Background The Lifetime Allowance (LA) is designed to limit the total pension savings an individual can accumulate tax-efficiently. Accumulated benefits in excess of the LA are taxed at rates which largely remove the tax benefits. A LA test has to be undertaken every time there is a Benefit Crystallisation Event (BCE). The following information is […]
May 14, 2018How is your knowledge of Trusts and Taxation?
The subject of trust taxation covers income tax, capital gains tax and inheritance tax. An understanding of trust taxation will enable you and your financial adviser to better identify suitable investment opportunities. It is advisable to have an understanding of the principles of taxation in order to make sensible investment choices. When can a tax […]
May 9, 2018Would you like to know more about ISAs?
What is an ISA? An Individual Savings Account or ISA is a tax-free scheme for saving. For investors, the returns from ISA savings are free of UK income tax and capital gains tax. For this reason, income and capital gains do not have to be entered on a tax return and funds can be removed […]
April 30, 2018Are you considering your SIPP options?
A Self Invested Personal Pension, or SIPP is a type of personal pension that gives you a range of options and consequently, a level of freedom, about how you invest your retirement funds. What are the advantages of having a SIPP? A SIPP has the potential to give you more control over how and where […]
April 5, 2018What are Mitigation Strategies for Inheritance Tax?
This article aims to help you to negotiate the complexities of IHT liability and enable you to reduce or eliminate the risks posed by Inheritance tax to your estate. Background to IHT Due to existing inheritance tax (IHT) rules, when an individual dies, his or her estate is subject to a sizeable claim from HM […]
March 23, 2018Are you keen to know more about Marriage Allowance?
Figures available from HM Revenue and Customs, under the Freedom of information Act estimate that up to two million couples are still missing out on the ‘Marriage Allowance’ tax break that was introduced in 2015. At current rates, the tax allowance (relevant to examinable tax year 2017/8) is worth £230 per couple per year. In addition, […]