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You searched for the term Tax Year End Your search returned the following 40 results...
 
  • Redundancy and Tax Year End - Royal London for advisers

    Redundancy and tax year end Clare Moffat 4 January 2021 Sadly, many people were made redundant in 2020 and often this isn’t the situation they would have wanted to find themselves in. However, some people have taken voluntary redundancy (or will be taking it) as a way of easing into retirement...

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  • New Wilmslow office address - Royal London for advisers

    . We’re unable to redirect any mail sent via courier, so to make sure this reaches us, please make sure you use our new address. More articles show more Redundancy and Tax Year End - Royal London for advisers Redundancy and tax year end Clare Moffat 4 January 2021 Sadly, many people were made redundant...

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  • Planning and the relevance of contribution dates - Royal London for advisers

    Planning and the relevance of contribution dates Moira Warner 25 March 2019 Share Share Moira Warner explains the importance of contribution dates when it comes to tax. The likelihood that clients will leave tax year end retirement planning to the last minute makes it important for advisers...

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  • End of tax year - IR servicing checklist and submission date - Royal London for advisers

    End of tax year - IR servicing checklist and submission date 20 February 2020 Share Share Here's a reminder of our submission deadlines and the information we need if your client wants to take a taxable income payment before the tax year ends. Your checklist Where and when to send it Application...

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  • Contributions and tax relief - Royal London for advisers

    ...people were made redundant in 2020. Often they might have long service, so a large amount of the redundancy payment could be taxable. For individuals over 55 or in their 50s, paying a pension contribution is very attractive as access is close and it's very tax efficient. Redundancy and tax year end...

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    Information and guidance

  • Pensions A to Z - Royal London for advisers

    , enhanced, fixed and individual protection - frequently asked questions Q QROPS - Overseas transfers R Reaching age 75: our top five frequently asked questions Reasons why you might put pension death benefits into trust Recycling of tax-free cash Redundancy and tax year end Redundancy payments being used...

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    Auto enrolment

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  • Contributions to registered schemes for overseas individuals - Royal London for advisers

    ...on these earnings, or £3,600 a year if greater. As an example if someone moved overseas in November 2015 and paid £5,000 a year which was reduced to £3,600 from April 2016 as they had no UK earnings and are not a crown employee do we stop collecting contributions at the end of the 2020/21 tax year or end...

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    Information and guidance

  • Contracting-Out Of The State Second Pension - Royal London for advisers

    , 1.6% for the employee and 1.4% for the employer. An age-related rebate is paid after the end of the tax year by HM Revenue & Customs' National Insurance Contributions Office (NICO) directly to the pension scheme. The top up mentioned above for final-salary schemes also applies to money-purchase...

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    Information and guidance

  • Pension input periods and pension input amounts - Pre 2015 Rules - Royal London for advisers

    ...with pension input periods ending in that tax year. For example, if the end of the pension input period was 1 December 2013 it would be tested against the 2013/14 limit of £50,000. If the end of the pension input period was 1 December 2014 it would be tested against the 2014/15 limit of £40,000. The tax...

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    Information and guidance

  • Scheme pays deadline - Royal London for advisers

    ...they wish to use scheme pays by 31 July in the tax year following the year in which the tax year to which the annual allowance charge relates ended. It's not possible for the individual to tell the scheme before the end of the tax year in which the charge relates to. For example, if an individual has...

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  • Pension input periods and pension input amounts 2015 - Royal London for advisers

    ...at the end of the period. PIPs are aligned with the tax year.  Pension input amount: For defined contribution plans this is the amount of contributions made during the pension input period. For defined benefit schemes, the pension input amount is the value of benefits accrued over the pension input period...

  • Emergency tax and lump sum withdrawals - Royal London for advisers

    2 options: They can wait until the end of the tax year. A tax refund will be created as a result of the information submitted in their tax return OR They can reclaim the overpaid tax from HMRC during the tax year using the appropriate claim form. For an individual where the overpayment...

  • 2009 Budget - Limiting Tax Relief For High Income Individuals - Royal London for advisers

    2009 Budget - Limiting Tax Relief For High Income Individuals The 2009 Budget restricts tax relief on pension contributions for those earning £150,000 or more a year. Relief will be tapered away until those earning over £180,000 will receive relief at 20%, the same as for a basic rate taxpayer...

