Anyone over 40 is now entitled to a free NHS mind and body health check every five years, at which they might expect to receive the cheerful advice – “use it or lose it”. A wealth adviser or manager looking to keep your finances in top condition might declare the same of your pension.
I have a fairly substantial Sipp that I do not need to access for the foreseeable future, and I therefore plan to use it for inheritance planning purposes. I am 68, and I understand that if I die before the age of 75, the entire Sipp can be given to my nominated beneficiaries free of tax.
Kyle Caldwell outlines five lesser-known tax planning practices that can help keep your finances under the taxman's radar.
People could end up paying 200 times more tax, depending on how they decide to access their retirement income, according to research by the Pension Policy Institute (PPI).
The findings were based on the tax that someone would pay if they fully withdrew their defined contrition (DC) pension, compared with annuity purchase.
The taxation of investments is a complex matter, but this shouldn’t stop investors from carrying out basic due diligence during the exchange traded fund (ETF) selection process to avoid unwelcome effects on returns.
UK investors have access to a wide array of ETFs listed on the London Stock Exchange. But being listed on the local UK exchange is no guarantee of tax efficiency. Some of these ETFs are listed in London just because it is the trading venue of choice for many international investors, so these ETFs may have been initially designed to suit the needs of non-UK investors.
A think tank has proposed that those working above state pension age should be paying national insurance tax.
HMRC has bowed to pressure and taken down a website page which gave taxpayers incorrect information.
Sam Barrett looks at solutions to sidestep a potential inheritance tax liability without giving away assets you may still need.
Over-55s planning to make an ad hoc pension withdrawal this year are being warned that they could be hit with higher tax bill.
The personal allowance, or the amount you can earn tax-free before you start paying income tax, has risen by £350 to £11,850. Pensioners won’t receive a higher personal allowance than other age groups.
You will pay basic rate tax (20 per cent) on your taxable income between £11,850 to £46,350. This means you can earn up to £46,350 before you start paying higher rate tax (40 per cent).