Category: Technical Library

My Business is my Pension

My Business is my Pension – The Business Opportunity There are 1.5m small businesses in the UK, according to the Federation of Small Businesses (2014). This case study brings these together and highlights financial planning opportunities. The Issue: A Mr Sinclair (age 57) owns and operates a software development business. The business generated £300,000 of...

Normal expenditure out of income exemption

Normal expenditure out of income exemption Section 21 of the Inheritance Tax Act 1984 deals with the normal expenditure out of income exemption. If a gift (or, more precisely, a ‘disposition’) is exempt, then for IHT purposes it is irrelevant whether or not the donor survives for seven years. For the exemption to apply, it...

Abolition of 55% tax charge on drawdown pension

Drawdown Pension This update provides further detail on the removal of 55% tax rate on pensions at death, following the Chancellor’s announcement on 29th September 2014. HM Treasury and HMRC plan to discuss the technical detail further with industry stakeholders prior to final legislation. Updated details have now been released and these answer many of...

PIPS and Carry Forward

PIPS and Carry Forward The Annual Allowance is a completely separate issue to tax relief in that the total of both employee and employer contributions, whether these are tax relievable or not, will be subject to an Annual Allowance tax charge if they exceed the Annual Allowance limit in any particular year. What is a...

Relaxation of the block transfer rules

Relaxation of the Block Transfer Rules The Finance Act became law on the 17th July 2014 and formally brings in some changes to pensions that we’ve known about since the Budget, such as: Increases to the trivial commutation and small pots limits, Increase in the GAD limit, and Reduction in the minimum income requirement for...

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Logic Wealth Planning Limited is Authorised and Regulated by the Financial Conduct Authority. Registered in England and Wales number: 4206195. Registered Address: 18/19 Salmon Fields Business Village, Salmon Fields, Royton, Oldham, OL2 6HT. Trading address: Sigma House, 9 Southgate, Cross Street, Off Green Lane, Heywood, Greater Manchester, OL10 1ND. Telephone: 0808 1234 321.