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Tax Updates

Archive of: March, 2015

Office of Tax Simplification Proposes Removal of £30k Tax-Exempt Termination Payments

On 31 July 2014, the Office of Tax Simplification (“OTS”) published it’s final report into the review of taxation of employee benefits and expenses. That final report suggested the removal of the £30,000 tax exemption for compensation payments on termination of employment. Read more…


Office of Tax Simplification Proposes Removal of £30k Tax-Exempt Termination Payments

Lifetime Allowance and Family SIPP

As the lifetime allowance has been reduced and now stands at £1.25m there have been a number of ‘creative’ suggestions about how to deal with this cap, other than via the use of transitional protection. One example is the family SIPP. Read more…


Lifetime Allowance Charge and Family SIPP

55% Pension 'Death Tax' To Be Abolished

As things stand, it is normally only possible to pass a pension pot on as a tax free lump sum if you die before the age of 75 and you have not taken any tax free cash or income from that pot. Otherwise, any lump sum paid from the fund is subject to a penal 55% tax charge. From April 2015, this will change, and the automatic tax charge will be abolished. Read more…


55% Pension 'Death Tax' To Be Abolished

Budget Predictions 2015

On 18 March 2015 The Chancellor will deliver the final Budget of this parliament. What tax measures can we expect? With a general election following shortly after the budget and a new Parliament to be formed, the themes for next weeks budget are unlikely to be anything new or exciting; the focus is likely to be on growth for the economy and more on keeping public finances under control. Read more…


Budget Predictions 2015

Tax Avoidance Promoters Must Publicise HMRC's Monitoring

Promoters of high-risk tax avoidance schemes must publicise when HM Revenue and Customs are monitoring their activity, or face fines of up to £1m. Read more…


Tax Avoidance Promoter's Must Publicise HMRC's monitoring


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Automatic collection of Personal information – cookies
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Changes to this policy
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Policy questions and enforcement
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