HMRC reveals fresh targets in war on tax avoidance

By |2018-04-18T12:23:29+01:00April 18th, 2018|News|

An HMRC drive to crackdown on tax avoidance could see advisers challenged if they set up offshore tax entities for clients. The Revenue wants to prevent UK traders and professionals from avoiding tax by arranging for their UK business profits to accrue in entities resident in territories with a nil or low tax rate. The [...]

EU rules blamed for lack of pension income fix

By |2018-04-18T12:23:29+01:00April 18th, 2018|News|

European regulation Solvency II could be hampering a possible solution for creating long-term retirement income for the mass market. Solvency II requires insurance providers to keep enough capital to ensure the likelihood of being ruined during the year is no more than 1 in 200. This requirement, coupled with uncertainty around how long people are [...]

Calls for end to ‘all or nothing’ auto-enrolment

By |2018-04-18T12:23:29+01:00January 27th, 2018|News|

The government has been told it should create a middle way when it comes to auto-enrolment, amid fears many will drop out when the minimum total contribution tops eight per cent. Tom Selby senior analyst at AJ Bell, said existing rules on pension auto-enrolment will eventually force employees to choose between a minimum large [...]

MPs target Big Four as company pensions collapse

By |2018-01-27T13:44:32+01:00January 24th, 2018|News|

The work and pensions select committee wants the government to tighten the net around auditors and their role in company pensions collapses in its upcoming paper on defined benefit (DB) schemes. Labour MP Frank Field told FTAdviser that the document, expected to be published in the spring, should have a look on “what is the duty [...]

How to maximise IHT savings using the nil-rate band

By |2018-01-24T11:57:31+01:00January 20th, 2018|News|

The Residence Nil Rate Band (RNRB), introduced from 6 April 2017, is the greatest change to inheritance tax (IHT) in more than 10 years. It also marked the first time in the history of this tax that the way it operates changes according to the relationship of a person benefitting (other than the traditional [...]

Carillion collapse adds to pressure for DB rule reform

By |2018-01-22T11:29:27+01:00January 15th, 2018|News|

The collapse of Carillion, which will see one of the UK government's biggest contractors' pension schemes enter the Pension Protection Fund (PPF), is putting pressure on the government to publish its defined benefit (DB) white paper, which was once more delayed last week. Carillion, which has 13 final salary schemes in the UK with more [...]

FCA warns of ‘significant’ Bitcoin risk

By |2018-01-15T17:48:17+01:00December 31st, 2017|News|

Investors buying assets under-pinned by so-called cryptocurrencies such as Bitcoin are taking “significant risk”, according to the Financial Conduct Authority (FCA). Cryptocurrencies are digital tokens which may represent a share in a firm, a prepayment voucher for future services or it may have no discernible value at all. They are often sold through initial coin [...]

Confusion about lasting power of attorney choices

By |2017-12-31T19:27:40+01:00December 24th, 2017|News|

More than two out of five over-55s are confused about the different choices of lasting power of attorney, research has revealed. According to a survey from Key Retirement, which polled 1,091 adults aged 55-plus, 40 per cent of respondents are unsure about the differences between a property and financial affairs lasting power of attorney, and [...]

Auto-enrolment extended to younger people

By |2017-12-24T16:52:00+01:00December 18th, 2017|News|

The government is lowering the age for auto-enrolment of workers into workplace pension schemes from 22 to 18-years-old, and changing the way pension contributions are calculated. These are some of the measures to be introduced by mid-2020, according to the auto-enrolment review published today (17 December) by the Department for Work & Pensions (DWP). Lowering [...]

HMRC takes tough stance on tax avoidance

By |2017-12-18T10:12:13+01:00December 1st, 2017|News|

The difference between tax avoidance and tax evasion is that avoidance seeks to minimise the tax paid, generally by legal means, for example ordering one’s affairs through bespoke planning advice. Evasion, on the other hand, is knowingly not paying tax; for example, hiding income-producing assets or bank accounts offshore to conceal them. We often witness [...]