Financial Planner

Samuel Back

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The lead-up to the 26 November Budget <a href="https://www.aventur.co.uk/blog/autumn-budget-2025-key-predictions">was dominated by speculation</a>, leaks, political manoeuvring and warnings from <a href="https://www.gov.uk/government/organisations/hm-treasury">Chancellor Rachel Reeves’ emergency press conference</a> on 4th November, that repairing the UK’s public finances would require “contribution” from everyone.&nbsp; &nbsp;Yet by the time the speech arrived, much of the detail had already been released, and <a href="https://obr.uk/forecasts-in-depth/the-economy-forecast/">the Office for Budget Responsibility (OBR) painted a more nuanced picture</a> than her pre-Budget rhetoric suggested. &nbsp;The Chancellor faced two critical tests: &nbsp;<ol><li>Meeting her fiscal rules by balancing the current budget in the 2029/30 tax year &nbsp;</li><li>Delivering tax rises now to avoid repeated fiscal tightening later in the parliament</li></ol> A logical political move – better to front-load the pain rather than keep returning to the electorate to ask for more. &nbsp;Reeves largely met both objectives through a <a href="https://www.gov.uk/government/publications/autumn-budget-2025">£26bn package of tax increases</a>. A broad, sometimes patchwork set of measures designed primarily to stabilise the Treasury’s position. Markets responded calmly, with sterling steady and gilt yields contained, offering the government a crucial early win. &nbsp;However, within the financial sector and business community, the reaction was less positive. The combination of frozen thresholds, reduced pension incentives, higher taxes on unearned income, and the introduction of a new wealth-based charges mark a noticeable shift in the UK’s tax landscape.&nbsp; &nbsp;These decisions appear more focused toward closing the fiscal gap than on addressing deeper underlying structural challenges of the UK economy, like low productivity growth, demographic pressures, and chronic infrastructure underinvestment. &nbsp;The key question now is whether this Budget goes far enough to prevent further tax rises over the next few years.&nbsp;The Institute for Fiscal Studies has already noted that the Chancellor's fiscal headroom, while improved from the £4.2 billion originally forecast, remains relatively modest by historical standards. &nbsp;Politically, the fortunes of both the Chancellor and Prime Minister are now tightly tied to the success of these decisions.&nbsp; &nbsp;As one Labour MP noted, "If she goes, he goes”, creating a strong incentive for the government to avoid returning to voters for additional tax rises - but whether economic reality will permit such political manoeuvring remains to be seen. &nbsp;<h2>1. Fiscal Drag Accelerates &nbsp;</h2>Announcement &nbsp;<a href="https://www.gov.uk/income-tax-rates">Personal tax thresholds will remain frozen until April 2031</a>, extended from previous deadline of 2028. &nbsp;Impact &nbsp;This is one of the most significant, yet least visible tax rises in this Budget. As wages increase, more people are pushed into higher tax bands despite no change in headline rates.&nbsp;The impact is particularly acute for those crossing key thresholds. Individuals earning around £100,000 face an eye-watering marginal tax rate as their <a href="https://www.gov.uk/income-tax/personal-allowances-tax-credits-and-when-you-start-paying">personal allowance tapers away between £100,000 and £125,140</a> - even higher for those repaying student loans.&nbsp;This threshold freeze means more households will be pulled into this trap with each pay rise or promotion. &nbsp;Additionally, the £100,000 threshold for losing <a href="https://www.gov.uk/30-hours-free-childcare">30 hours of free childcare</a> remains unchanged, creating a substantial financial penalty for families with young children where one parent's income approaches this level. &nbsp;Planning&nbsp;Those nearing the £100,000–£125,140 band should consider strategies that reduce adjusted net income, including pension contributions and salary sacrifice, while these remain attractive and before April 2029. &nbsp;<h2>2. A Targeted Tax Rise on Unearned Income</h2>&nbsp;<h3>Savings Interest</h3>&nbsp;Announcement&nbsp;From April 2026, <a href="https://www.gov.uk/apply-tax-free-interest-on-savings">tax on cash interest rises by 2 percentage points across all bands.