HMRC

Skandia is urging the government to reconsider what it describes as a "stealth tax on children" following confirmation gifts to minors through absolute trusts will be liable for tax charges.

Well it is that time of year again and it was tempting to see if I could write a piece that made no reference whatsoever to the festive season! But my plans have been spoiled in the last couple of weeks by an early Christmas present or two.

The Treasury and HMRC have confirmed customers who applied for pension term assurance policies on or before 6 December will be treated in the same way as those whose policies have already been issued.

I well remember last year's Pre-Budget Report which effectively banished residential property and things like art, wine and cars from being purchased directly by a self invested personal pension.

Clients must be on risk before midnight on 5th December to benefit from tax relief on pension term assurance policies, according to HMRC.

The Treasury is changing the rules governing the status of friendly society investment plans so policyholders are not penalised if the business is transferred to another insurance company.

This week I attended a course on the ‘tone of voice' we should use when communicating with customers. The grumpy old man in me tends to feel that today's younger generation would benefit more from learning grammar and punctuation, but tone of voice refreshers...

Action to settle whether scheme pension payments are subject to inheritance tax could be included in the pre-Budget Report.

The number of people entering income drawdown on nil income could be using the opportunity to take tax-free cash before it is abolished.

Added together, the total legislative change affecting financial planning brought in under the current government forms a remarkable conglomeration. The challenge to advisers to keep up with rapid changes is certainly significant.