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Latest - TAX AND TRUSTS

  • Treasury expects to net £185bn in income tax in 2018/19

    6 June 2018

    The latest HMRC data has shown that the Treasury expects to net £185bn in income tax in 2018/19, compared to £178bn in 2015/16. However, average tax rates are set to fall from 17.2% in 2015/16 to 16.7% during the current tax year. AJ Bell senior analyst Tom Selby said: “While the billions of pounds...

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  • OTC calls for HMRC to review taxation of pension lump sums

    4 June 2018

    More should be done to help people understand the tax implications of their pension withdrawals under the new pension freedom rules, according to a review by The Office of Tax Simplification (OTS). The review, entitled Savings Income: Routes to Simplification, found that the taxation of pension lump sums was not easily understood by many...

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  • June Issue OUT NOW

    3 June 2018

    For this issue’s Paraplanner Profile editor Rob Kingsbury talked to Sarika Dhanjal, Paraplanning Team Manager at Tenet, about her role, how the team operates and the business’ new outsourced service. Click here to access. See the accompanying video too, where Sarika discusses how her role differs from the norm, in that although she is...

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  • Issue flagged with expression of wishes and death benefits in drawdown

    20 May 2018

    The rules surrounding death benefits in drawdown could leave beneficiaries confused and unable to access drawdown, Curtis Banks Group has warned. Since the introduction of the pension freedoms three years ago, drawdown has grown in popularity. However, should the pension holder die before the age of 75 whilst in drawdown, the current rules allow...

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  • Lifetime allowance tax take continues to grow as individuals ‘penalised’

    10 May 2018

    The annual amount of tax collected from people exceeding the lifetime allowance has soared by 1000% in 10 years, a freedom of information request by Retirement Advantage has revealed. The arbitrary tax penalises individuals who have enjoyed good returns on their investments, the retirement specialist said. In 2006/07, the annual tax take was less...

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  • Increase in early retirees, who are taking a hit on their income

    3 May 2018

    Nearly two thirds (60%) of those stopping work this year will do so before their state pension age or company pension retirement date, but it could hit their annual finances by over £3,000 according to a study by Prudential. The life assurer’s annual study, Class of 2018, found those planning on retiring early could...

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  • Scottish Widows launches Drip-feed Drawdown

    29 April 2018

    Scottish Widows has launched Drip-feed Drawdown, a phased retirement income capability, available through its Retirement Account. It is designed to give customers a tax-optimised, flexible way to manage and control their withdrawals, as part of a long-term sustainable income strategy. Following the introduction of the Pension Freedoms three years ago, a growing number of pension...

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  • TDQ: Test Your Knowledge (May 2018 issue)

    26 April 2018

    Professional Paraplanner has teamed up with key training and exam support providers to help you in your training, development and qualifications. Here are the answers to this month’s TDQ: Test Your Knowledge questions, published in the May 2018 issue of Professional Paraplanner.   B CII R01 Study Text Chapter 5:2 A CII R02 Study...

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