</a>&nbsp;<ol><li>Basic rate from 20% to 22% &nbsp;</li><li>Higher rate from 40% to 42% &nbsp;</li><li>Additional rate from 45% to 47% &nbsp;</li></ol>Impact &nbsp;Savers with large cash balances, a&nbsp;higher-rate taxpayer with £100,000 earning 4% interest will see their annual tax bill rise from £1,600 to £1,680 – a 5% increase in effective taxation. The impact compounds over time and across larger balances.&nbsp;Planning &nbsp;Individuals should consider repositioning cash holdings into tax-efficient structures: &nbsp;<ul><li>Maximising ISA allowances before April 2027, allocating the full £20,000 annual allowance to cash &nbsp;</li><li>Premium Bonds are another attractive option, with the ability to hold up to £50,000, given the tax-free treatment of the prizes &nbsp;</li><li>UK government bonds (GILTs) provide secure returns along with the advantage of tax-free capital gains &nbsp;</li><li>Investment bonds are designed to allow tax-deferred growth, helping to manage the tax liabilities on returns&nbsp; &nbsp;</li></ul><h3>Dividend Income &nbsp;</h3>Announcement &nbsp;<a href="https://www.gov.uk/tax-on-dividends">Dividend tax will also increase by 2%</a> for Basic and Higher rates from April 2026, with the additional rate and £500 dividend allowance remaining unchanged. &nbsp;Impact&nbsp;This change significantly affects business owners extracting profits via dividends, and investors holding shares outside tax-sheltered accounts.&nbsp; Pensions and ISAs remain unchanged, but those relying on dividend income from personal portfolios or extracting profits from owner-managed businesses will see increased tax costs. For business owners, the traditional low salary / high dividend split becomes less advantageous.&nbsp;&nbsp;Planning&nbsp;<ul><li>Review salary vs. dividend mix &nbsp;</li><li>Where income currently being paid as dividends isn’t required for day-to-day living costs, pension contributions represent a great method for profit extraction &nbsp;</li><li>Move taxable investments into tax shelters where possible, such as pensions, ISAs and bond &nbsp;</li></ul><h2>3. ISA Restrictions and Reduced Tax Efficiency &nbsp;</h2>Announcement &nbsp;From April 2027, the Cash ISA allowance for under-65s falls to £12,000 from the current £20,000. A review of Lifetime ISAs (LISAs) is due in 2026, possibly to be replaced by a first-time buyer focused product. &nbsp;Impact&nbsp;Higher tax on cash arrives in 2026, followed by reduced tax sheltering in 2027, indicating a clear policy push towards investment over cash savings. This will also create a challenging environment for risk-averse savers and those with large cash reserves. &nbsp;Planning &nbsp;<ul><li>Use the full £20,000 ISA allowances in both 2025/26 and 2026/27 &nbsp;</li><li>Position known short-term spending (e.g., house moves) into ISAs before restrictions come into effect &nbsp;</li><li>Review emergency fund structure (Cash ISA vs Premium Bonds)&nbsp; &nbsp;</li><li>Under-40s should consider opening a LISA now, even with minimal funding &nbsp;</li></ul><h2>4. Salary Sacrifice Restrictions (But a Window of Opportunity) &nbsp;</h2>Announcement &nbsp;From April 2029, <a href="https://www.gov.uk/guidance/salary-sacrifice-and-the-effects-on-paye">salary sacrifice pension contributions above £2,000</a> per year will incur NI charges.&nbsp;Employees will pay NI at 8% on earnings below £50,270 and 2% above. Employers will also lose their NI exemption on these contributions. &nbsp;Impact &nbsp;This fundamentally affects key planning strategies for high earners — especially those between £100,000 and £125,140 who currently benefit from large effective tax relief.&nbsp; Employers may also be less willing to offer enhanced pension arrangements after the rule change. &nbsp;Planning (Before April 2029) &nbsp;<ul><li>Maximise pension contributions (up to £60,000 annually) &nbsp;</li><li>Use ‘<a href="https://www.gov.uk/tax-on-your-private-pension/annual-allowance#carry-forward">carry-forward</a>’ allowances from the last 3 years &nbsp;</li><li>Sacrifice bonuses where possible and&nbsp;especially tax-efficient for those in the £100,000-£125,140 band, effectively providing 62% tax relief (or higher with student loan repayments) &nbsp;</li><li>Parents can use sacrifice to stay below the £100,000 government childcare support cut-off &nbsp;</li></ul>Even