The tax quirks of jointly held investments between spouses


THU, 20 FEB 2020

Previously I’ve looked at how married couples and civil partners could consider transferring investments from one party to the other to maximise unused allowances and lower tax rates. Whilst tax planning is relatively easy where investments are held in an individual’s own name, care is needed when it comes to jointly held investments between spouses. …

Will the tax advantages for married couples and civil partnerships remain a happy home?


TUE, 14 JAN 2020

Historically, married couples and those in civil partnerships have been in a more tax privileged position – such as with income, capital gains and inheritance tax – than those couples who cohabit. Many see this, understandably, as outdated and unfair, and the recent challenge of the Marriage Allowance by Labour also reflects this view. There …

Is it all PIE in the sky? Part 2: Lifetime Allowance


FRI, 20 DEC 2019

A pension increase exchange (PIE) is where an individual is offered a one off higher scheme pension with no further non-statutory increases. The acceptance of a PIE by the member may not always be straightforward, as intimated in my previous article on its potential impact on the annual allowance. In this second article, I consider …

Brexit, birthdays and buy-outs…


THU, 19 DEC 2019

We can all agree that parliamentary chaos and the ensuing bumbling around Brexit created an extended stint of market uncertainty. This has undoubtedly impacted investor sentiment and resulted in lower inflows and growth across the platform sector, in a way that we’ve not seen for some time. But amidst all the doom and gloom there …

Sometimes it’s not as easy as PIE – Part 1: Annual Allowance


MON, 18 NOV 2019

Obligations facing sponsoring employers of defined benefit schemes have led many to consider ways to mitigate their liability, and in effect de-risk the scheme. One such method is to offer a pension increase exchange, or ‘PIE’, where an individual is offered a one-off higher pension with no further non-statutory increases. The PIE is in lieu …

The angst of the High Income Child Benefit Charge


MON, 04 NOV 2019

One thing I never had to contend with in reality was the High Income Child Benefit Charge (HICBC) as fortunately my daughter ceased to qualify for Child Benefit just before the charge came into force in January 2013. HICBC applies where an individual or their partner receives child benefit, and either of them has income …

The winners and losers of simplifying IHT


WED, 28 AUG 2019

A year and a half after the then Chancellor, Philip Hammond, wrote to the Office of Tax Simplification (OTS) asking them to review inheritance tax (IHT), their second report titled ‘Simplifying the design of IHT’ has finally been released. The OTS’s first report focussed on feedback from their consultation and ways of simplifying the administration …

Is BoJo’s tax break promise good news or another potential red bus calamity?


THU, 04 JUL 2019

When Boris Johnson announced that if he becomes the next Prime Minister he will increase the 40% tax threshold from £50,000 to £80,000, there was a degree of scepticism as to whether he could deliver on what at first appears to be an exceptionally generous promise. Might this just be another exaggerated claim similar to …

The cash conundrum


TUE, 11 JUN 2019

Back in February – in the days when the original Brexit date was imminent – we spent 4 weeks touring the country and saw 361 advisers and paraplanners across 12 of our Masterclasses. With Brexit and market volatility in mind, we wanted to find out from our audiences of financial planners, whether they are providing …

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 …