Abstracts » Business

Taxman reviews its tablets of stone

Article Abstract:

The United Kingdom tax authorities have replaced the list of investments that are allowed for self-invested personal pension plans. This type of plan is popular with investors who have experience and do not wish to leave their pension funds with one pension provider. Investors benefit from greater flexibility if they control their pension funds. The new list simplifies two previous lists issued by the Inland Revenue, which had proved confusing for investors.

Public Finance Activities, Tax Administration

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Ways to deter an unwanted guest

Article Abstract:

Income drawdown plans should have contracts written in trust in order to avoid problems with inheritance tax. Inheritance tax is payable on sums above 215,000 pounds sterling at a rate of 40%. Pension funds tend not to be included, but this may not be the case with income drawdown plans which have an average fund of 100,000 pounds sterling. Assets left to a spouse are not subject to inheritance tax. Solicitors can be consulted on writing contracts in trust.

Direct Life Insurance Carriers, Life insurance, Annuity Insurance, Retirement planning, Inheritance tax, Annuities

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Pension off the taxman

Article Abstract:

Pensions are an important part of tax planning for British investors, since contributions attract tax advantages, reducing income tax bills.

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