post-2029, salary sacrifice still provides valuable tax relief, just at a reduced level &nbsp;<h2>5. Venture Capital Trust (VCT) Relief Reduced &nbsp;</h2>Announcement &nbsp;<a href="https://www.gov.uk/government/publications/venture-capital-trusts">Income tax relief on VCTs will drop from 30% to 20% in April 2026</a>,&nbsp;reducing these below Enterprise Investment Scheme (EIS) relief levels. &nbsp;Impact &nbsp;VCTs become less attractive from a pure tax relief perspective. It is important to note the remaining (and significant!) benefits: &nbsp;<ul><li>Tax-free dividends (particularly valuable given the dividend tax increase) &nbsp;</li><li>Tax-free capital gains &nbsp;</li><li>Diversified exposure to early-stage UK companies &nbsp;</li></ul>Planning &nbsp;<ul><li>Before change: Consider investing in VCTs before April 2026 to secure the higher relief &nbsp;</li><li>After change:&nbsp;VCTs against EIS opportunities on a risk-adjusted basis with both offering 20% upfront relief but different risk/return profiles&nbsp; &nbsp;</li><li>Reminder: both remain higher-risk investments and should only form a small portion of a diversified portfolio &nbsp;</li></ul><h2>6. The New Mansion Tax &nbsp;</h2>Announcement &nbsp;From April 2026 an annual wealth charge will apply to residential properties valued: &nbsp;<ul><li>£2–5m: £2,500/year &nbsp;</li><li>Over £5m: £7,500/year &nbsp;</li></ul>Impact &nbsp;Though relatively small in percentage terms, this marks the UK’s first explicit modern wealth tax. &nbsp;Asset-rich but cash-poor households may feel cashflow pressure, and houses near the £2m and £5m thresholds may see price pressures as buyers seek to avoid crossing these thresholds. &nbsp;Planning &nbsp;<ul><li>Review ownership structures &nbsp;</li><li>Plan liquidity for ongoing charges &nbsp;</li><li>Factor the tax into future property purchase decisions &nbsp;</li><li>Buy-to-let investors should revisit the viability of high-value holdings &nbsp;</li></ul><h2>7. Inheritance Tax (IHT) Freeze Continues &nbsp;</h2>Announcement &nbsp;<a href="https://www.gov.uk/inheritance-tax">The IHT nil-rate band remains frozen</a> at £325,000 until April 2031.&nbsp;Combined previously announced plans to include pension assets in estates from April 2027, this represents a continuation of fiscal drag in estate taxation. &nbsp;Impact &nbsp;More estates will fall into the IHT net due to asset growth. Positively, it was confirmed that<a href="https://www.gov.uk/business-relief-inheritance-tax"> business relief allowances</a> can now transfer between spouses upon death, creating up to £2m of combined relief. &nbsp;Planning &nbsp;Begin IHT planning earlier and more proactively by: &nbsp;<ul><li>Reviewing projected IHT liabilities, including pensions, from 2027 &nbsp;</li><li>Considering lifetime gifting strategies to take advantage of annual exemptions &nbsp;</li><li style="text-align:justify;">Ensuring business relief eligibility is properly structured and documented for business owners &nbsp;</li><li>Considering trust structures for asset protection and IHT mitigation &nbsp;</li><li>Remembering whole-of-life insurance in trust remain reliable tools &nbsp;</li></ul><h2>What Happens Next? &nbsp;</h2>These changes provide advance warning to the future. Those who act strategically over the next 12-48 months can extract substantially more value than those who wait until implementation dates arrive. &nbsp;As more technical details emerge, additional guidance will likely follow. If you want to understand how these changes may impact your personal finances, particularly around pensions, property, or investment structures, <a href="https://www.aventur.co.uk/contact">our advisers can help you</a> model your options. &nbsp;<hr>* This article is for informational guidance only and does not constitute personalised tax advice, legal advice, or a recommendation to act. It is based on Aventur Wealth’s interpretation of current UK legislation and HM Revenue &amp; Customs practice, which is subject to change.The value of any tax relief depends on your individual circumstances. We strongly recommend seeking professional tax consultation before making any decisions. Note that the value of investments can go down as well as up and you are not guaranteed to get all your capital back. Information is correct at time of publishing. Aventur is not responsible for the content of 3rd party websites.

