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Latest - TAX AND TRUSTS

  • No HMRC rethink on taxation of pension withdrawals

    10 July 2018

    HMRC has come under fire for refusing to re-think its stance on the taxation of pension freedoms withdrawals. Under existing rules, providers are required to charge “Month 1” emergency tax the first time someone accesses their retirement pot under the pension freedoms. This means people who make a single flexible withdrawal from their fund...

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  • Are investment pathways for drawdown the right way forward?

    8 July 2018

    The FCA wants to introduce investment pathways for consumers entering drawdown as part of its drive to ensure consumers are receiving value for money.  In its Retirement Outcomes Review, the Financial Conduct Authority (FCA) reported that one in three consumers in drawdown were unsure of where their money was invested. Meanwhile, a third of...

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  • Tax benefits and AIM investing

    4 July 2018

    AIM is a market where good stock selection can add a lot of value and clients can take advantage of tax reliefs too. But there are caveats, says Matt Hoggarth, head of Research, Thesis Asset Management As a market for smaller and growing companies, AIM provides an important source of capital for businesses that are...

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  • Supreme Court ruling on civil partnership will affect inheritance and tax rights

    3 July 2018

    The Supreme Court has ruled that a heterosexual couple can enter a civil partnership, offering legal and financial protection for both parties and a host of benefits including inheritance, tax, pensions and next-of-kin arrangements. Rachael Griffin, tax and financial planning expert, Old Mutual Wealth, said: “The future of civil partnerships has been swung wide...

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  • July / August Issue OUT NOW

    28 June 2018

    In your bumper edition of Professional Paraplanner this month we have two specials for you: Click here to read The Professional Paraplanner Awards 2018 – We celebrate our second year of awards, recently held at the Grange St. Paul Hotel, London AND a Tax Special. In this 8-page section, we look at inheritance tax...

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  • AJ Bell call to make pensions and ISAs exempt from IHT

    26 June 2018

    AJ Bell has called for the UK government to exempt pensions and ISAs from inheritance tax as part of its mission to simplify the savings landscape.  In response to a request by the Office of Tax Simplification for evidence on IHT, AJ Bell says it described the current HMRC rules as “arcane”, forcing most...

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  • Post retirement workers pay £8.6bn in income tax

    24 June 2018

    The UK’s pensioner workforce generates £8.6bn a year in income tax for the economy, analysis from Aegon has shown. There are currently 8.7m pensioner households in the UK made up of around 12.8m people. Over the last two decades, the percentage of pensioner households continuing to work has increased from 12% in 1997/98 to...

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  • Variance in how HMRC deals with pensions and ISA errors 

    18 June 2018

    Gareth James, head of technical resources at AJ Bell, looks at the different handling of errors made under pensions and ISA wrappers under HMRC rules. Errors occur when dealing with payments to and from financial products like pensions and ISAs. Many readers will have seen warnings in ISA literature cautioning investors who are transferring...

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