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Overpayment And Underpayment Of Tax On Pension Income

With the introduction of pension flexibility, there is now a greater likelihood that you might have either overpaid or underpaid income tax as a result of taking ad hoc payments from your pensions. HMRC has recently published advice on what to do if an individual has underpaid or overpaid income tax; there is even a short YouTube video which may be useful for you to watch! If you have overpaid or underpaid tax during the tax year, HMRC will notify you between now and October 2015 via a P800 tax calculation.

Posted by Anna Sofat on 18 September 2015
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Family Fail To Overturn Suspicious Will

The family of a deceased man have failed to have his will overturned on the grounds of “lack of knowledge” and “approval” despite the fact that he left his entire estate to a builder with whom he had been friends with only for a short time.

Posted by Anna Sofat on 20 August 2015
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A New Approach To Retirement Funding?

The National Employment Savings Trust (NEST) has developed a strategy for retirement for the pension funds accumulated by workers. After extensive research it has concluded that in the first phase of retirement from ages 60 to 70 it is best to leave the fund invested in a mixture of financial assets, but with 10% in cash available for unexpected needs. Between 70 and 80 the funds intended to provide income are locked in, and in the third phase (80 plus) the capital is used to buy annuities for income security. Employees will be able to opt out of these 'default' solutions if they wish.

Posted by Anna Sofat on 11 August 2015
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Deed Of Variation Can Be Rectified To Add Missing IHT Statement

The High Court has rectified a deed of variation that did not include an inheritance tax statement because it did not achieve the parties' intentions.

Posted by Anna Sofat on 28 June 2015
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Increases To State Pension Age

The State Pension Age is set to rise significantly over the next 10-12 years.

Posted by Anna Sofat on 26 June 2015
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HMT: Chancellor Presses Industry On Pension Freedoms

Treasury will consult to ensure that people are not charged excessive early exit penalties.

Posted by Anna Sofat on 25 June 2015
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Pension Flexibility

As part of pensions flexibility, more people will be encouraged to transfer their pension plans. Those in ill health need to take due consideration of the IHT implications before making a transfer.

Posted by Anna Sofat on 27 May 2015
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Amendments To Provisions About The Annual Allowance Charge

In January 2015, Regulations made a number of changes to FA 2004 impacting upon the Annual Allowance.

Posted by Anna Sofat on 26 May 2015
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First EU Occupational Pension 'Stress Tests' Results Due In 2015

The results of first EU occupational pension 'stress tests' are due before end of 2015.

Posted by Anna Sofat on 25 May 2015
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Liberation Schemes: Ombudsman Rules On Transfers

New Ombudsman rulings on transfers to alleged liberation schemes.

Posted by Anna Sofat on 10 May 2015
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