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Autumn Budget 2025: What does it Mean for Your Money?

Aventur Team

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With the 2024 Spring Budget being the last one before a general election, it will be interesting to see how the government balances ongoing inflation battles with a cost-of-living crisis, and a relatively sluggish economy.&nbsp;The cost-of-living crisis has put people’s finances in the public eye and is sure to be front and centre of the headlines at this election.&nbsp;Looking at the polls, we can see Labour are well out in front and the Tories will need to weigh up the amount of fiscal headroom they have (and cynically how much fiscal headroom they may want to leave behind!).&nbsp;Although faced with a sluggish economy and still not completely out of hot water with inflation, there are some positives for Chancellor Jeremy Hunt.&nbsp;For example, public sector net borrowing fell to £7.8 billion in December 2023 which is certainly a large number. However, it is still around half of the previous year and is the lowest since 2019.&nbsp;With the above in mind, what can we expect to see in the 2024 Spring Budget? Here are our predictions and what we’d like to see happen in March:<h2>&nbsp;</h2><h2>Possible Income Tax Cuts &nbsp;</h2>There has been speculation that any headroom at all would be used on a Basic Rate tax cut. Hinting that the rate of income tax at the marginal rate could be reduced to 18%.&nbsp;With the NIC cut in January, could we see even a 1% or 2% cut to the Basic Rate? It would certainly prove to be a popular decision.&nbsp;&nbsp;Perhaps now would be a good time to reverse some of the ‘silent tax hikes’ that we have seen with the frozen thresholds. It’s important to remember though that tax rates are different in Scotland.<h2>&nbsp;</h2><h2>VAT Changes &nbsp;</h2>If the government does opt for expansionary fiscal policy, another rumoured change could be to raise the VAT registration threshold.&nbsp;Whilst this could be good news for small businesses, it is important to consider how it would affect prices for everyday shoppers.<h2>&nbsp;</h2><h2>Investment into UK Enterprise &nbsp;</h2>Brexit unlocked new possibilities for encouraging investment in UK companies. And there is now greater flexibility regarding how incentives are applied to UK companies compared to foreign shares.&nbsp;It was rumoured in the Autumn Statement that ISA investors could be encouraged to invest in UK listed shares. So, it will be interesting to see if there are any further details released in next month’s budget.<h2>&nbsp;</h2><h2>Inheritance Tax (IHT) &nbsp;</h2>A potential end to inheritance tax is a possibility, although it has been downplayed by the Government.&nbsp;&nbsp;Only 4% of estates have been subject to the tax but it has proven to be unpopular. A change to IHT could prove to be a welcome tax break, costing the Government relatively little in lost revenue.&nbsp;Read our&nbsp;<a href="https://www.aventur.co.uk/blog/inheritance-tax-what-you-need-to-know">IHT Guide</a> to see how current guidelines may affect you.<h2>&nbsp;</h2><h2>Child Benefit Payment Reform &nbsp;</h2>After a lot of recent media attention, the current threshold for child benefit being based on a single person earning over £50k is likely to be reviewed.&nbsp;&nbsp;Currently, a couple with a combined income of £49k each is eligible for child benefit. However, if one partner earns £70k and the other earns £28k, they will not receive support. Therefore, we could see some changes and equalisation.&nbsp;&nbsp;Martin Lewis in particular has been campaigning for this change, so it is possible we will see some sort of movement on this issue.<h2>&nbsp;</h2><h2>Cigarette and Alcohol Duty &nbsp;</h2>Cigarettes and alcohol are always easy wins for tax from the government. However, it has previously been hinted that alcohol duty may not increase in this budget. &nbsp;This may be different in Scotland.&nbsp;<h2>What to expect from the upcoming budget?</h2>&nbsp;Ultimately, we all want tax cuts that put more money in our pockets. This could boost spending, savings, and potentially even influence interest rates. And a strong economy benefits everyone, so we hope the Chancellor considers this.&nbsp;Whatever the Chancellor has in store for the budget, we’ll be ready to review and dissect what any changes may mean for you and your finances. If you have any queries relating to your finances, you can&nbsp;<a href="https://www.aventur.co.uk/contact">get in touch with us</a>.

