There are still many families in the UK whose assets will be distributed in accordance with the intestacy rules – and all because a deceased member of the family did not prepare a Will. What are the intestacy rules? Let’s say that the family breadwinner dies leaving a surviving spouse or civil partner and two children. Without a Will the Continue Reading
Read more
UK signs tax agreement with Cayman Islands
Chancellor George Osborne made the following announcement to MPs on 5 November 2013. "Today, I can [...] announce another step in the fight against tax evasion. We will be signing this afternoon a tax information sharing agreement with the Cayman Islands - the first ever with an overseas territory. "And as a result, information of UK taxpayers held in the Continue Reading
Read more
Prudential wins important tax case
The High Court has ruled that HM Revenue & Customs (HMRC) had unfairly taxed ‘several thousand dividends’ between 1990 and 2009. As a direct result thousands of Prudential with-profits investors could receive a share of approximately £150m. The case could benefit other providers who have similar with-profits funds. For example: Aviva, Royal Sun Alliance, Standard Life and Legal & General. Continue Reading
Read more
Pensions allowance cuts loom
On 6 April 2014, the annual and lifetime allowances for pension contributions will be reduced. It's likely to affect a greater number of individuals than what Government figures suggest, according to pension provider Standard Life. What's changing? The maximum value of pension savings an individual can accrue in their lifetime before a tax charge is triggered will fall from £1.5 Continue Reading
Read more