Lasting Powers of Attorney

The retired senior judge in the Court of Protection commented recently on the Today programme on BBC Radio 4 that people should think twice before executing a Lasting Power of Attorney (‘LPA’), because they might be served better by the appointment of a Deputy of the Court of Protection. Lawyers have rushed to contradict this […]

Pension annual allowance

The Finance Bill 2017 confirms that the so-called Money Purchase Annual Allowance (‘MPAA’) has been reduced from £10,000 to £4,000 p.a. with retrospective effect from 6 April 2017. The MPAA limits the pension contribution on which people who have drawn income benefits from their personal or other “money purchase’ pension arrangements are able to claim […]

Pension sharing on the rise

Pension rights are usually the second most valuable asset, after the family home, which need to be considered on divorce, and three options are available to divorcing couples: Pensions can be off-set against other matrimonial assets Courts can make Attachment Orders, directing pension trustees to pay all or part of the pension to the ex-spouse […]

Cash ISAs

Cash ISAs have declined in popularity, not only in relation to stocks and shares ISAs, but also in relation to other forms of deposit. Interest rates have fallen and the attractions of cash ISAs have also been undermined by the introduction in April 2016 of the personal savings allowance (‘PSA’), which permits basic rate taxpayers […]

Automating tax returns

HM Revenue & Customs is launching a new simplified system for calculating tax bills, which will result in thousands of taxpayers being relieved of the chore of filling out tax returns. Taxpayers affected by the change will receive letters saying that in future their tax assessments will be based on information already held by HMRC. […]