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Spring Budget 2024 Predictions

People often use the terms "financial advice" and "financial planning" interchangeably in the world of personal finance. But understanding the subtle differences between them can be the key to unlocking a more secure future.&nbsp; &nbsp;So, let's explore the crucial differences and benefits of both! &nbsp;<h2>Financial Advice: A Targeted Solution &nbsp;</h2>Imagine financial advice as a skilled mechanic diagnosing a specific issue with your car. You bring in your vehicle with a sputtering engine, and the mechanic pinpoints the faulty spark plugs. And then recommends a suitable replacement. This solves the current problem, but doesn't fully assess your car's health or future needs. &nbsp;Similarly, financial advice focuses on solving specific financial concerns; do you need help choosing the right investment for your short-term goals? A financial adviser can analyse your risk tolerance and suggest suitable options. &nbsp;Or, perhaps you're worried about optimising your tax allowance? An adviser can navigate the complexities of the tax code and recommend strategies to minimise your burden. &nbsp;<h2>Financial Planning: The Bigger Picture &nbsp;</h2>So, what about financial planning? &nbsp;Well, think of your car as more than just a machine; it is an important tool that takes you where you need to go. Similarly, a financial plan sees your finances as the driving force behind your future goals.&nbsp; &nbsp;Financial planning is like having an experienced architect draft a blueprint for your finances. They'll consider every aspect from your current income and expenses to your retirement dreams and estate planning needs. &nbsp;A financial planner will delve deep into your goals, risk tolerance, and financial constraints. They'll analyse your current financial situation, including your income, debts, assets, and liabilities. With this comprehensive understanding, they'll then:&nbsp;<ul><li>Develop a roadmap:&nbsp;This personalised plan outlines strategies to achieve your goals. This could be saving for a down payment on a house, building a nest egg for retirement, or funding your children's education. &nbsp;</li><li>Set a budget:&nbsp;They'll help you set a realistic budget spending plan that aligns with your goals and priorities. This will ensure you're not living beyond your means. &nbsp;</li><li>Recommend investment strategies:&nbsp;Based on your risk tolerance and time horizon, they'll suggest suitable investment vehicles to help your money grow. &nbsp;</li><li>Address risk management:&nbsp;They'll guide you on insurance coverage and other strategies to mitigate financial risks and protect your loved ones. &nbsp;</li><li>Regularly review and adjust:&nbsp;Life is dynamic, and so your financial plan should be able to adapt. Your planner will stay by your side, they'll review your progress and adapt the plan as your circumstances or goals evolve. &nbsp;</li></ul><h2> The Benefits of Financial Guidance</h2>&nbsp;Professional financial help offers more than just numbers; it provides targeted advice and a comprehensive plan. Here's how working with a financial professional can empower you:&nbsp;<ul><li>Peace of mind:&nbsp;Knowing your finances are in good hands can reduce stress and anxiety. This allows you to focus on what truly matters and what you enjoy. &nbsp;</li><li>Reduced risk of financial mistakes:&nbsp;With expert guidance, you're less likely to make costly mistakes. Like choosing unsuitable investments or falling prey to financial scams. &nbsp;</li><li>Increased financial literacy:&nbsp;Working with a professional helps you gain valuable financial knowledge and confidence. This can equip you to make more informed decisions in the future. &nbsp;</li><li>Greater accountability:&nbsp;Having a professional holds you accountable to your financial goals. This can be a powerful motivator keeping you on track for success. &nbsp;</li><li>Long-term financial security:&nbsp;By proactively planning for your future, you're taking control of your financial destiny. &nbsp;</li></ul><h2> Finding the right fit: Your Financial Guide &nbsp;</h2>The financial landscape is vast, and navigating it requires the right guide. When choosing a financial advisor or planner, consider their qualifications, experience, and investment philosophy. Make sure they're regulated and authorised by the FCA; as this means they must prioritise your best interests. Don't hesitate to ask questions and interview multiple professionals before making a decision. &nbsp;Remember, investing in your financial well-being is an investment in your future. Whether you want a targeted solution to a specific problem or a comprehensive plan for your financial journey. Professional help can be the compass that steers you towards a brighter and more secure tomorrow. &nbsp;So, take the first step, explore your options, and embark on the path to financial empowerment by <a href="https://www.aventur.co.uk/contact">getting in touch with our team</a>.&nbsp; &nbsp;As a starting point, why not check out our <a href="https://www.aventur.co.uk/learn/guide-financial-planning">Comprehensive Guide to Financial Planning</a>!

