only apply at your retirement date if you decide to leave your pension pot.

WOULD YOU LIKE US TO CARRY OUT A RETIREMENT PLAN REVIEW WITH YOU?

Even if retirement isn’t far away, there are ways to increase your retirement income. This applies both to your State Pension entitlement as well as to any personal or workplace pension pots you have. To find out what you can do, please contact us for more information.

A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS PLAN HAS A PROTECTED PENSION AGE). THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE. YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.

THE TAX IMPLICATIONS OF PENSION WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL CIRCUMSTANCES, TAX LEGISLATION AND REGULATION WHICH ARE SUBJECT TO CHANGE IN THE FUTURE. YOU SHOULD SEEK ADVICE TO UNDERSTAND YOUR OPTIONS AT RETIREMENT.

Are you making use of this useful and much under-utilised exemption?

If you want to make inheritance gifts from surplus or excess income, there is a useful and much under-utilised exemption that allows gifts over and above the value of £3,000 per annum to be made without these gifts forming part of your estate if you die within seven years of making them.

The exemption comes under the heading of ‘Normal expenditure out of surplus income’. It is a particularly valuable way of gifting part of your estate to future generations on a regular basis. If you want to make inheritance gifts from surplus or excess income, you need to show that you intend to make regular gifts that will not affect your normal standard of living, and that will come from income rather than capital.

This form of giving is most effective for those with higher incomes relative to their cost of living, who are either looking to clear their estate or just make gifts to loved ones – especially in order to distinguish these gifts from lifetime gifts of capital that have already been made or are being contemplated.

SO, WHAT ARE THE REQUIREMENTS?

1. The gift must form part of your normal expenditure – this can mean either a pattern of regular gifts or the intention to make regular gifts. You therefore need to record when you are making a gift out of income, by writing a letter for instance.
2. The gift is made out of income.
3. You are left with enough income to maintain your normal standard of living.

In order to assess whether you have sufficient income to utilise this exemption and to satisfy conditions 2 and 3, you will need to:

• Consider how much net income you receive (for example, from employment, pensions, dividends, interest, rent) after tax.
• Review what your normal expenditure amounts to – there is no actual legal definition of what ‘normal expenditure’ amounts to but it is based on an individual’s particular circumstances. This may, of course, fluctuate from year to year.

CONDITIONS THAT MUST BE MET

It is important to consider the conditions that must be met for gifts to qualify. The conditions of ‘surplus’ and ‘normality’ are qualitative and, without methodical planning, can leave room for doubt about the tax effects.

It’s therefore important to seek professional financial advice in advance to identify any ambiguity. Inadvertently making a gift of capital could be very costly and later give rise to a 40% Inheritance Tax charge on those funds should you die within seven years.

CARRYING FORWARD YOUR INCOME

If appropriate, you could complete this process each tax year to review how much surplus income you have for that year. You can then increase or decrease the amount you gift accordingly. There are no hard and fast rules
as to when income no longer retains its status as income. However, HM Revenue & Customs tends to take the approach of being able to carry forward income for a period of two years.

It’s important to keep financial records that allow you to calculate and offset expenditure against income. This will determine the amount available for gifting. Tracking the opening and closing balances on monthly bank statements is the usual starting point.

CONTINUING TO MAKE REGULAR PAYMENTS

It’s also helpful to record a Memorandum of Intent, declaring your future intention to make regular gifts of your excess income, which can be used
to anticipate a challenge to their nature. The Inheritance Tax Form 403 provides a useful record- keeping tool. Your executors will need to claim the exemption on your death, and therefore it is important to maintain thorough record keeping.

In certain situations it may be possible that a single gift could qualify so long as it can be proved upon death that there was an intention to continue with the payments. Such intention could be proved by the donor providing a signed letter to the recipient confirming their intention to continue to make regular payments.

WISHING TO RETAIN CONTROL OF YOUR CAPITAL
This is a particularly effective means of tax planning if an individual is not dependent upon such income to maintain their current standard of living but wishes to retain control of their capital. For example, a parent could pay the premiums on a life policy for their child, make payments into trust for the benefit of their children, or pay their children’s school or university fees.

The gift can be made out of general income or it could be made out of a nominated source such as property rental or specific investment income.

IS YOUR WEALTH PROTECTED FOR YOU AND YOUR FAMILY?

Estate planning is essential to make sure your wealth is protected for you and your family. By structuring your assets in a tax- efficient way, you can make sure everyone is provided for in the future. To discuss your options or any estate planning concerns you may have, please contact us.

THIS INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF LEGISLATION. LEGISLATION AND TAX TREATMENT CAN CHANGE IN THE FUTURE. THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE INHERITANCE TAX PLANNING AND TRUSTS.

TIME TO TAKE A DIFFERENT VIEW AND ORGANISE YOUR FINANCIAL AFFAIRS?

Tax planning should enable you to arrange your affairs in ways that postpone or legally avoid taxes. No one likes to pay tax on their hard-earned money, so by employing effective tax planning strategies you could have more money to save and invest or more money to spend, Or both. Your choice.

It’s important to organise your financial and tax affairs to make the most of every tax-free allowance available to ensure you’re not paying more tax than you need to. Keeping up with the latest changes to your tax and pension allowances can be difficult, so we’ve provided a summary to help you manage your tax affairs more effectively. The UK tax year starts on 6 April each year and ends on 5 April the following year.

