Latest - TAX AND TRUSTS

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  Annual allowance – time to rework the excess contributions refund rules?

  21 October 2019

  Given the massive issues that are being caused by the annual allowance, if the limit stays the same then HMRC needs to rework the refund rules, suggests Gareth James, head of technical at AJ Bell HMRC released statistics at the end of September showing an incredible jump in the number of savers who had...

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  Tax planning using gifts from surplus income (with case study)

  20 October 2019

  John Humphreys, Inheritance Tax Specialist at WAY Investment Services, examines the ability to gift out of surplus taxable income and how this can be used in conjunction with trusts to provide greater planning flexibility. The ability for people to gift out of surplus taxable income (the normal expenditure out of income exemption), offering immediate relief...

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  Lack of joined-up thinking on pensions allowances spotlighted

  17 October 2019

  The new triple lock figure serves to illustrate a lack of joined-up thinking on pensions allowances, according to industry commentators. UK inflation grew by 1.7% in September, meaning pensioners are now set to receive a 4% increase in their state pension from next April, matching the rise in average earnings, as a result of...

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  Post-death planning: deeds of variation vs disclaimers

  15 October 2019

  Catriona Standingford, managing director of Brand Financial Training, considers the use of deeds of variation vs disclaimers in post-death planning. First published in the October issue of Professional Paraplanner Both deeds of variation and disclaimers can be used to vary or redirect assets from a deceased’s person’s estate. For those studying for exams, this is...

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  Govt called upon to address complicated pensions landscape

  13 October 2019

  The Office of Tax Simplification has called for the UK government to review its “complicated” pension rules and ensure clear guidance on the tax issues is made available to pension savers.  As part of its Life Events review: Simplifying tax for individuals report, the independent body urged the government to review the annual and...

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  Comment: What chance a cut in pension tax relief?

  13 October 2019

  Ian Browne, pensions expert at Quilter takes a view When budgets get tight people often start looking at what is costing them the most and where they can start to save. The government is no different and pension tax relief is often one port of call when they need to cut back on the...

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  Mitigating the child benefit tax trap

  1 October 2019

  LEBC Group highlights how families could reduce the amount of tax they pay on child benefit by increasing their pension contributions, with case studies.  Parents who have a taxable income of more than £50,099 per year are currently required to pay 1% income tax on child benefit for each £100 of income above this level,...

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  Lifetime and annual allowance breaches increasing

  29 September 2019

  The need for sound financial planning around the pensions lifetime allowance has been further highlighted by the latest data  published by HM Revenue & Customs. These show that the number of people in breach of the allowance limit increased sharply in the 2017/18 tax year, up 36% from the year before.   HMRC figures revealed...

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