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Financial Advice vs Financial Planning: What's the Difference?

The festive season can be a time for joy and connection, but it can also be a time of significant financial strain. During the busy holiday season, it's common to spend too much on gifts, parties, and trips. This can lead to financial problems after the holidays are over. &nbsp;By planning ahead and looking at what you spend, you can take control and get back on track with your finances. Here are our top 10 tips: &nbsp;<h2>1. Acknowledge Your Spending &nbsp;</h2>First, you need to determine the extent of your overspending. Gather all your receipts, credit card statements, and any other records of your holiday expenses. &nbsp;Then review these carefully to assess the total amount you've spent beyond your budget. This assessment will provide a clear picture of the financial hurdle you need to overcome. &nbsp;<h2>2. Identify Your Overspending Habits &nbsp;</h2>After understanding your spending, you should learn why you overspent. Were you lured by attractive holiday discounts, or did you feel pressured to keep up with others' gift-giving habits? &nbsp;Understanding your motivations will help you develop strategies to avoid similar situations in the future. &nbsp;<h2>3. Create a Realistic Budget</h2>&nbsp;The next step is to set yourself a budget that you can stick to. A well-structured budget is the foundation for financial stability. After the holiday splurge, it's crucial to create a budget that aligns with your current income and expenses. Start by calculating your monthly income and subtracting essential expenses like rent, utilities, groceries, and transportation. You can put anything left over towards non-essential expenses, savings, and debt repayment. For help with budgeting, check out our guide to&nbsp;<a href="https://www.aventur.co.uk/blog/which-budgeting-method-right-for-you">which budgeting method is right for you</a>.<h2> 4. Prioritise Your Debts</h2> If you have debts, remember that it's important to pay them off first. This includes any money you owe on your credit card or any overdrafts. By doing so, you can avoid incurring extra fees and interest. Focus on debts with the highest interest rate first to minimise the impact of compounding interest. Consider combining multiple debts into a single loan with a lower interest rate to streamline repayment.<h2> 5. Implement Cost-Cutting Measures</h2> To free up additional funds for debt repayment and savings, identify areas where you can cut back on spending. Save money by cooking at home, cancelling unused subscriptions, and negotiating lower rates on phone or internet contracts.<h2> 6. Explore Additional Income Opportunities</h2> If your financial situation is particularly challenging, consider exploring additional income opportunities. Taking on a part-time job, freelancing, or monetising your hobbies can provide a much-needed boost to your income.<h2> 7. Get A Professional Opinion</h2> If you're struggling to manage your finances on your own, don't hesitate to seek professional assistance. A financial advisor can provide personalised guidance, create a customised plan, and help you make informed financial decisions. If you feel like you'd like to speak to our team, we'd love to hear from you! <a href="https://www.aventur.co.uk/contact">Get in touch with us here</a>.<h2> 8. Control Your Spending</h2> Regaining financial stability requires a commitment to long-term financial discipline. It's important to avoid impulse purchases, set realistic spending limits, and prioritise saving.<h2> 9. Plan for the Future</h2> To prevent similar financial setbacks in future holiday seasons, start planning and saving early. Set aside a specific amount each month to cover holiday expenses. This will help you avoid dipping into your emergency fund or taking on additional debt.<h2> 10. Embrace a Minimalist Lifestyle</h2> Consider adopting a minimalist lifestyle to reduce spending and simplify your life. Decluttering your home and removing unnecessary possessions can free up space and reduce the desire and impulse to buy material possessions.<h2> Conclusion</h2> Overspending during the holidays is common. By planning in advance and exercising discipline with money, you can fix the situation and prevent any future overspending. Remember, financial recovery is a journey, not a destination. Be patient, stay focused on your goals, and you'll achieve financial stability and peace of mind.

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