HOW MUCH IS THE INCOME TAX PERSONAL ALLOWANCE IN 2021/22?
The Income Tax personal allowance is £12,570. This is a slight increase from the previous year; in 2020/21 the personal allowance was £12,500. The Income Tax personal allowance has been frozen until 2026, meaning that there will be no more increases until the tax year 2026/27.

WHAT ARE THE INCOME TAX BANDS FOR 2021/22?
The upper limit for the basic rate tax band in England, Wales and Northern Ireland is £50,270. Again, this is a slight increase, from £50,000 the previous year. The basic rate of Income Tax remains at 20%. The higher rate tax band applies to income above the basic rate band but not over £150,000pa and the additional rate tax band applies to income over £150,000. Income above the basic rate tax band but below £150,000 is taxed at 40%, and income exceeding £150,000 is taxed at 45%. In Scotland, the bands and tax rates applying to non-savings, non-dividend income (e.g. applying to earned and pension income) are slightly different. The personal allowance is the same, and income of between £12,571 and £14,667 is taxed at 19% (starter rate). Income between £14,668 and £25,296 is taxed at 20% (basic rate). Income between £25,297 and £43,662 is taxed at 21% (intermediate rate). Income between £43,663 and £150,000 is taxed at 41% (higher rate) and income over £150,000 is taxed at 46% (top rate).

HOW MUCH IS THE PENSION ANNUAL ALLOWANCE IN 2021/22?
This is £40,000, the limit on how much you can contribute to your pension while claiming tax relief, providing those contributions are worth
up to 100% of your annual earnings (£3,600 p.a. if more).

NOT EVERYONE IS ENTITLED TO THE FULL ANNUAL ALLOWANCE:
„ If you earn less than £40,000 a year, you are only entitled to claim tax relief on your pension contributions up to a maximum of 100% of your earnings (£3,600 if more).
If you adjusted income is more than £240,000, you’ll likely be affected by the ‘tapered’ annual allowance, which reduces by £1 for every £2
you earn above this threshold.
If you have accessed your pension, you may have triggered the Money Purchase Annual Allowance, which is £4,000. You are also allowed to ‘carry forward’ unused pension allowance from up to three previous years (not if you are subject to the Money Purchase Annual Allowance). In the three most recent tax years, the total annual allowance was
also £40,000.

HOW MUCH IS THE PENSION LIFETIME ALLOWANCE (LTA) IN 2021/22?
The pension Lifetime Allowance (LTA) is £1,073,100. This is the limit on how much you can accrue within your pension savings in your lifetime before you incur an additional tax charge.
The pension LTA has been frozen until 2026, meaning that there will be nomore increases until the 2026/27 tax year.

HOW MUCH IS THE STATE PENSION IN 2021/22?
For those reaching State Pension age after 5 April 2016, the State Pension is £179.60 a week. That’s an increase of £4.40 a week from 2020/21, or £228.80 more across the whole year.
For those with only a post 5 April 2016 National Insurance record, to claim the full State Pension, you must have 35 qualifying years on your National
Insurance contributions record. If you have fewer than ten qualifying years, you won’t be entitled to any State Pension. Transitional rules apply to those who also have a pre 6 April 2016 National Insurance record. You may be able to make voluntary National Insurance contributions to record more qualifying years of National Insurance contributions.

HOW MUCH IS THE INDIVIDUAL SAVINGS ACCOUNT (ISA) ALLOWANCE IN 2021/22?
The personal Individual Savings Account (ISA) allowance is £20,000, which is the same as the previous tax year.
This means that you can save or invest up to £20,000 in one ISA, or two or more ISAs of different types, and any growth on your savings or investments is free from Income Tax and Capital Gains Tax and any withdrawals are free from tax.

HOW MUCH IS THE CAPITAL GAINS TAX ALLOWANCE IN 2021/22?
The Capital Gains Tax allowance is £12,300. This is the same as the previous year. It has been frozen until at least 2026.

HOW MUCH IS THE INHERITANCE TAX NIL – RATE BAND IN 2021/22?
The Inheritance Tax nil-rate band is £325,000.
This is the same as the previous year.
When leaving a property to a direct descendant on your death, there is an additional allowance called the ‘residence nil-rate band’, which is currently £175,000.
The residence nil-rate band was due to rise with inflation in April 2021, but both thresholds have been frozen until 2026. It still means, however, that married couples and registered civil partners can leave up to £1m on their deaths free of Inheritance Tax.

INFORMATION IS BASED ON OUR CURRENT
UNDERSTANDING OF TAXATION LEGISLATION
AND REGULATIONS. ANY LEVELS AND BASES
OF, AND RELIEFS FROM, TAXATION ARE
SUBJECT TO CHANGE.
THE VALUE OF INVESTMENTS
AND INCOME FROM THEM MAY GO DOWN.
YOU MAY NOT GET BACK THE ORIGINAL
AMOUNT INVESTED.
PAST PERFORMANCE IS NOT A RELIABLE
INDICATOR OF FUTURE PERFORMANCE.
THE FINANCIAL CONDUCT
AUTHORITY DOES NOT REGULATE TAXATION
& TRUST ADVICE.