Chris Jones, Author at Autonomy Wealth

Pension Transfers in Ill Health – HMRC lose appeal in legal case

28/2/17

In the case of Mrs Staveley deceased, Mrs Staveley owned a “section 32” pension plan which she transferred into a personal pension plan with AXA. At the time the transfer occurred Mrs Staveley already knew she was in serious ill health and following her death shortly afterwards, HMRC claimed inheritance…

Small firms expect shift in retirement ages

28/2/17

The third Interim Report of the 2016 Smaller Firms Pension Survey, conducted by the Association of Consulting Actuaries, has found that over the last two years there has been a big shift in firms’ expectations of the typical retirement age of employees over the next decade or so as State…

Deduction of tax on Unit Trust interest payments

29/1/17

Since the introduction of the Personal Savings Allowance with effect from 6th April 2016, 95% of taxpayers have no tax to pay on their savings income, including interest. Because of this, the obligation on banks and building societies to deduct tax at source from payments of interest on accounts…

Banning Pension Cold Calling

29/1/17

The advent of the Pension Freedom rules introduced in April 2015 has unfortunately led to an increase in the number of scams seeking to deprive clients of their pension funds. Following a campaign launched by a Derbyshire-based financial adviser and which was supported by a number of industry bodies…

Self-Assessment First-Timers need to Register

29/1/17

HMRC is urging first-time Self-Assessment customers to register for a Personal Tax Account. The changes to the taxation of investment income (including dividends and bank interest) mean that many taxpayers will now no longer need to submit tax returns but those who are basic rate taxpayers and who have more…

New Mothers missing out on State Pension Credits?

21/12/16

Since the High-Income Child Benefit Tax Charge was introduced in 2013, whereby families with a person earning over £50,000 are taxed on their Child Benefit, many mothers have chosen not to claim Child Benefit.Under the current National Insurance system, a parent – usually a mother – receiving Child Benefit for…

Autumn Statement: Old News, New News, Bad News

21/12/16

The Old NewsThe new Chancellor’s first (and last) Autumn Statement contained little to interest us from a personal finance perspective. As usual, the Government confirmed several changes that had already been announced some time ago, including:The rise in the standard personal allowance to £11,500 and the increase in the 20%…

FSCS Deposit Protection Limit set to increase

21/12/16

In July 2015, the level of Financial Services Compensation Scheme (FSCS) protection for depositors was cut by £10,000 to £75,000. The reduction was the result of the review requirements under the European Deposit Guarantee Schemes Directive (EDGSD). The Directive specified a minimum level of €100,000 or the local currency equivalent.…

Autonomy Wealth Director gains Fellowship of the Personal Finance Society

7/12/16

We are delighted to announce that Autonomy Wealth Director, Craig Evans has gained Fellowship of the Personal Finance Society (PFS), which is the highest qualification awarded by the Chartered Insurance Institute.Craig comments: "Although gaining Chartered Financial Planner status in 2009 was a milestone in my financial planning career, I am…

Boost State Pension if you reach SPA after 5 April 2016

18/11/16

The State Pension is a good place to start looking to maximise your income in retirement, therefore, if you are not on track for the full amount it’s worth considering topping up. Last month, we looked at the options for those already receiving State Pension.The new State Pension is supposed…