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My PFS - Technical news - 18/09/2018

15 September 2017
Personal Finance Society news update from the 31 August 2018 to 13 September 2018.    Read more »

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Mortgage market review September 2018 »

Mortgage market update for September 2018

Protection market review September 2018 »

Protection market update for September 2018

Too much or too little income »

Maximising pension contributions is something of a balancing act and for those with fluctuating income it can be a virtually impossible to utilise their whole allowances without wasting tax relief or getting an annual allowance charge.

The premium limitation on qualifying life policies and restricted relief qualifying policies – part 1 »

  1. Introduction

This series of articles has been prompted by an increase in the number of questions we have recently received relating to the £3,600 annual premium limit imposed on certain qualifying life assurance policies from 6 April 2013.  The questions relate primarily to the implications for qualifying policy status following a premium increase which may cause the £3,600 premium limit to be breached. Such a breach could result in the policy becoming a restricted relief qualifying policy (RRQP). This means that the benefits under the policy will not be fully relieved from income tax when a deemed chargeable event occurs.  In some circumstances a qualifying policy could also become a non-qualifying policy in which case the policy benefits would not benefit from tax freedom.

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