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You searched for the term Tax year end Your search returned the following 40 results...
 
  • The top tax year end questions answered - Royal London for advisers

    The top tax year end questions answered Clare Moffat 24 February 2022 Share Share Clare Moffat from our Intermediary Development and Technical team looks at the most common questions we receive in the run up to tax year end. Tax relief and annual allowance One of the top questions we’re asked about...

  • Carry forward – where do people go wrong? - Royal London for advisers

    Carry forward – where do people go wrong? Fiona Hanrahan 26 January 2022 Share Share To help you avoid common carry forward mistakes at tax year end, Fiona Hanrahan, Intermediary Development and Technical Manager outlines where people go wrong and what to watch out for. Unused annual allowance...

  • 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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    News

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  • Tax year end key dates and information - Royal London for advisers

    Tax year end key dates and information We’ve pulled together the key dates and information you need to know before the tax year ends. New Business team Your checklist Where and when to send it Application form and supporting documents: I’ve completed the application form fully and enclosed any...

  • 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 The top tax year end questions answered - Royal London for advisers The top tax year end questions answered Clare Moffat 24 February 2022 Share Share...

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    News

  • Pensions technical information and guidance - Royal London for advisers

    Pensions - Technical Central What's new Our latest research: Counting Down to the Consumer Duty In our latest research report, we ask advisers how they feel about the new Consumer Duty. We also look at how advisers plan to adapt their business when the new rules come in. The top tax year end...

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    Information and guidance

  • 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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    Blog

  • Contributions and tax relief - Royal London for advisers

    . Redundancy and tax year end Anyone can become or remain a member of a UK pension scheme, regardless of nationality and UK tax treatment. However, tax relief on member contributions will only be available to those who are 'relevant UK individuals'.  Contributions to registered schemes for overseas...

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    Information and guidance

  • Pensions A to Z - Royal London for advisers

    ...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 for pension contributions Residence nil-rate band part 1 Residence nil-rate band part 2 Residence nil-rate band (rate) Retail prices index...

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    Pension freedom

    Auto enrolment

    Information and guidance

    ...

  • 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 2016 and paid £5,000 a year which was reduced to £3,600 from April 2017, as they had no UK earnings and are not a crown employee do we stop collecting contributions at the end of the 2021/22 tax year or end...

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    Information and guidance

  • Pension saving statements - Royal London for advisers

    ...allowance has been exceeded and aren't required to automatically supply a PSS if it does. Ryan: We know that schemes are busy sending out their PSS just now. But what is the legal deadline? Moira: The deadline is the 6 October after the end of the tax year to which the PSS relates. So, for example...

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    News

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  • 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

    ...to the pension input amounts for all of an individual's plans 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...

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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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    Retirement Solutions

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

    ...the individual has 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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    Information and guidance

  • Annual allowance - Royal London for advisers

    ...of the pension input period 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...

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    Information and guidance

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

    ...annual allowance available is exceeded at the end of the period. Pension input periods 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...

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

    ...by, increase the value of the plan at the beginning of the pension input period 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...

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    Frequently asked questions

  • 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

  • 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 over...

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    Information and guidance

  • Transitional rules for DB schemes - Royal London for advisers

    PIPs are aligned with the tax year, so 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. This note should be read in conjunction with our...

  • 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...

  • 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

    ...rate with no guarantee. Any level of income could have 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...

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    Information and guidance

  • Consultation on contribution rates for NHS pension scheme members - Royal London for advisers

    ...costs (contribution plus tax charge) in any particular year. As this is an issue most likely to affect the highest earners in the NHSPS, a reduction in their contribution rate improves the member’s position and may mean that remaining in the scheme is still the best available option. At the other end...

  • 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

  • 2021 Autumn Budget - Royal London for advisers

    ...will introduce a system to make top-up payments directly to low-earning individuals saving in pension schemes using a net pay arrangement from 2024/25 onwards. These top-ups will be paid after the end of the relevant tax year, with the first payments being made in 2025/26 and continuing thereafter...

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    Personal

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

    , a tax-free cash sum usually of up to 25% of the fund is paid to the member. The remainder of the pension pot can then be used to provide the member with income.  The maximum amount of income that can be taken during a 'pension year' is 150% of the Government Actuary's Department rate (or GAD...

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    Information and guidance

  • 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

  • Transitional rules for DC schemes - Royal London for advisers

    ...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 a total of £40,000 in the PIPs ending in the period to 8 July 2015, she would...

  • 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

  • Benefit options summary - Royal London for advisers

    ...of gainful work, other than in an insignificant way, before state pension age.  The annual allowance does NOT apply to contributions in the year benefits are taken from arrangements meeting the above conditions. This is the case for the pension input period ending in the tax year the individual becomes...

  • 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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    Information and guidance

  • 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

  • Taking benefits - Royal London for advisers

    ...for a member to take TFC from their pension without the requirement to take income at the same time. Reviews of maximum income are required every three years if the member is under age 75, and every year for those who are age 75 or over. It is also possible for members to request a review at the end...

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    Information and guidance

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

    The real difference ProfitShare can make 31 March 2022 We're sharing £169 million with 1.9 million customers in April. Earlier this month, we announced our 2022 ProfitShare award. We’re proud to be sharing £169 million with qualifying customers. This year’s award is £23 million higher than last...

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  • 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...

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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.