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    Information and guidance

  • 2009 Budget - Anti-forestalling - Royal London for advisers

    ...relief. However, it increases the complexity of tax relief for those affected by the anti-forestalling measures. If you advise clients with incomes of £150,000 or more in this tax year or either of the last two tax years, you should consider how these rules affect them. What the Budget says From 22...

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  • Annual allowance - Royal London for advisers

    ...the 12 month period to the September before the start of the tax year in which the annual allowance is being calculated. This is then compared with the value at the end of the period. The rights to be valued will include partial benefits taken during the period, any rights transferred out to another...

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    Information and guidance

  • Child Benefit - avoiding the tax charge - Royal London for advisers

    . Gov.uk - Child benefit Gov.uk - Child benefit tax charge An income tax charge applies to people who get Child Benefit and whose income (or partner's income) is more than £50,000 in a tax year. If income is between £50,000 and £60,000, the charge is a proportion of the Child Benefit received. If it's...

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  • Contributions and Annual Allowance - frequently asked questions - Royal London for advisers

    ...by the increase in CPI over the 12 month period to the September before the start of the tax year in which the annual allowance is being calculated. This is then compared with the value at the end of the period. The rights to be valued will include partial benefits taken during the period, any rights...

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    Frequently asked questions

  • Taper trap - Royal London for advisers

    Taper trap Individuals with adjusted income over £240,000 in the tax year could have their annual allowance reduced. In some cases, the calculation can be particularly challenging... Key facts The annual allowance will be reduced for people who have ‘adjusted income’ over £240,000 a year...

  • 2011 Budget Summary - Royal London for advisers

    ...been announced. These include: The restriction of tax relief through reduced annual allowance Removing the need to buy an annuity by age 75 'Disguised Remuneration' restrictions which effectively end the tax attractions of Employer Financed Retirement Benefit Schemes The reduction of the lifetime...

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    Information and guidance

  • Transitional rules for DB schemes - Royal London for advisers

    PIPs are aligned with the tax year i.e. they run from 6 April to 5 April each year. It was possible that existing plans could have two or three PIPs ending in the tax year 2015/16. Individuals had a pre-alignment tax year annual allowance of £80,000. Case studies PTM058000: Annual allowance...

  • 2018 Autumn Budget Summary - Royal London for advisers

    2018 Autumn Budget Summary Philip Hammond delivered his second Autumn Budget on Monday 29 October 2018. Our view The Chancellor’s windfall from better-than-expected borrowing forecasts meant that he did not have to cut back pension tax relief in this Budget.   Here’s our summary of the proposed...

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    Information and guidance

  • Death benefits pre 6 April 2015 overview - Royal London for advisers

    ...been selected between these limits but this had to be reassessed every 3 years (then every year from age 75). A dependant could request a review at the end of each pension year. The scheme administrator could grant or refuse this request at their discretion. Our article on Income drawdown...

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    Information and guidance

  • 2009 Budget - Treasury amendment - Royal London for advisers

    ...profits are known at the end of the financial year. Infrequent money purchase contributions The amendment allows payments which have been made within one tax year less frequently than quarterly to count as infrequent money purchase contribution amounts. Where the amount of the infrequent money purchase...

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    Information and guidance

  • Carry forward top 5 FAQs - Royal London for advisers

    . Contributions above that amount would attract an annual allowance charge. Carry forward’s still available for any defined benefit scheme funding. How do you calculate any unused annual allowance (AA) for tax year 2015/16? Tax year 2015/16 is split into two periods. The pre alignment period runs from 6...

  • Carry forward in the 2015-16 transitional year - Royal London for advisers

    Carry forward in the 2015/16 transitional year From 6 April 2019 it is no longer possible to carry forward unused annual allowance from the 2015/16 tax year. Key facts The 8 July 2015 Budget aligned pension input periods with tax years; this applies to all pension schemes. For the purposes...

  • Capped income drawdown and review dates - Royal London for advisers

    Pensions Tax Manual - PTM088650: BCE 5A: age 75 having previously designated funds as drawdown pension The review dates also change - the maximum drawdown pension will now need to be recalculated at the start of every pension year. The switch over to yearly reviews will happen at the end of the pension...

