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Tax Plus Blog

Dividend changes - Autumn Statement

It was announced in the Summer Budget that there would be a significant change to the way in which dividends are taxed from April 2016.  In addition to the introduction of a new Dividend Allowance, the notional 10% tax credit will no longer attach to dividends, thereby eliminating the requirement to gross up dividend income in an...

Date: 26th November, 2015   |   Author: Alison Palmer   |   Comments: 0

Pension: Auto Enrolment - Autumn Statement

The increase in auto enrolment contribution rates due to be implemented in October 2017 and 2018 are to be deferred for six months to align them with the tax year. The minimum required levels of contribution can be summarised as follows:   Minimum contributions   Employer Total To April 2018...

Date: 26th November, 2015   |   Author: Michael Lapham   |   Comments: 0

Property round-up - Autumn Statement

The Autumn Statement includes further changes that impact upon residential property, which I will summarise and also re-cap on the forthcoming changes for buy-to-let properties. Second home Stamp Duty Land Tax (SDLT) grab Yet another SDLT increase! Acquisitions of additional residential properties, such as second homes and buy-to-let properties,...

Date: 26th November, 2015   |   Author: Liz Cuthbertson   |   Comments: 0

Pension planning - Autumn Statement

The announcements in the Summer Budget 2015 were to be followed with a consultation on the pension tax relief system. Although we still await further details around this consultation, it may well have a significant impact on the way in which pensions are used as part of an overall planning strategy. So far there is no further update on the...

Date: 26th November, 2015   |   Author: Gill Tallon   |   Comments: 0

Pension: Reduction in Lifetime Allowance - Autumn Statement

The Lifetime Allowance (LTA) is due to be reduced further from its current level of £1.25 million to £1 million with effect from 6 April 2016. Inevitably more pension savers will face tax charges at retirement if their funds are in excess of the LTA. Details of the transitional protections are now available for pension savers who wish...

Date: 26th November, 2015   |   Author: Iain Muffitt - Financial Adviser   |   Comments: 0

Non Dom update - Autumn Statement

Foreign domiciled individuals may be wondering whether the Autumn Statement contained any further surprises for them.  However, the Chancellor was notably silent on this area and the proposed legislation affecting non domiciled individuals is still to come. It is expected that much of this will be released in early 2016 but the...

Date: 26th November, 2015   |   Author: Lisa Spearman   |   Comments: 0

Iain Muffitt, comments on the FCA’s announcement regarding the decline in sales of annuities

M&H Financial Planning Director, Iain Muffitt, comments on the FCA’s announcement regarding the decline in sales of annuities. The FCA have recently confirmed that sales of annuities have fallen by over 90% since the Chancellor introduced his new pension freedoms. This shows, as expected, that most individuals are taking advantage of the...

Date: 27th October, 2015   |   Author: Natalie Taylor   |   Comments: 0

What to consider before transferring a final salary pension

Is a final salary pension always best left alone? Generally it has always been considered sensible not to transfer a final salary benefit pension from the main scheme.  On the face of it, these benefits look even more valuable as life expectancy increases and investment returns are much harder to achieve with long time low inflation....

Date: 1st October, 2015   |   Author: Iain Muffitt - Financial Adviser   |   Comments: 0

Maximising tax relief on your pension

There has been much speculation about restricting tax relief on pension contributions for top rate taxpayers. This has now been addressed by applying a significant reduction to the annual amount that they will be able to pay into a pension. Tapered Annual Allowance With effect from 6 April 2016, the Annual Allowance of £40,000 will be...

Date: 8th July, 2015   |   Author: Gill Tallon   |   Comments: 0

Buy-to-let investors - tax changes ahead

Buy-to-let investment in property has been a popular choice now for many years among both UK residents and non UK residents. Rising capital values have produced capital appreciation whilst the rental profits have also been reduced for UK tax purposes by deducting mortgage interest in arriving at the taxable profit. For a higher or top rate...

Date: 8th July, 2015   |   Author: Liz Cuthbertson   |   Comments: 0

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