tax

The financial services industry has won a short-term reprieve against the implementation of a tax on with-profits assets.

With-profits policyholders could see reductions in payouts for years ahead because of government moves to implement a new 30% tax rate on surplus assets of with-profits funds, Norwich Union says.

HM Treasury has issued a discussion paper in association with today's Pre-Budget looking at the issue of taxation of small business, especially where there is overlap between the corporate and personal tax regimes.

The Government has mapped out steps it plans to take on chapter five of the Pre-Budget Report, to ensure ‘a fairer Society."

A written response in Hansard, the official record of Parliament, confirms the Inland Revenue has backed off applying pre-owned asset tax (POAT) to equity release schemes, including home reversion, not used for IHT avoidance.

UK life insurers have been warned by the FSA to make sure they have adequate capital reserves and put in place all the legal checks they need to meet promises in the future, says this morning's Daily Telegraph .

Reform of the income tax charge on pre-owned assets has left individuals and their advisers in limbo when it comes to resolving the tax status of financial affairs.

Tax rates and regimes must be changed to reflect the different nature of property investment funds (PIFs) if these sorts of products are to have any chance of success, argues the IMA in its response to government consultations.

IFA coach Adviser Breakthrough Solution will be running two technical training days later this month aimed at IFAs wishing to keep themselves up-to-date with tax legislation.

Clients could limit children's inheritance tax liabilities associated with death-in-service benefits by asking trustees of an occupational pension to place assets into a flexible trust, suggests a Cornwall-based IFA.