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Technical articles

Chargeable event gains - Who is assessed and liable for tax? Part 2

16 October 2017
In Part 1 of this series of 2 articles we explained that chargeable event gains made under life assurance policies (which includes capital redemption policies) owned by individuals or held on non-charitable tru ...

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Pensions savings statements

16 October 2017
It’s that time of year again when pension savings statements will be issued. They should be issued by 6 October following the end of the rel ...

Beneficiaries' rights to trust information

28 September 2017
Recently we looked at a novel way some trust beneficiaries had sought to obtain information from the trustees, using the Data Protection Act ...

Mortgage Professional - August 2017

26 September 2017
Many lenders wanted The Financial Policy Committee to relax the residential mortgage stress test introduced in 2014 and so when it announced ...

GDPR to play catch-up with the advance of technology

26 September 2017
Exponential growth in the internet, the paperless office, remote working and the use of cloud computing services have revolutionised the way ...

Chargeable event gains - Who is assessed and liable for tax? »
Income tax can be charged on gains treated as arising from certain life assurance policies, capital redemption policies and annuities. In this article and the next article we consider the circumstances in which persons are assessed on those gains and so may be liable for the payment of any income tax.  The articles will not cover annuities or company-owned policies (gains to UK companies are taxed under the loan relationship rules) and the expression 'life assurance policies' includes capital redemption policies.
Disclosure of trust information »
As trusts become more popular as part of estate planning an adviser is likely to come across clients who may be beneficiaries or/and trustees of existing trusts. Extraordinarily it is not uncommon to find that trustees are not totally familiar with the trusts they administer, let alone understand fully their duties and responsibilities. However, more often one comes across an individual who is a beneficiary of a trust but has little information about the trust.
Life insurance policies »
We have recently received a few enquiries with regard to the application of time-apportionment relief (also referred to as 'non-resident relief'), with particular reference to UK life policies and the effect that certain transactions under policies can have on the relief.  In this article we provide an overview of the position.
Retirement Outcomes Review Interim Report »
The Retirement Outcomes Review Interim Report published by the FCA runs into 122 pages and invites responses to numerous questions raised throughout. The deadline for these responses is the 15 September 2017 with the full report due out in the first half of 2018. The interim report looks into how the retirement income market is evolving after the introductions of the pension freedoms.
Great Expectations...? »
"Boys is wery obstinit,and wery lazy, gen'lmen, and there's nothink like a good hot blaze to make 'em come down vith a run. It's humane too, gen'lmen, acause, even if they've stuck in the chimbley, roasting feet makes 'em struggle to hextricate theirselves".
The consequences of the death of the settlor »
Financial advisers, whether or not they have been involved in the setting up of an earlier trust, are frequently called upon to assist with financial matters after a client or a relative of a client has died.  Frequently there are questions with regard to the administration of a trust that the deceased had set up during lifetime or there may be questions in relation to a trust that has been created under the deceased's will. Judging from our experience at Technical Connection particular problems often arise in connection with loan trusts and other inheritance tax (IHT) mitigation schemes.  This month we will consider the consequences of the death of a settlor under the different trust arrangements.
Dividend v salary v pension revisited »
In this third and concluding article in the series we look at more examples in the dividend v salary debate and then two final examples, involving a lump sum, which includes a pension.
The impact of the extended GAD tables »
From the date  that the changes to the capped drawdown GAD tables where announced in January it was unclear at what point they would need to be used from which caused a lot of confusion. A few days after the announcement that rates were to change, it was announced that these should be used from the 6th April. This raised even more questions given the GAD rates change on the 1st of the month so could cause some unfairness.
Using trusts to gift property »
According to the latest estimates, HMRC's inheritance tax receipts are to be about £4,637m for 2015-16, which is an increase of 22% from 2014-15. Since 2009-10 IHT receipts have increased year on year on average by 12% each year. Some of it is due to the nil rate band being frozen at £325,000 since April 2009 but the main reason is rising asset values. Unsurprisingly perhaps at Technical Connection we receive an increasing number of questions about planning for effective reduction of estates through gifts. This goes hand in hand with the desire of many parents to help their children on the property ladder.
Are you thinking about all of the risks? »
One of the first discussions many planners have with new clients will be one that focuses on their views about risk. In many cases, this discussion is based on investment risk i.e. a risk versus return discussion in which you, as a planner, look to understand what tolerance your client has for the amount by which their portfolio value can vary over time.
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