September 2017
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  • HMRC find success “in the round” – BPR Case Study

    14 September 2017

    In this article we explore a recent first tier tax tribunal case which focused on whether or not a furnished holiday letting business qualified for 100% Business Property Relief (BPR) for inheritance tax (IHT) purposes. http://financeandtax.decisions.tribunals.gov.uk/ Key points Business interests are potentially eligible for 100% BPR Shareholders in private companies, sole traders and partners...

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  • The “WHAT” of trusts – Probate Trust

    12 September 2017

    This is the last article in our trust series where we make the trust journey simple and less complex. Over the last few months we have explored gift trusts, loan trusts, discounted gift trusts and excluded property trusts. Now we are going to look at probate trusts and cover- W – why use a...

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  • Summer Snippets

    6 September 2017

    Graeme Robb, Senior Technical Manager at Prudential considers current items of interest. Key points There will be a summer Finance Bill 2017 Draft guidance has been prepared regarding ‘wholly disproportionate’ bond gains The online trust register has been launched IHT receipts crash through the £5bn level HMRC manuals now contain guidance on the Residence...

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  • The ‘What’ of Trusts – Excluded Property Trust

    30 August 2017

    This is the fourth article in our trust series where we make the trust journey less complex. Last month, Helen O’Hagan, Technical Manager at Prudential covered Discounted Gift Trusts (DGTs) and this time she writes about excluded property trusts. W – why use an excluded property trust H – how to use an excluded...

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  • FCA CONSULTATION PAPER 17/16: ADVISING ON PENSION TRANSFERS

    15 August 2017

    On 21 June 2017 the FCA published CP17/16: “Advising on Pension Transfers“. The paper is open for online responses by 21 September 2017. Mark Devlin, Technical Manager (Pensions) at Prudential discusses the main headline-grabbing matters. Access the full document here. Scrapping the starting position that DB transfers are unsuitable While this may initially appear...

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  • WHAT IS THE ANNUAL ALLOWANCE LIMIT IN A TAX YEAR WHERE BOTH A TAPERED ANNUAL ALLOWANCE AND THE MONEY PURCHASE ANNUAL ALLOWANCE APPLY?

    7 August 2017

    In this piece, Jacqueline Clezy, Technical Specialist at Prudential looks at the interaction of these rules. First, you may want to refresh your understanding of the tapered annual allowance and money purchase annual allowance rules. The tapered annual allowance replaces the standard annual allowance for all pension savings in the tax year in which...

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  • Investing for vulnerable clients

    24 July 2017

    For those looking after the financial affairs of vulnerable individuals, the responsibility of managing someone else’s money is onerous. In this article, Graeme Robb, Senior Technical Manager at Prudential explores the legal background to this common issue. Key points • The Office of the Public Guardian (OPG) applies in England and Wales. The equivalent...

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  • Annual Allowance charges and ‘Scheme Pays’ – what you need to know…

    17 July 2017

    How do you get your annual allowance charge paid? Last month, Jacqueline Clezy, Technical Specialist at Prudential looked at clients unexpectedly receiving a Pension Savings Statement (PSS). In this article, she considers deadlines for receiving a PSS, then reporting and paying a tax charge where one arises. Deadline for providing a PSS which is...

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