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- Discretionary trusts The trustees have discretion over the payment of income and capital Lifetime gifts to discretionary trusts may attract an immediate charge of 20% Discretionary trusts may be subject to an…
- Pensions and IHT - what it means for advice For the vast majority of clients who will be relying on their pension savings to provide them with a retirement income, the introduction of an IHT charge on pension death benefits is unlikely…
- Overseas residents funding into and taking benefits from UK schemes Employers can continue paying into UK schemes for seconded employees working overseas Subject to specific conditions being met, employers may also be able to pay into a UK pension for those…
- ISAs ISAs are free from income tax and capital gains tax both within the fund and in the hands of the investor There are various types of ISA and contribution limits that apply It is possible…
- What the self-employed basis period change means for pension funding Some self-employed clients may get an unexpected opportunity to boost their pension funding from April. Self-employed profits are to become aligned with the tax year from April 2024. This…
- Pension transfers - DC to DC Some schemes have limited retirement and death benefit options – a transfer could give access to all the options Transferring in poor health could lead to IHT if the member dies within…
- Draft rules issued for IHT on pensions The introduction of IHT on pension death benefits from April 2027 has moved a step closer with the publication of draft legislation. There were widespread concerns that the original proposals…
- Multiple trusts - same day additions, related settlements and Rysaffe planning Trusts created on the same day will be treated as related settlements for periodic charges Anti-avoidance legislation exists to limit the benefits of multiple small trusts (pilot trusts)…
- Bypass trusts A bypass trust is a generic term for a trust created to receive pension lump sum death benefits Pension lump sums paid to a bypass trust will suffer a 45% tax charge if the pension scheme…
- Keep it in the family and double your allowances The UK tax system is built upon independent taxation. Individuals are taxed on their own income and gains and have their own set of tax allowances. For families, this can lead to allowances…