December 10, 2024Drawdown Pension
Why you need to know In order to understand the income withdrawal options regarding pensions. What you need to know An individual is able to take income withdrawals from any money purchase pension arrangement, provided the scheme rules permit such a benefit to be taken. Since 6 April 2015 withdrawals have been available through “flexi-access […]
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CHARGEABLE EVENT GAINS AND INTERACTION WITH INCOME TAX ALLOWANCES
A recent client query has reminded Equerry Investment Management just how complicated things can get when a non-taxpayer, with relatively low amounts of income from a variety of sources, makes a large chargeable event gain on an offshore bond. So, for your information, here is a reminder of the rules. Offshore bond gains are taxed […]
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Student Loans – is it a case of smoke and mirrors?
Student loans are a slippery subject. The problem starts with the word “loan”, which is near enough a half-truth. The latest estimates suggest that about 45% of outstanding student debt (original loan plus accumulated interest) will eventually be written off. How the Treasury accounts for student loans and interest has been the subject of a paper from the Office […]
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December 2017 Financial Market Commentary
“My powers are ordinary. Only my application brings me success” Isaac Newton Many years ago I was told that if I found myself uttering the phrase that ‘investment was easy’ I should sell all my outstanding positions and go and sit in a darkened room and have a think about it all. These words came […]
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HMRC Guidance – Deemed domicile rules and cleansing mixed funds – An update from the Chartered Institute of Taxation (CIOT)
From 6 April 2017 those who are resident in the UK for 15 of the prior 20 years are deemed UK domiciled for the purposes of income tax, capital gains tax and inheritance tax. The effect of these deemed domicile rules is to tax long term non-UK domiciled individuals on their worldwide income and gains […]
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Trust taxation consultation
Summary of the key issues identified in the consultation on trust taxation On 7 November, after a long wait since its coming was announced in the Autumn Budget of 2017, the consultation “The Taxation of Trusts: A review” was published. The consultation has the overriding objective of seeking to make the taxation of trusts simpler, […]
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An Equerry update on taxing gains made by non-UK residents on UK immovable property
The Government has now confirmed that from April 2019 non-UK residents will be subject to tax on disposals of all UK property. Currently non-UK residents are only taxable on disposals of UK residential property. All non-UK resident persons’ gains on direct disposals of UK land will be chargeable. The rate of tax will be the […]