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 […]
Information about the reform of the State Pension system and State Pension sharing on divorce and nullity (including overseas proceedings) and on the dissolution and annulment of a civil partnership (including overseas proceedings) for people reaching State Pension age from 6 April 2016. Click here to read all the details in our PDF.
SOCIAL SECURITY BENEFITS/STATE BENEFITS Synopsis: DWP publishes guidance on State Pension sharing from 6 April 2016. The Department of Work and Pensions (DWP) has recently published guidance on State Pension sharing will work in the light of the new Single-tier State Pension rules being introduced from 6 April 2016. The information is aimed at legal […]
TRANSITIONAL PROTECTION Synopsis: Detailed provision for Fixed & Individual Protection published. In line with the publication of the draft clauses of the Finance Bill 2016 the government has published detailed provision on the reduction of the Lifetime Allowance and the 2 new layers of transitional protection. The reduction in the lifetime allowance affects those who could have pension wealth […]
