for financial advisers only
This article highlights a series of planning opportunities which can be implemented up to tax year end and beyond.
2010 provided a raft of tax changes, revised rules and various consultation papers which will impact us all over the coming weeks and months. However, despite constant change, there continues to be multiple opportunities to add value for your clients in the run up to tax-year end and beyond.
The recently published review of tax reliefs issued by The Office of Tax Simplification may not initially carry any weight of change but demonstrates the need to use available reliefs and allowances while they continue to be available.
The suitability of each of these opportunities will depend on your client’s individual financial situation.
In October and December 2010 the Government announced it would amend rules regarding funding and income withdrawal from 6 April 2011. This offers significant planning opportunities as clients transition from the current regime to the new regime.
To make the most of the opportunities that exist for the rest of this tax year, registered pension schemes must receive contributions and elections for retrospectively amending pension input periods for the 2010/2011 tax year by 5 April 2011.
These break down into two parts:
For individuals subject to the current anti-forestalling rules that apply until the end of this tax year:
* As defined by the Civil Partnership Act 2004.
This article is based on Skandia’s interpretation of the law and HM Revenue & Customs practice as at January 2011. We believe this interpretation is correct, but cannot guarantee it. Tax relief and the tax treatment of investment funds may change.
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