View more on these topics

Inland Revenue to keep carry back

The Inland Revenue is set to drop controversial plans to ditch carry-back arrangements for personal pensions.

IFAs are expected to reap the rewards because carry-back requires detailed advice. The carry-forward option is still expected to be axed.

The move will be a big boost for self-employed who use the option to take advantage of previous years&#39 pension tax-break allowances.

Carry-back enables high-earners, particularly the self-employed, to take advantage of personal pension tax-breaks for up to five years.

Earnings limits vary between 17.5 and 40 per cent depending on age.

The ditching of the carry-back and carry-forward options was originally announced by the DSS in stakeholder consultation brief 6 covering tax details, released in September.

Inland Revenue press officer Paul Franklin says: &#34Some good arguments concerning carry-back are coming in from the consultation process.

&#34Although no formal decision has been made, we acknowledge some solid arguments have been received with carry-back. It was particularly the carry-back arguments we have been impressed with.&#34

Scottish Mutual pensions development director Leslie Gray says: &#34A lot of self-employed people probably plan their tax on the basis they can use carry-back in the future.

&#34I think it will be a good thing to keep – it does not add unnecessary complications to the launch of the stakeholder but helps out the self-employed.&#34


PIA fines IFA £12,500

The PIA has taken disciplinary action against Sinclair Osborne Financial Services of St. Andrews Fife.The firm has been reprimanded and ordered to pay £12,500 for compliance failings related to the pensions review.It has also been ordered to pay £4,000 in respect of PIA&#39s costs.

Mortgage mis-selling blamed on high commission

Thousands of homeowners could be entitled to compensation because of mortgage mis-selling, according to the Personal Investment Authority.PIA ombudsman Tony Holland said endowment mortgages were riskier than capital repayment mortgages, and it was essential that the risk was explained to borrowers.High commission payments have been blamed for fuelling much of the problem, which could leave […]

Commission not to blame for endowment crisis says ABI

Large commissions paid on sales of endowment policies are not to blame for the expected shortfalls faced by homeowners when it comes to repaying their loans says the Financial Times.The report says that advisers have been warned by the Association of British Insurers that based on current investment returns many low-cost endowment policies will not […]

Scottish Life announces high level job swaps

Scottish Life has announced a top level job swap within its senior management.The swap is part of the life offices long term commitment to broaden the expertise and experience of its senior management.As part of the move Scottish Life assistant general manager marketing Chris Cormack will takeover the position of actuary at Scottish Life International.Cormack […]

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm