Shifting through the gears of gifting


MON, 10 JUN 2019

HMRC’s recent study titled, ‘Lifetime gifting: reliefs, exemptions, and behaviours’ set out to explore peoples’ awareness of Inheritance Tax (IHT) rules and exemptions and to what extent these factors drive gifting behaviour. The results, published in May, gave an interesting steer as to what motivates individuals to gift, and it appears it was not as …

IHT and the gifts that keep giving


WED, 22 MAY 2019

Giving gifts is never easy, but when inheritance tax is involved it becomes a hell of a lot trickier and if not managed appropriately, a simple gift could bring unintended consequences to beneficiaries In the run up to the end of the tax year I received a lot of questions on the use of the …

The Agony of the Annual Allowance


TUE, 23 APR 2019

Recent articles reporting the furore around the annual allowance (AA) and how it ‘unfairly’ impacts on certain individuals in public sector defined benefit (DB) schemes piqued my interest. Adding fuel to the fire was the news that the British Medical Association (BMA) is reportedly calling on the government to reform both the AA and the …

Is government winning the tax avoidance battle?


TUE, 02 APR 2019

As part of the Spring Statement, the government issued a policy paper headed “Tackling tax avoidance, evasion, and other forms of non-compliance” which set out its approach and achievements in tackling these issues. The paper reveals some interesting facts and clearly demonstrates that HMRC is making significant headway. It is hard to believe that since …

You can lead a horse to water…


TUE, 12 MAR 2019

As we approach the end of the tax year, advisers’ attentions are drawn to maximising clients’ ISA and pension contributions. For many it is a manic time of the year, with additional stresses of getting clients to do their part to meet the tight deadlines. However, one issue that can be overlooked at this time …

Bringing the ISA additional permitted subscription back to life


TUE, 12 FEB 2019

In the last month I have received a number of queries from financial advisers on the subject of the ISA additional permitted subscription (APS). The APS has been available since 6 April 2015 and allows the surviving spouse or civil partner of an individual who dies, entitlement to an APS which is equal to the …

A case of Russian roulette


WED, 12 DEC 2018

The recent outcome of the HMRC V Parry and Others (A3/2017/0687) judgement from the Court of Appeal clearly demonstrates that gambling on legal outcomes can be a risky business. With two outcomes in your favour, you feel luck is on your side, and then bang it’s all over, with the only winner being HMRC. Now …

One step forwards, two steps back


TUE, 27 NOV 2018

With outsourcing retaining its popularity in the growing platform market, there are just a few platforms using their own technology. Indeed, The Lang Cat, recently predicted that the number of platforms using proprietary technology will drop to just 15 per cent by 2020. Paul Bagley, Director of Distribution & Adviser Marketing at James Hay, explains …

Charity Lump Sum Death Benefit: the three golden rules


WED, 24 OCT 2018

I had an enquiry lately where the member of a SIPP died in his late 70’s. He had a substantial pension fund but had left no nomination and had no family. In his will he left his estate to a charity and based on this the scheme trustees made the decision to pay the lump …

The Great British Break Off – stepping into the pension income unknown


THU, 04 OCT 2018

I am sure I am not alone in having the feeling that Brexit is sucking the life out of me. Without getting into the politics, we appear to be in a position where there is so much conflicting information as to what will or will not happen if there is a “no deal” Brexit, it …