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My PFS - Technical news - 24/06/2014

24 June 2014
My PFS news update for 24 June 2014. Taxation, investment, retirement and pensions.    Read more »

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The tax treatment of life assurance policies: relief for periods of non-UK residence (part two) »

This is the concluding article of two which looks at the reduction of a chargeable event gain to give credit for a period of ownership during which an individual (generally the policyholder) is non-UK resident.

What are trusts for? »

It has finally happened: on 6 June HMRC published the 3rd Consultation document on simplifying the IHT trust charges calculations for relevant property trusts and how the nil rate band should be applied to such charges.

Brave new world? »

After attracting such harsh criticism here in the UK, following on from the credit crunch in 2008, the shape of banking in the UK looks to be changing at last. Oddly in the US despite the fearsome Congressional grilling of various key investment bankers and clearing bankers in Congress, somehow the stench seems to have finally wafted away.

What is an authorised payment? »

Whatever we might think of the Finance Act 2004 and its attempt to simplify the taxation of registered pension schemes, the basic principles were clear. Rather than prescribe a set of unenforceable rules about what savers could or could not do, the legislation was based on a set of allowances and permissions. Nothing was 'banned', rather some transactions would trigger tax recovery charges, possibly in addition to taxes that would otherwise apply. Although we all do it, to suggest that an individual can or cannot exercise an option under a registered pension scheme is invalid. The transaction will be an available option albeit at the cost of an enhanced tax liability.

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