Welcome
Hello and welcome to the first issue of Tax-Efficient Investment (TEI) Magazine of 2026. It has already been a busy start to the year for us at TEI: last month we published our annual Insights report, and we have also released two TEI specials in our IFA Talk podcast series.
Turning to this issue, the magazine is once again packed with exclusive and informative content from across the tax-efficient investment landscape. As tradition dictates, we begin with our Director and Managing Partner, Paul Wilson, who shares his reflections ahead of the new tax year, looking back on 2025-26 and considering the implications of the recent Budget.
We then hear from another familiar voice at TEI, with an exclusive interview with Christiana Stewart-Lockhart of EISA. She reflects on how the 2025-26 tax year unfolded for EIS and SEIS, before offering her thoughts on what advisers should be watching in the weeks ahead.
Building on this, we asked a range of industry experts what advisers should be considering as the new tax year approaches. Their insights form a two-part series: the first focuses on EIS, SEIS and VCTs, while part two, later in the magazine, explores business relief, IHT and other specialist investment opportunities.
We also feature Jon Prescott of PXN Investments, who examines the April 2026 rule changes, explains what they mean in practice, and considers how the evolving landscape may affect advisers looking ahead.
Staying with VCTs, Fraser Mackersie of Unicorn shares his perspective on what to watch in 2026, offering a clear overview of the current VCT environment alongside practical considerations for advisers. Meanwhile, Toyin Oyeneyin of Octopus Investments outlines smart approaches to tax year-end planning, with a timely reminder not to leave preparations too late.
Following part two of our expert commentary series, Harry Morrison of MICAP provides his tax year-end toolkit, highlighting some of the most significant IHT changes from the past two Budgets and sharing his expectations for 2026 and beyond.
Finally, Nick Priest of Downing explores the changing landscape of inheritance planning and business relief, drawing on the findings of a recent study.
I hope you enjoy this issue of TEI Magazine, and I look forward to bringing you many more instalments as 2026 unfolds. In the meantime, do explore the latest special episodes of IFA Talk, available via the podcast section of our website.
Matt Williams
Tax-Efficient Investment Magazine Editor
