Views

Our latest news, views and opinions for the business, financial and investing sectors, including personal finance.

Keeping your wealth in the family when you’re gone

29/5/20

Nobody likes to think about their death, it's a taboo subject and the reason why so many people die without leaving a will, or efficiently planning for their finances after they're gone. This can lead to tax burdens on spouse and family that could be avoided if planned for correctly.…
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Making the most of your tax allowances this year

14/4/20

March 2020 will no doubt be looked back on as one of the most volatile in history. The coronavirus pandemic has affected our lives more than any other crisis in recent history, and its effects are likely to be felt for a long time yet. With the markets being rocked,…
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Taxing times ahead

6/12/19

Don’t be penalised by the tax system when you exercise your freedoms The ‘pension freedom’ reforms of 2015 were welcomed by consumers, as they vastly widened options available to most savers at retirement. Pension freedoms allow savers to have the flexibility on how and when to spend their money without…
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Beating the Child Benefit Tax Trap

15/2/18

As a reminder, where one parent earns above £50,000, a “high income child benefit tax charge” is levied on that earner with the effect that there is a 1% tax charge for every £100 that their income exceeds £50,000. By the time income reaches £60,000, the charge is equal to…
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Why Make a Will?

24/10/17

Ahead of Will Aid in November, we look at the rules that apply on intestacy: where someone dies without making a Will, and some of the key reasons why it’s worth making a Will.  In England and Wales, the rules on intestacy were amended in October 2014, so that when…
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Capital Taxes: Inheritance tax v Capital Gains Tax

17/4/17

Inheritance Tax (IHT) was formerly known as Capital Transfer Tax. It is worth knowing that the capital gains tax (CGT) liability on an asset is usually extinguished on death and the beneficiary inheriting the asset is deemed to acquire the asset at probate value. This can lead to a dilemma…
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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…
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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…
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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…
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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…
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The FCA does not regulate Tax Planning.
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