BANKRUPTCY Synopsis: Insolvency Service issues pensions guidance in the light of the Horton V Henry case. The Insolvency Service has issued revised guidance to official receivers and Debt Relief Order (DRO) intermediaries on how to deal with undrawn pension entitlements in the light of the decision in Horton v Henry [2014] EWHC 4209 (Ch), see our Bulletin dated 3 […]
Client categories: Saver/Investor, Employee Should you defer your pension? If you will soon become entitled to a state pension, then the big question is whether you should defer taking it, says FT columnist John Kay. Since you get a 10.4% increase in the pension for every year of deferral if you reached pension age before […]
TAX AVOIDANCE Synopsis: New corporate criminal offence of failing to prevent the facilitation of tax evasion will be introduced in the current parliamentary session as part of the Criminal Finances Bill. The new corporate criminal offence of failing to prevent the facilitation of tax evasion will be introduced in the current parliamentary session as part […]
BUDGET 2016 Synopsis: Rewards paid by banks are deemed by HMRC to be annual payments which means that the payment is fully taxable and will not benefit from the personal savings allowance. The new personal savings allowance, introduced in the 2015 Budget and applicable from April 2016, allows basic rate taxpayers the ability to earn […]
Client category: Saver/Investor Get even – save more tax Sunday Times columnist Ian Cowie tells readers who are angry about the rich paying so little tax: don’t get mad, get even. He points out that using the annual ISA allowance (currently £15,240 per year, but rising to £20,000 in 2017) every year, a couple can […]
INTESTACY FOLLOWING THE DEATH OF A MINOR CHILD INTESTACY Synopsis: The current rules under which both natural parents benefit seem unfair to single parents and there have been calls for new rules to be introduced To be able to make a Will in England and Wales and in Northern Ireland (*) a person must be […]
The 2016 Budget report – Tax and NIC tables Main income tax allowances and reliefs 2015/16 2016/17 £ £ Personal allowance – standard 10,600 11,000 – Born before 6 April 1938 10,660 N/A Personal allowance reduced if total income exceeds * 100,000 100,000 Transferable tax allowance (marriage allowance) ** 1,060 1,100 Married couple’s allowance*** – […]
The 2016 Budget report – Trust taxation Synopsis: This is the extract from our 2016 Budget report covering trust taxation IMPORTANT GUIDANCE When reading a topic in the Information Library you should always click the “Related Bulletins” button within that topic to be sure that you have the latest information on the subject you are […]
Topics Lifetime ISA ISA’s Personal Savings Allowance Income Tax Capital Gains Tax Inheritance Tax Pension Drawdown funds and Inheritance Tax National Living Wage and National Minimum Wage Lifetime ISA • One small Budget rabbit was the announcement of the Lifetime ISA, which aims to address the dilemma for younger savers in deciding whether to save […]
BUDGET 2016 Synopsis: The highlights of 20 years of tax change; how does it help us look at what the future holds For a recent round of presentations on current challenges and opportunities in tax and financial planning, we wanted to look back at what we considered to be the key developments in taxation of […]
