HMRC
Retirement | 29 Nov 16
HMRC’s planned overhaul will ‘decimate’ Rops market, says IFA
The UK’s plan to abolish the 70% ‘income for life’ rule on recognised overseas pension schemes (Rops) will “decimate” the market for such products, according to the head of expat-focused IFA firm, Montfort International.
Offshore Bonds | 23 Nov 16
HMRC rules out replacing 5% tax withdrawals on offshore bonds
HM Revenue & Customs has confirmed that it will allow policyholders to correct ‘unfair’ tax bills resulting from ‘mistaken’ withdrawals of life policies, opting to keep the current 5% tax free allowance on offshore bonds.
Tax & Regulation | 21 Nov 16
Film scheme investors to be hit by big tax bill, says HMRC
HM Revenue & Customs (HMRC) has told tax advisers that it will issue payment demands to investors in the Eclipse Film Partnership schemes at levels potentially 10 times higher than their original investment.
Retirement | 18 Nov 16
UK savers over-50 reveal ‘bonkers’ use of pension freedoms
Almost a quarter of over-50s in the UK plan to cash in their pension even after withdrawing their 25% tax-free lump sum, accord to a survey by Retirement Advantage.
Tax & Regulation | 14 Nov 16
Former BHS owner Dominic Chappell arrested in HMRC probe
Dominic Chappell, the former owner of the collapsed UK department store BHS, has been arrested as part of an investigation by HM Revenue & Customs into the tax affairs of his company Swiss Rock.