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ANNUAL PAYMENTS DO NOT COUNT TOWARDS THE PERSONAL SAVINGS ALLOWANCE

BUDGET 2016 Synopsis: Rewards paid by banks are deemed by HMRC to be annual payments which means that the payment is fully taxable and will not benefit from the personal savings allowance. The new personal savings allowance, introduced in the 2015 Budget and applicable from April 2016, allows basic rate taxpayers the ability to earn […]

The 2016 Budget Summary – by Opus Gold Finance

Topics Lifetime ISA ISA’s Personal Savings Allowance Income Tax Capital Gains Tax Inheritance Tax Pension Drawdown funds and Inheritance Tax National Living Wage and National Minimum Wage Lifetime ISA • One small Budget rabbit was the announcement of the Lifetime ISA, which aims to address the dilemma for younger savers in deciding whether to save […]

Life insurance – Choosing a policy

Getting the right life insurance policy means working out how much money you need to protect your family or dependants. This sum assured should take into account your living costs, as well as any outstanding debts/loans, such as a mortgage. We hope this guide helps you understand the different types of policy available and will […]

PENSIONS MINISTERS VIEWS ON PENSIONS REFORM

BUDGET 2015 (CON) Synopsis: The pensions minister expresses her views on pensions reform It has been reported that the pension’s minister, Ros Altman, seems set against the development of a merged pensions/ISA product with no constraints on when withdrawals were taken, no tax relief on contribution and no tax on withdrawal. She was commenting on […]

THE SUMMER BUDGET SUMMARY 2015 from OPUS GOLD FINANCE

Please find a summary of the 2015 Summer Budget. As always there is plenty of small details to digest but we thought you’d like to see a summary of the headlines. For ease of navigation we have listed each topic we have summarised below. We have also avoided pictures in order to make the copy […]

HMRC CANNOT REJECT INCOME TAX REBATE CLAIMS AS ‘OUT OF TIME’

SELF-ASSESSMENT Synopsis: The Upper Tax Tribunal has ruled that HMRC, contrary to their long-standing position, cannot refuse a taxpayer’s claim for a refund of overpaid tax, even if the claim is made more than four years after the end of the tax year concerned. In a significant reversal of HMRC policy, the Upper Tribunal has […]

Weekend Papers 14th / 15th March

FROM THE PAPERS Synopsis: Short summaries of articles we think you will find useful from some of the weekends broadsheets. At the end of each summary is a link to take you directly to the relevant article. Please see Helpful Hints at the end of the bulletin. Date posted: Monday, March 16, 2015 ARTICLES FINANCIAL […]

JUDGES, PENSIONS AND TRANSITIONAL PROTECTION

POTENTIAL PITFALLS OF PENSION PLANNING Synopsis: The current Judicial Pension Scheme is not a Registered Pension Scheme, however, the new one being introduced in April 2015 is. Date posted: Friday, February 27, 2015 The current Judicial Pension Scheme is not a Registered Pension Scheme, however, the new Judicial Pension Scheme 2015 being introduced on 1 […]

PENSIONS WISE WEBSITE GOES LIVE

GUIDANCE GUARANTEE Synopsis: The Pension Wise website has gone live As part of the campaign to increase information on the April 2015 changes to pension flexibility, the Treasure have added a new information page on the .GOV website on what the changes mean to individuals. The information page also provides a link to the newly […]

NEW PENSION TAX RULES AND MEANS TESTING

PENSION ADVICE STRATEGIES Synopsis: The increased retirement benefit flexibility, due to be introduced from April 2015, will mean that advisers need to have an understanding of the potential impact on means testing. Date posted: Friday, June 13, 2014 It is important to understand how uncrystallised pension rights impact on a member’s ability to claim certain […]

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