HMRC

A-day has been part of my life for the last five years. I have been involved with its development, from its original launch in the Green Paper in December 2002 (Simplifying the taxation of pensions: increasing of choice and flexibility for all).

Enhancements to pension transfer values is a practice which has been warned against by the industry for a while, but have recent decisions by government bodies and departments to crack down on the practice actually killed it off?

Advisers should undertake "appropriate training" before starting to advise on Real Estate Investment Trusts, warns the Financial Services Authority.

Providers who have resigned as scheme administrators of pension schemes may not only be leaving members to "fend for themselves", but could be leaving IFAs open to compensation claims if things go wrong, warns Rowanmoor Pensions.

The removal of tax relief on pension term assurance policies removes the risk of people taking out life insurance policies which are unsuitable for their needs, claims HMRC.

The Isle of Man Treasury is planning to remove the compulsory annuitisation of pension schemes, under its proposals for 'pensions simplification', because there are now fewer annuity providers on the island.

HM Revenue & Customs has provided written confirmation that gifts put into absolute or bare trusts for minors will avoid tax charges by being classified as Potentially Exempt Transfers rather than Chargeable Lifetime Transfers.

The government has reduced proposals for the minimum amount of income which must be drawn from an Alternatively Secured Pension from 65% to 55% of a comparable annuity for a 75 year old, but has retained the unauthorised payment charges on funds left...

Threesixty is warning advisers recent changes to the Inheritance Tax treatment of trusts may also trigger Capital Gains Tax charges on parents who place assets into a designated account for their children.

HM Revenue & Customs has confirmed refunds from pension schemes ordered by the Financial Ombudsman Service, following a case of "bad advice" or "mis-selling", will be classed as unauthorised payments.