Beneficiaries' rights to trust information »
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 »
Many lenders wanted The Financial Policy Committee to relax the residential mortgage stress test introduced in 2014 and so when it announced a tighter test in July it surprised the market.
GDPR to play catch-up with the advance of technology »
Exponential growth in the internet, the paperless office, remote working and the use of cloud computing services have revolutionised the way in which individuals and businesses interact and data is processed.
Mortgage Professional - August 2017 »
What is adverse in 2017?The mortgage industry has always prided itself on how it evolves quickly to meet the changing needs of the market, and 2017 is no different. As the lifestyles, living situations and working habits of the population shift, lenders are having to adapt, become increasingly flexible and cater to the demands of the growing number of borrowers rejected by high street banks.
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
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
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
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
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
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.
Diversity is key for the new build market »
Prior to Legal & General New Build Club launching into
the market three years ago, the industry was dominated by just two