The Quarterly Wealth Review: A Systematic Process for HNW Individuals

Wealth management without systematic review is wealth management by default. The most sophisticated financial plan — the most carefully crafted asset allocation, the most elegantly structured trust, the most precisely timed tax planning — will drift out of alignment with its objectives unless it is reviewed regularly and adjusted in response to changes in markets, legislation, and personal circumstances.

High-net-worth individuals with complex affairs have a large number of moving parts: pension arrangements, investment portfolios, property holdings, protection policies, business interests, trust structures, and international positions. Each of these has its own review cadence — pension nominations annually, ISA allowances by 5 April, Self Assessment returns by 31 January, and so on. Without a structured calendar, important actions are missed.

This guide sets out a practical quarterly and annual review process that ensures nothing falls through the gaps.

The Principle: Review at Four Natural Points

The UK tax year (6 April to 5 April) and the calendar year create four natural review points for HNW individuals:

• January/February: post-Christmas reset; Self Assessment deadline; remaining pension contributions for the year
• March/April: tax year-end sprint; ISA, pension, and CGT allowances; FY planning
• July/August: mid-year portfolio and protection review; half-year accounts
• October/November: forward planning for the new tax year; IHT gifting review; school fees and major expenditure planning

Many advisers recommend a formal annual review meeting with all key advisers simultaneously (or sequentially within a short period). Quarterly check-ins — shorter, more focused — keep the plan on track between the annual meeting.

January and February

Self Assessment deadline (31 January)

The UK Self Assessment return for the previous tax year (2024/25 for the January 2026 deadline) must be filed and any outstanding tax paid by 31 January. For HNW individuals with international interests, complex investment structures, and overseas income, preparation should begin no later than October/November. By January, the return should be in final form.

Actions:

• Confirm the return has been filed and payment has been made
• Review any balancing payment and the first payment on account for the current year
• If the return is not yet filed, escalate immediately — late filing penalties apply from day one after the deadline

Gift Aid carry-back election

Donations made before submitting the Self Assessment return can be carried back to the previous tax year. If 2024/25 income was unusually high (a disposal, bonus, or other one-off), making a sizeable Gift Aid donation now and electing to treat it as a 2024/25 donation on the 2024/25 return can generate additional higher-rate or additional-rate relief that would otherwise be lost.

The election must be made on the 2024/25 return — it cannot be made after the return is submitted.

Pension contribution review

The pension annual allowance for 2025/26 is £60,000 (or 100% of earnings, whichever is lower). Any carry-forward of unused allowance from the previous three years is available. January is a good point to assess:

• How much annual allowance has been used in the current year (through employer and employee contributions)?
• How much carry-forward is available from 2022/23, 2023/24, and 2024/25?
• What is the remaining scope for additional contributions before 5 April?

For individuals whose adjusted income approaches or exceeds £260,000 (and whose threshold income exceeds £200,000), the point at which the tapered annual allowance begins to bite, a precise calculation is essential before making further contributions.

March and April

ISA and JISA allowances (5 April deadline)

The ISA allowance is £20,000 per adult and the Junior ISA allowance is £9,000 per child for 2025/26. These allowances cannot be carried forward — they expire on 5 April. Actions:

• Fund ISAs for self and spouse/civil partner to the maximum if not already done
• Fund Junior ISAs for each qualifying child
• Consider Innovative Finance ISA or Lifetime ISA if appropriate (lifetime ISA limited to those under 40 at the time of first subscription)

Capital gains tax review

The CGT annual exempt amount for 2025/26 and subsequent years is £3,000. This modest allowance is use-it-or-lose-it. Consider whether:

• There are assets in a general investment account (GIA) with unrealised gains that can be realised up to the annual exempt amount without tax
• A bed-and-ISA (selling assets in a GIA and repurchasing in an ISA) can be used to move gains into the ISA wrapper
• Losses can be harvested against gains to reduce or eliminate the CGT liability
• Spouses or civil partners can make transfers between themselves to use both annual exempt amounts (transfers between spouses are CGT-free)

Dividend income planning

The dividend allowance is £500 for 2025/26. Dividends above this threshold are taxed at 8.75% (basic rate), 33.75% (higher rate), or 39.35% (additional rate). If you have investment income in a GIA generating dividends above the allowance, consider:

• Shifting assets into an ISA to shelter future dividend income
• Reviewing the asset allocation between dividend-producing and growth-oriented assets
• For company director-shareholders: the timing of dividends relative to the tax year end can affect the marginal rate

Pension contributions: final window

The window to make the final pension contributions for 2025/26 closes on 5 April. For employer contributions, the payment must be made and cleared by the pension scheme by 5 April (not merely authorised). Build in adequate processing time.

May and June

Post-year-end investment performance review

The end of Q1 of the new tax year is a natural point for a portfolio review:

• How has the portfolio performed in absolute terms and relative to its benchmark over the last 12 months?
• Has the asset allocation drifted materially from target due to differential returns? Rebalance if outside tolerance bands.
• Are there asset classes that have become over- or under-represented?

