Adrian Walker highlights some key areas of pension planning to do before tax-year end.
Higher rate tax relief is given by increasing the basic rate and higher rate band by the amount of gross contribution paid into a personal pension. The affect of this is that the investor will get higher rate relief by paying basic rate tax on income that they would have otherwise paid higher rate tax on.
Introduction to the new pension rules video. To help identify the potential effect of the changes and the planning opportunities that are presented by the new funding rules we have built a series of short videos aimed at key elements of the new accumulation process. Visit the 'New Pensions rules videos' page to view all the videos.
Download video transcript
Adrian Walker reminds us of the urgent need for pension input period planning during the current tax year.
There are no limits on the amount that can be contributed to a registered pension scheme. However, there are limits on the tax relief that can be given. Tax relief on member contributions is limited to 100% of an individual’s earnings or £3,600 if higher, and relief for employer contributions is subject to them being made wholly and exclusively for the purpose of the business.
The following article summarises the key areas identified from today’s Budget that are likely to affect UK financial advisers and their clients.
Following the Finance Act 2006, advisers are looking to maximise all avenues to reduce the impact of the changes introduced, especially those relating to inheritance tax (IHT).
This article looks at the taxation of a collective investment when held by a UK-resident investor (excluding companies) inside an offshore bond and considers any additional liability which may fall on the investor.
This article aims to explain the different types of strategy that ethical funds may adopt and why ethical funds shouldn’t be overlooked when aiming for capital growth. The article does not look to provide advice on Ethical investments and Skandia accepts no responsibility for actions taken or refrained from being taken based on this or any related document.
Financial Planning Solutions
The Rysaffe case is often referred to within trust planning. It demonstrates that there are various ways of using multiple trusts in order to achieve effective trust planning.This article sets out the key Rysaffe principles and gives you example scenarios that you can use with your clients.
The aim of this article is to explain how deeds of variation can be used to alter the position of a deceased person’s estate and how to register a deed of variation with HM Revenue & Customs (HMRC) in the UK.
The Rysaffe case is often referred to within trust planning. It demonstrates that there are various ways of using multiple trusts in order to achieve effective trust planning. This article sets out the key Rysaffe principles and gives you example scenarios that you can use with your clients.
Unlike the other forms of business protection, partnership or shareholder protection covers individuals rather than the company. In this article we look at the key considerations for this type of cover.
This financial planning tool has been designed to demonstrate how a UK authorised investment fund (collective) and a single premium investment bond can be used together to create tax-efficient withdrawals.
This financial planning tool provides two calculations. One calculates the capital gain on a given withdrawal from an investment while the other calculates the amount of withdrawal which can be made when looking to utilise an individual’s or trustee’s available capital gains tax (CGT) exemption.