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Rowanmoor has tax plan to revive PTA

Rowanmoor aims to revive pension term assurance with a product that allows employers and trustees to pay contributions into a term assurance policy and get tax relief.

Director David Seaton says the firm is working with a life firm to develop a product that would be allowed under the revised PTA rules following the axing of tax relief on individual PTA policies in the Budget.

He says: “The wording in the Budget paper said personal contributions to a term assurance policy cannot get tax relief so trustees and employers could still contribute to schemes on behalf of the employee and get tax relief as long as it is not a personal contribution.”

But Standard Life marketing technical manager Andy Tully warns that the loophole may be closed. He says: “We decided not to take that route as we felt the Government would close it pretty quickly.”

A Treasury spokesman says: “The changes did not affect the relief employers are due when they pay for employees to have life insurance through a registered pension scheme. Tax relief remains due to the employer for these payments so long as they represent a genuine business expense.

“The Government reserves the right to take action in the future if it were to become evident that employers are changing benefit arrangements for staff in order to enable employees to retain tax relief on their personal life insurance.”


FundsNetwork launches trust for non-domiciled clients

Fidelity FundsNetwork has announced the addition of an Excluded Property Trust to its range of Multi-Asset Trusts, which allows anyone who is not UK domiciled to put non-UK assets into trust and avoid inheritance tax on these assets.

Woolwich cuts two year fix to 5.59 per cent

Woolwich has cut as much as half a per cent off its fixed rate mortgages and says it will maintain tracker rates at current levels.From September 25 Woolwich is launching a raft of lower fixed rate mortgages at rates as low as 5.59 per cent for two and five year deals. The five year rate […]

A&L and B&B rebound after rumours

Alliance & Leicester and Bradford & Bingley are unlikely to be hit by similar problems to Northern Rock despite share prices slumping earlier this week.A&L’s share price fell by 31 per cent and B&B by 15 per cent on Monday but prices rebounded on Tuesday with A&L up by 26 per cent and B&B by […]

Inheritance tax and estate planning – exemptions and reliefs

By Kim Jarvis, technical manager with Canada Life’s ican Technical Services Team In this article we look at the main exemptions and reliefs that are available on death. Within the article, spouse also means civil partner.   Nil-rate band Under current rules, any part of the estate that falls within the available nil-rate band (NRB), […]


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