Financial Matters - June 2018

Financial Matters - June 2018

In this month's issue:

  • Personal representative held personally liable for Inheritance Tax.
  • Office of Tax Simplification publishes a paper on savings income: routes to simplification.
  • Pensions transfers.
  • New fuel rates for company cars.
  • And more...

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Financial Matters - May 2018

Financial Matters - May 2018

In this month's issue:

  • The latest ISA Manager Bulletin.
  • First-time buyers' relief saves buyers £159M.
  • Office of Tax Simplification Inheritance Tax review.
  • Simple assessment roll-out put on hold by HMRC...

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MAKING GIFTS AS AN ATTORNEY

MAKING GIFTS AS AN ATTORNEY

As an attorney acting under a Power of Attorney, you may have the ability to make gifts to others on the donor's behalf. Gifts are permitted in limited situations, and if it’s in the person’s best interests. There have been some important clarifications on guidance for professional deputies and attorneys.

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FINANCIAL MATTERS - MARCH 18

FINANCIAL MATTERS - MARCH 18

This month’s Technical Bulletin spells out some important clarifications for those acting under a Power of Attorney wanting to make a gift on behalf of the donor. Further, anyone who registered a Lasting Power of Attorney or Enduring Power of Attorney document between April 1, 2013 and March 31, 2017 may have been overcharged and due a refund of fees of up to £54.

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A TAXING PROCESS

A TAXING PROCESS

If a member of a pension scheme aged 75 or over dies and a lump sum is paid to a personal discretionary or flexible trust, a 45% special lump sum death benefit charge will arise. This raises questions about the tax credit system for beneficiaries.

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IN SICKNESS AND IN WEALTH

IN SICKNESS AND IN WEALTH

If a seriously ill person transfers a pension plan and dies soon after, it may be classed as a chargeable lifetime transfer for inheritance tax purposes. The process for calculating charges can be complex, but things may be about to get simpler.

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ALL THAT GLITTERS IS NOT GOLD

ALL THAT GLITTERS IS NOT GOLD

The General Anti-Avoidance Rule (GAAR) has been used for the first time to target a scheme under which salaries were being paid in gold. The GAAR, which was introduced in 2013, aims to tackle the use of tax loopholes.

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ACCESS ALL AREAS

ACCESS ALL AREAS

The Court of Appeals has ordered a firm of solicitors to comply with a personal data disclosure request submitted by beneficiaries in accordance with the UK Data Protection Act.

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CALL OF DUTY

CALL OF DUTY

A recent High Court case has highlighted the importance of a retainer when considering the duty of care owed by financial advisers about historic events.

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OUT WITH THE OLD

OUT WITH THE OLD

The FCA has issued new proposals on pension transfers which focus on changing the way advice is given to consumers and replacing the current transfer value analysis system. 

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LATE ARRIVAL

LATE ARRIVAL

The online Trusts Registration Service has been launched, allowing HMRC to store trust information centrally in line with requirements set out by the EU’s Fourth Money Laundering Directive (4MLD). 

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RISKY BUSINESS

RISKY BUSINESS

The High Court has upheld a decision by the Financial Ombudsman Service (FOS) about unsuitable investment advice. This follows the Ombudsman’s decision in favour of an investor who complained about the service she received from Full Circle Asset Management Ltd.

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TRUST ISSUES

TRUST ISSUES

Two beneficiaries of a will trust recently took legal action against professional trustees on the grounds that they allegedly made poor investment decisions, which led to losses within the trust.

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FINANCIAL MATTERS - MARCH

FINANCIAL MATTERS - MARCH

This month’s Technical Bulletin explores the case of two trust beneficiaries who took legal action against professional trustees on the grounds that their allegedly poor investment decisions resulted in losses.

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BEWARE THE 14-YEAR RULE

BEWARE THE 14-YEAR RULE

The seven-year rule is a well-known part of inheritance tax (IHT) planning. If you make a gift and survive the following seven years, the gift will become free of your estate for IHT purposes.

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DEATH IN THE DIGITAL AGE

DEATH IN THE DIGITAL AGE

A leading Sunday newspaper recently published an article alerting readers about their online accounts and the need to inform those closest to them of their passwords in the event of a serious illness or death.

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RELEASE LOCKED-IN CAPITAL

RELEASE LOCKED-IN CAPITAL

Equity release has become an increasingly popular financial planning tool over the past few years following significant increases in UK house prices, and a much wider range of lenders offering competitive interest rates.

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