The Revenue has lifted a tax threat facing Standard Life policyholders.A-Day rule changes would have meant with-profits pension clients being taxed immediately at 40 per cent on their demutualisation windfalls, even for members who are lower-rate or nil- rate taxpayers. Standard lobbied HMRC after spotting the anomaly and the Revenue has set out draft regulations bringing the proceeds under the capital gains tax regime so shareholders will only face tax when they sell. Shareholders can use their annual CGT exemption limit, which is 8,500 for this tax year. The original plan would have affected around 40 per cent of Standard’s policy- holders who qualify for windfall payments. HMRC also confirmed that stamp duty reserve tax will not apply on the transfer of unit trust assets owned by Standard upon the comp- any’s demutualisation. This is expected to save Standard up to 30m. Standard will be adop- ting one logo across its suite of retail brands in the UK before the flotation.
Fishburn Hedges may have been able to hire the fancy Sway bar in the City for its Burns Night celebrations but left its ever-suffering staff to brave the Arctic conditions without coats after deciding that the cloakroom should be reserved solely for hacks while PRs were ordered to leave their outdoor attire in the office. […]
Berkeley Berry Birch head of mortgages Dale Knight has left the firm as it announces plans to cease the Professional Mortgage Network and absorb it into Berkeley Independent Advisers.From May 2006 PMN will be absorbed into BIA with those firms in the process of transferring from PMN to the group brand being offered the same […]
Philip Scott takes a tour of Aviva’s call centres in India
The Association of International Life Offices is offering a brochure to help UK advisers understand offshore investment bonds and why they might be suitable for their clients.
Smart utility metering; fitness trackers; connected cars; smart factories; precision agriculture: the internet of things encompasses myriad applications. But how do you gain exposure – and profit – from this growing trend, asks Neptune fund manager & CTO Ali Unwin. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating […]
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As someone training to be a cricket umpire, fair play matters to Fortitude Financial Planning director Chris Bowmer. Doing the right thing for clients is something he has adhered to from the start of his career, even in a 1980s sales environment with nothing to gain by delving beyond a client’s surface requirements. While he acknowledges […]
Fund managers who have helped pay compensation over the collapse of life settlement bond provider Keydata will receive a £12m refund, the Financial Services Compensation Scheme has announced. Keydata’s management has been embroiled in a multi-million-pound legal battle with the FCA since it collapsed in 2009. The total bill for compensation stands at more than […]
With no employer to fall back on, the self-employed are on their own when it comes to retirement saving. Irregular income patterns can make it harder to save regularly into a pension and commit to locking money away until age 55. Those who are building a business may see that as their biggest asset and […]