This review does not need to generate trading activity for its own sake — portfolio churn has costs. But systematic review ensures that drift is intentional rather than accidental.

P11D and benefits in kind

For directors and employees who receive benefits in kind from their company (cars, health insurance, accommodation), the employer files a P11D return by 6 July. Review the taxable benefit figures and ensure any class 1A NIC liability has been accounted for.

July and August

Protection review

Protection insurance — life insurance, critical illness cover, income protection — is the part of financial planning most frequently left unreviewd. Common errors include:

• Sum assured that has not kept pace with inflation or increased financial obligations (mortgage, school fees, family size)
• Policies written in own name rather than in trust — the payout would be included in the estate for IHT
• Trusts that name deceased or estranged individuals as trustees
• Gaps in cover — particularly income protection that does not cover the full income including bonuses

Actions:

• Confirm that all protection policies are still in force and premiums are being paid
• Review sum assured relative to current financial obligations and lifestyle expectations
• Check that life policies are written in trust and that the trust documentation and nomination are current
• Assess whether group life cover through an employer is portable and what happens if employment ends

Mid-year planning review

For business owners and those with variable income, mid-year is a good point to assess the expected year-end tax position. If income is tracking above expectations:

• Is there scope to make additional pension contributions before year end?
• Should discretionary expenditure (charitable giving, business investment) be brought forward into this year?
• Are there asset sales planned that should be accelerated or deferred relative to the CGT position?

September and October

School fees planning for the coming academic year

School fees are a significant expenditure item for HNW families. For the next academic year (starting September 2027 for planning purposes at this point in 2026):

• Review the schedule of fees and any planned increases (typically announced in October/November)
• Assess the most tax-efficient way to fund fees: lump sum prepayment, parental income, grandparent contribution, ISA drawdown, or offshore bond withdrawal
• For families with school-age children, consider whether a dedicated savings plan with a known timeframe should be established

Offshore bond segment review

Offshore investment bonds allow up to 5% of the original investment to be withdrawn each year as a tax-deferred loan, cumulative over 20 years. Segments of a bond can be surrendered individually, allowing withdrawals to be planned around income levels and marginal tax rates.

Actions:

• Review the position of each segment — have 5% withdrawals been taken? If not, the unclaimed allowance accumulates but does not carry forward beyond the policy anniversary
• Assess whether any full segment surrenders are planned and, if so, in what tax year they should fall to minimise the top-slicing calculation
• For bonds that have accumulated substantial chargeable gains, consider top-slicing relief calculations with a tax adviser before any surrender

November and December

IHT gifting: use annual exemptions

The IHT annual exemption of £3,000 per donor per tax year is use-it-or-lose-it, although one year's unused exemption can be carried forward (the carry-forward is used before the current year's exemption). If the exemption has not been used:

• Gift £3,000 per donor (£6,000 per couple) before 5 April to use the current year's exemption
• If last year's exemption was not used, carry it forward to this year — giving up to £6,000 per donor (£12,000 per couple) in the current year

Additional IHT gifting using the normal expenditure out of income exemption should also be reviewed — regular gifts from surplus income (regular, in keeping with the donor's standard of living, and made from income rather than capital) are immediately exempt from IHT.

Will and lasting power of attorney review

Wills and LPAs should be reviewed at least every three years and whenever personal circumstances change significantly. November/December, with a view to making any required changes before the year end, is a natural review point. Consider:

• Do the will and associated trust structures reflect current family circumstances?
• Are executors and trustees still appropriate — are they willing, capable, and alive?
• Are LPA attorneys and replacements still appropriate?
• Have any significant assets been acquired or disposed of since the last review that should be reflected?

Year-Round Actions

Some review actions do not fit neatly into a quarterly calendar but should be reviewed at any review meeting:

Expression of wishes with pension trustees: reviewed annually, particularly after any change in family circumstances.

Currency exposure: for clients with assets or income in multiple currencies, the level and management of currency risk should be reviewed at each investment review meeting.

Asset allocation and benchmark: the target asset allocation and the benchmark against which performance is measured should be confirmed annually, not inherited by default.

Adviser coordination: do all your advisers know what each other is doing? Is there a lead adviser coordinating the overall picture?

How Global Investments Can Help

Global Investments provides systematic, structured wealth management for internationally mobile HNW clients. We conduct regular portfolio reviews, coordinate with tax advisers on year-end planning, and ensure that the compliance actions — ISA contributions, pension contributions, Gift Aid carry-back elections, and IHT gifting — are identified and executed at the right time.

We also provide consolidated reporting across all asset classes and structures, giving you and your advisers a single, accurate picture of your total wealth position throughout the year.

This guide is for general information only. Tax allowances, thresholds, and rules change each year and depend on individual circumstances. The figures quoted in this guide are those in force as of the 2025/26 tax year and may change in subsequent years. Seek professional advice for personal tax planning.