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Personal Finance Society
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Technical articles

New year; new mortgage welfare safety net; new resolution…. have mortgage “Plan B” discussions!

23 May 2018
As you read this, we’re just weeks away from the biggest reform to the mortgage welfare safety net in seventy years as Support for Mortgage Interest (SMI) switches from being a benefit to becoming a DWP loan wh ...

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Domicile and trusts: review of recent changes II

15 May 2018
In this second part of an update on the recent changes related to domicile and trusts we will look at some specific planning strategies that ...

The helicopter perspective

15 May 2018
The world has increasingly become focused on the short term, and is at odds with our industry tenet of aiming for investment returns over th ...

Business succession planning and option agreements

01 May 2018
Introduction Business succession planning is relevant to sole proprietors, partnerships, limited liability partnerships (LLPs) and limited c ...

Lifetime Allowance excesses

01 May 2018
With the drop in the lifetime allowance over recent years more and more of my conversations are focused on those that have exceeded the life ...

New tax year pension tasks »
Now we are in the new tax year it will soon be possible to get a grip on what allowances are remaining from the 2017/18 tax year with regards to the annual allowance and to check pension contributions for the previous years.   For those not subject to the tapered annual allowance it should have been possible to get accurate figures before the end of the tax year for any money purchase schemes and contributions but for those subject to the taper any small amount of taxable income will have an impact to the available annual allowance and therefore use of any carry forward from previous years.
Domicile and trusts: review of recent changes I »
A lot has happened in the last couple of years as regards the tax treatment of non-UK domiciled individuals as well as offshore trusts. Now that almost all of the changes have come into effect (the latest from 6 April 2018) it is a good time to review the issues relevant to those who are or have been affected by those changes. Principally we are concerned about individuals who are not domiciled in the UK but are either resident in the UK or own property here. This month we will concentrate on the fundamentals and next month we will consider some specific planning strategies that are still relevant.
Book sale »
You may have heard that we are on the move! In advance of the CII office move, Knowledge Services is updating the collection of print titles and looking to significantly increase the number of eBooks available to all members.
Bypass Trusts and the 45% special lump sum death benefit charge »
As is well known, in the case of a member of a pension scheme dying aged 75 or over and a lump sum being paid to a personal discretionary/flexible trust (such as a by-pass trust), a 45% SLSDBC income tax charge will arise. On later payment of some or all of this amount to a beneficiary, the beneficiary will be taxed on the grossed-up amount but be entitled to a credit for tax previously suffered by the trustees.
Personal tax changes effective from 6 April 2018 »
A reminder of some of the less publicised changes to personal taxation, effective from 6 April 2018, which may impact on the clients of financial advisers.
More first-time buyers may require brokers to change their practices »
The Chancellor, Philip Hammond, announced in the last Budget that he was effectively abolishing stamp duty for first-time buyers. With home ownership amongst the under 45s having dropped by a fifth since the Conservatives came to power, the government has been under increasing pressure to tackle this problem.
Specialist buy to let is the name of the game »
Buy to let lending is shrinking. In 2017 the overall lending figure is likely to sit at around £35bn. That’s about a 14% reduction on the year before. In 2018, I reckon we will see the market shrink further, maybe by another 11%, so that by the end of the year the final tally will reach £31bn at best.
Robots, digital brokers, chatbots, open banking and AI – competitors or companions? »
Read any mortgage article from the last 12 months and you might want to be reaching for the technology jargon translator – big data, fintech, AI, chatbots, blockchain, digital brokers, mobile apps, open banking and the API economy. It appears a wave of transformational technology is headed towards the mortgage market, but is the market ready and does it know what to do with it all?
Settlors and problems with mental capacity II »
Last month we looked at the application of some general principles for establishing mental capacity and how the loss of capacity impacts decision making, in particular in the context of will making and deciding to marry. We also looked at some recent guidance as to when attorneys can make gifts as part of IHT planning on behalf of the donor who has lost capacity. This month we look more specifically at capacity issues in the context of trusts. This could relate to the capacity of the settlor as well as the capacity of a trustee.
What should the last month have taught investors? »
Someone once told me that on average, we won’t remember 10% of what we read, 20% of what we see and 30% of what we hear. There is no way that’s true. I think we forget a lot more than that. Why else do I have to pause Game of Thrones every three minutes to google who a character is? And I’m paying attention in Game of Thrones! Memory gets even more challenging depending on where we were when we were trying to retain the information, what else was going on (in the room and in our lives) and how long ago it was.
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