Comment and Blogs
One of my techie colleagues has recently done some analysis on the most common queries we have dealt with in the department in the last 18 months.
The run up to the end of the tax year can be a very busy time for advisers and is an ideal time to ensure that clients review their expression of wishes form. Trustees do have the discretion to select who will receive benefits, but will of course take account of any in an expression of wish form.
In April 2017 the Scottish Rate of Income Tax was introduced, which may have gone largely unnoticed by many Scottish taxpayers as the overall basic rate remained at 20% - albeit 10% going to HMRC and the other 10% to Revenue Scotland.
On Valentine’s Day this year I received not only a lovely card and flowers from my husband, but also an email from my financial adviser about a new specialist divorce service they were offering.
Over the last few weeks there’s been a fair amount of noise regarding IHT reforms. First we had The Office of Tax Simplification (OTS)’s call for evidence, and more recently the Intergenerational Commission (IC)’s “Passing on” report on options for reforming IHT.
Normally the end of the year is quiet in terms of changes to the pensions industry, but 2017 bucked this trend with a very sensible move by the Scottish government.