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    Information and guidance

  • Transitional rules for DC schemes - Royal London for advisers

    ...in the 2015/16 tax year). She paid £30,000 up to 6 April 2015 and then ended the PIP on 15 April 2015, after paying a further pension contribution of £10,000 on 14 April. Under the old rules, the PIP starting on 16 April 2015 would end in the 2016/17 tax year. Under the transitional rules, as Anne paid...

  • The effect on the workforce - Royal London for advisers

    ...they earn: eligible jobholders non-eligible jobholders, and entitled workers. The table below helps to identify each type of worker. 1These figures are for the 2020/21 tax year. Exclusions and exceptions from the employer duties People who are treated as workers People who are not treated as workers...

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    Auto enrolment

    Workplace pensions

  • Autumn Statement 2012 - Royal London for advisers

    - pages 7-9 As was expected the annual allowance for tax relief on pension contributions is reducing from the current limit of £50,000 to £40,000. This won't take effect until 6 April 2014 but will apply to pension input periods ending in the 2014/15 tax year, so for existing pension plans that started...

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    Information and guidance

  • 2012 Budget Summary - Royal London for advisers

    , the forewarning of a reduction in the 50% rate of tax allows some individuals to continue getting tax relief on their pension contributions at this level for another tax year. Paying pension contributions may be a means of preserving some or all of the Child Benefit for those with taxable income of more than...

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  • Understanding PROD - Royal London for advisers

    : Be clear about what the PROD rules are and your firm’s specific requirements. By the end of this step, you’ll: Understand what your PROD requirements are as a ‘distributor’. Understand the specific requirements for those described as ‘manufacturers’ in the PROD rules. Support material Read our insight...

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  • Managing money in retirement - Royal London for advisers

    ...and taking £4k per year for 25 years. The chart below shows what a quite good outcome, and a quite bad outcome, might look like for different levels of investment risk taken. What we found was that you’re likely to have more left over at the end of retirement when a higher risk investment strategy...

  • Fixed protection - Royal London for advisers

    ...of the individual after they have reached age 75. Defined benefits and cash balance benefits For defined benefits or cash balance arrangements benefit accrual will occur if in any tax year the value of the pension rights over the tax year have gone up by more than the 'relevant percentage', which...

  • Pension death benefits in trust case study - Royal London for advisers

    year to decide whether the trust is still required. IHT, income tax or capital gains tax could apply to money in the trust so should be carefully considered if the benefits of the trust outweigh the potential complications. If they decide there is no longer a need for the trust, they can pay...

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    Case studies

  • 2014 Budget Summary - Royal London for advisers

    ...big changes to private pensions, some of which are coming into effect before the end of next week while other more radical changes are proposed to take effect from 6 April 2015. The consultation will close on 11 June 2014. Here's our summary of the changes and the consultation with links to Treasury...

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    Information and guidance

  • Budgets and Acts - Royal London for advisers

    Budgets Each year the Chancellor delivers a pre-budget report (referred to as the Autumn Statement nowadays) which is then followed by his Budget in March. Budgets Acts Budgets 2021 Spring Budget 2021 Spring Budget Summary Furlough scheme Income tax Charge cap consultation Long-term asset fund...

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  • Pension news from 2019 - Royal London for advisers

    Pension news from 2019 Why paying a tax charge isn’t always a bad thing We’ve updated our adviser policy paper and it’s ready to download. Retirement Outcomes Review phase 1 - new age-based packs We’re introducing new-aged based packs as a result of the FCA’s new rules on ‘wake-up packs...

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  • Retirement Outcomes Review phase 2 – changes to drawdown key features illustrations - Royal London for advisers

    ...policy statement PS19/1 at the end of January 2019, looking at how they plan to tackle some of the issues they’ve identified in the retirement market. Phase 1 of this Retirement Outcomes Review was introduced on 1 November 2019, with phase 2 following on 6 April 2020 and phase 3 on 1 August 2020. Here...

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  • Our customers’ pension investments - general election special (podcast) - Royal London for advisers

    ...at the end of January next year. And so that really removes some of the uncertainty that we've been facing with regard to sort of hard Brexit risk, whether we're going to have to go through a referendum - all those sort of questions have kind of been taken off the table now. But there is still worry about...

  • The real difference ProfitShare can make - Royal London for advisers

    The real difference ProfitShare can make 21 April 2021 We shared £146million with 1.8 million customers in 2021 We recently announced our 2021 ProfitShare award to our members. And this year’s award means more than most, given the difficult economic conditions and challenges brought about...

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.