24th September 2014
Scottish Widows: Read September’s edition of Techtalk
Sep 2014 – Issue 6 – Volume 13
Home and away: The statutory residence test explained - The key points of the UK’s statutory residence test explained, to help advisers working with internationally mobile clients.
Scottish Rate of income tax – A summary of the incoming Scottish Rate of Income Tax implications for pension providers.
Retirement savings encouraging trends –The key findings of the Scottish Widows Retirement Savings Report 2014.
Discretionary Trusts: Anti-forestalling and the settlement nil-rate band - An explanation of the anti-forestalling provisions for discretionary trusts in advance of the trust taxation changes planned for April 2015.
Pension’s flexibility – Roundup of the further guidance and draft legislation - Over the summer the Government issued its response to the consultation on Freedom and choice in pensions, shortly followed by draft legislation. HMRC also provided further guidance on transitional issues. Please note we've clarified two points. Firstly, the temporary amendment to the block transfer rules applies equally to S32 contracts. Those in a S32 contract can transfer to a PP without losing protected tax free cash. Secondly, all individuals transferring under this rule can have been a member of the receiving scheme for more than 12 months before the transfer date. If using the printed version of September’s edition of techtalk please also refer to the update in its accompanying letter.
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