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- Partial DB transfers - the best of both worlds? Could a partial transfer of DB rights be the perfect solution for those caught between needing some of the security of their DB promise, and the income flexibility and estate planning opportunities…
- Trustee reporting requirements Trustees must register with HMRC if they have UK tax to pay Trust Registration Service (TRS) expanded to include express trusts with no UK tax liability Income and capital gains tax…
- Annual allowance The annual allowance is a limit on the amount that can be saved into a pension each tax year with tax breaks The standard annual allowance is currently £60,000 Individual, third-party,…
- Bringing pensions into the IHT net There had been plenty of speculation ahead of the budget that the chancellor might seek to bring pensions within the IHT net. It was therefore no great surprise when she announced that unused…
- Mini Budget 2022 - what it means for you and your clients In his Fiscal Statement, Kwasi Kwarteng introduced a number of tax cuts aimed at addressing the rising cost of living and delivering future growth. In his ‘plan for growth’ he carried…
- Power of attorney - doing the right thing A client's loss of mental capacity can have a devastating impact on the financial plans which have been put in place. A power of attorney can ensure that where those plans need to be adapted,…
- Life after LTA begins to take shape The future of pension planning has become a little clearer with the publication of a policy paper on the abolition of the lifetime allowance (LTA) and draft rules for 2024/25 onwards. These…
- What does the ‘Staveley‘ case mean for pension transfers in ill-health? The Supreme Court ruling in the long running ‘Staveley ‘ case has brought into question HMRC’s current approach when determining if IHT is due on a pension transfer made in ill-health. The…
- 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…
- Recycling tax-free cash or income Pre-planned recycling of tax-free cash can result in substantial tax penalties Limited recycling of tax-free cash may be possible without triggering a tax penalty Where there is no pre-planning,…