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Application for Pension Fund Protection

Posted on by tfp in Pensions Post Retirement, Pensions Pre Retirement

An application for pension fund protection needs to be completed on-line. To do this the individual needs a Government Gateway account. Government Gateway Account  To set up a Government Gateway Account, is relatively straight forward, please click here.   The individual should complete the information as requested (they will need their National Insurance Number and Passport). Once completed, they will […]

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End of Tax Year Checklist

Posted on by tfp in Planning

With the tax year end approaching fast, it is a good time for individuals to consider any last minute planning and to maximise any unused allowances that they may have. Even if the planning has been left too late for this tax year, by still taking action now will ensure it is in place ready for next tax year. Click […]

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Applying for Pension Fund protection

Posted on by tfp in Pensions Post Retirement, Pensions Pre Retirement

As previously announced by HMRC, it is now possible to apply on-line for pension fund protection (Fixed Protection 2016, Individual Protection 2014 and 2016). Please click link below; https://www.gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance The client will need an account for HM Revenue and Customs (HMRC) online services (if they don’t have an account they can create one). And of course, the Individual Protection […]

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Dividends 2016/17

Posted on by tfp in Planning, Taxation

HMRC has issued a Dividend Allowance Factsheet. This confirms that this ‘simpler’ system will mean that only those with significant dividend income will pay more tax i.e. most small business’. However, investors with modest income from shares, you’ll see either a tax cut or no change in the amount of tax they owe. So a higher […]

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Pensions Tapered Annual Allowance

Posted on by tfp in Pensions Pre Retirement, Planning

Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000. The ‘adjusted income’ definition adds-back any pension contributions, to prevent individuals from avoiding the restriction by exchanging salary for employer contributions. To provide certainty for individuals with lower […]

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2015 Summer Budget – Dividends

Posted on by tfp in Planning, Taxation

The 2015 summer budget announced changes to how dividend payments will be taxed as from 2016/17. The Key points are; Currently From 2016/17 Dividend Allowance £0 £5,000 Basic Rate Taxpayer rate 0% 7.5% Higher Rate Taxpayer rate 32.5% on gross divi                      25% on divi net of tax credit 32.5% Additional Rate Taxpayer rate 37.5% on […]

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2015 Summer Budget – Pensions

Posted on by tfp in Pensions Pre Retirement

The 2015 summer budget announced that from 2016/17 the Annual Allowance for tax relieved pension savings will be reduced for those with incomes of over £150,000. Their annual allowance will be reduced by £1 for every £2 of income they have over £150,000 with a maximum reduction of £30,000. Also, in advance of the introduction […]

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2015 Summer Budget – Residence NRB

Posted on by tfp in Planning, Taxation

The 2015 summer budget announced that the Inheritance Tax Nil Rate Band (NRB) is to remain unchanged at £325,000 until end of 2020/21 It also introduced an additional nil-rate band when a residence is passed on death to a direct descendant (including grandchildren). For HMRCs publication of the full details click here The Key points […]

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