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- Rising IHT - how trusts can help IHT receipts have been rising for over a decade, and the trend is set to continue according to Government statistics*. At the same time, the number of trusts being used is falling**. Yet,…
- Using drawdown tax efficiently Tax-free cash can be taken in one go or in stages Clients can withdraw as much or as little as they need Withdrawals can be a mixture of tax-free cash and income The ability to stop or reduce…
- Long term care Individuals will have to pay for their own long term care if they have income and capital above certain limits Certain savings such as investment bonds are disregarded Local authorities…
- Pensions and emergency tax Single or ad-hoc payments, or initial payments of regular pension income, are normally taxed on the ‘Emergency month 1 basis’ The emergency tax code will often result in an overpayment…
- Debunking the myths on the best way to take tax free cash How and when to take tax free cash from a pension is a decision facing an increasing number of clients* as the popularity of drawdown continues at the expense of annuity purchases. Modern…
- Top slicing relief HMRC guidance is the only reliable way of calculating top slicing relief The same method can be used for both onshore and offshore bonds
- Triviality and commuting small pensions for cash Small pension pots of up to £10,000 can be commuted for a cash lump sum Defined benefit scheme members can make use of additional triviality options where the total value of their…
- Guaranteed minimum pension (GMP) Provides a minimum level of benefit for individuals who contracted-out of the State Earnings Related Pension Scheme (SERPS) via a salary related scheme between April 1978 and 1997 GMP benefits…
- Residence There is a Statutory Residence Test to determine if someone is resident for UK purposes Residence will determine what UK tax is payable Domicile is no longer used for UK tax purposes Individuals…
- IHT on death IHT is assessed on value of the deceased’s estate plus any lifetime gifts within seven years before death Gifts to UK long-term resident spouses or civil partners are exempt IHT is only…