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Pension Input Period changes explained

PENSION INPUT PERIOD ALIGNMENT Changes announced in the Summer Budget (2015) had an immediate impact on PIPs The Summer Budget made some changes to the Annual Allowance for those with earnings in excess of £150,000 with effect from April 2016.  However, in order to bring this in at the beginning of the new tax year […]

Property in Europe? – New EU Cross-Border Rules.

EU SUCCESSION REGULATION – NEW CROSS-BORDER RULES   The EU Regulation No 650/212 will come into force on 17 August 2015. It affects individuals with property in more than one EU state and aims to harmonise succession rules across the Member States. Although the Succession Regulation (commonly known as Brussels IV) was passed in 2012, […]

Inheritance Tax – Budget Update August 2015

A DETAILED CONSIDERATION OF THE NEW RESIDENCE NIL RATE   The Summer Finance Bill, which was published on 12 July, includes legislation to implement the new residence nil rate band announced at Summer Budget 2015. This is an addition to the standard nil rate band of £325,000. This bulletin takes a detailed look at the […]

BY-PASS TRUSTS AND THE FINANCE BILL 2015

ALTERNATIVE INVESTMENTS – FROM INTELLIGENT PARTNERSHIP   Synopsis: The Finance Bill 2015 confirms that with effect from 6 April 2016, lump sum death benefits paid to an individual will be taxed as income of that beneficiary.  It also confirms that where a lump sum death benefit is paid to a trust (other than a bare […]

Government Promote Wills

WILLS/WILL TRUSTS   The Ministry of Justice has, this week, launched a public awareness campaign to encourage people to plan for their and their families’ futures by ensuring they have wills and lasting powers of attorney in place. The ‘Choice not Chance’ campaign consists of a campaign page on the Government website with links to […]

2014/15 Pension Reforms Explained

  PENSIONS FLEXIBILITY: DETAILED ANALYSIS OF PENSION DEATH  BENEFITS   Synopsis: Proposed amendments to the Taxation of  Pensions Bill give an outline of how death benefits under money purchase  registered pension schemes will be taxed when pensions flexibility is  introduced.   In the summer of 2014, the Government released draft clauses for the Taxation  of […]

Budget 2014 – Main Report

YOUR GUIDE TO THE BUDGET REPORT INCOME TAX NATIONAL INSURANCE CONTRIBUTIONS CAPITAL GAINS TAX INHERITANCE TAX CORPORATION TAX CAPITAL ALLOWANCES LIFE POLICYHOLDER/LIFE COMPANY TAXATION TAX AVOIDANCE AND EVASION PROPERTY TAX TRUST TAXATION SAVINGS AND INVESTMENTS PENSIONS TAXATION OF SHAREHOLDING DIRECTORS EMPLOYEE BENEFITS DOMICILE AND RESIDENCE CHARITIES CHILDCARE & CHILD BENEFIT APPENDIX – TAX FACTS AND […]

Planning to help support Childcare Costs.

The Family and Childcare Trust’s annual report suggests many parents pay more on childcare than on their average mortgage bill. With this in mind now may be a good opportunity to contact ‘older’ grandparents to discuss a range of financial planning opportunities to help fund for childcare costs for future grandchildren. According to the Family […]

Technical changes to Automatic Enrolment

For Company Directors and Managers dealing with AE, it’s important to be aware of the possible changes to regulations to simplify the assessment process. The Government has now published their response to the AE technical changes consultation and more specifically the exemption of certain categories of workers from the scope of AE. The following categories […]

REMITTANCE BASIS CHARGE: OFFSHORE BOND OPPORTUNITY

A recent report carried out by the Financial Times provides an opportunity to explore a viable planning option for non UK domiciled clients.   According to the report nearly 6,000 of the wealthiest foreigners living in Britain paid £178 million in remittance basis charges in the calendar year 2012. This represented a 6% increase over the previous […]