HMRC has published a revised version of their ‘Residence, Domicile and the Remittance Basis’ document.
The amendments continue the shift towards emphasising the need to show a distinct break in the pattern
of one's life when seeking to break residence.
Friday 28 January 2011
Unsecured Pension 5 yearly reviews – clarification from HMRC
Three Sixty LLP have received clarification from HMRC regarding the situation where a client in unsecured pension, requests a review now but their pension year does not commence until after 6th April 2011.
HMRC have confirmed that (as expected) although the request may have been made before 6th
April 2011, if the new reference period starts on or after 6th April 2011 then the new limits and rules will apply to the ongoing fund, i.e. three year cycle and 100% income limit.
HMRC have confirmed that (as expected) although the request may have been made before 6th
April 2011, if the new reference period starts on or after 6th April 2011 then the new limits and rules will apply to the ongoing fund, i.e. three year cycle and 100% income limit.
Wednesday 12 January 2011
New deposit compensation limit for the UK
The FSA has confirmed that the new deposit compensation limit for the UK increased from £50,000 to
£85,000 per person, per authorised firm, effective from 31 December 2010. This is the Sterling equivalent of the €100,000 deposit compensation limit which came into force in all European Economic Area (EEA) member states at the end of 2010.
Further changes coming into effect on 31 December 2010 are:
• Fast payout rules, with a target of a seven day payout for the majority of claimants and the remainder
within the required 20 days
• Gross payout, which protects customers by ring fencing their deposits if they have savings and loans
with the same firm. Currently, any outstanding loan or debt would be deducted from any
compensation.
This new pan European requirement replaces the existing UK arrangement which has been in place since
2009, and which allowed for separate compensation cover for customers with deposits in two merging
building societies
£85,000 per person, per authorised firm, effective from 31 December 2010. This is the Sterling equivalent of the €100,000 deposit compensation limit which came into force in all European Economic Area (EEA) member states at the end of 2010.
Further changes coming into effect on 31 December 2010 are:
• Fast payout rules, with a target of a seven day payout for the majority of claimants and the remainder
within the required 20 days
• Gross payout, which protects customers by ring fencing their deposits if they have savings and loans
with the same firm. Currently, any outstanding loan or debt would be deducted from any
compensation.
This new pan European requirement replaces the existing UK arrangement which has been in place since
2009, and which allowed for separate compensation cover for customers with deposits in two merging
building societies
Friday 7 January 2011
All change for pensions.
HMRC have published a summary of the impending changes such as:
- the reduction in annual allowance
- the removal of the requirement to annuitise by age 75 and
- early access to pension saving
Let us know if you would like a translation.
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