Inform

Here is our latest newsletter for October 2011

 

Stiddard News Oct 11 - HMRC Warning, October deadlines, Tax savings on life insurance & more - http://eepurl.com/gxcrP

 

Mike is an experienced Independent Financial Adviser having previously run his own IFA and Independent Trustee companies for 17 years. Qualified in excess of the DipPFS Mike has a lot of experience in the corporate pensions area, especially with Defined Benefit Schemes, and with ultra high net worth clients. This experience is useful with all clients whether individuals, entrepreneurs, or business owners and Finance Directors of all sizes of companies.

Mike has also kindly written a small article about pension changes effective 6th April 2012

HMRC has announced that they are reducing the Life time allowance from £1.8 million to £1.5 million from the next tax year. The lifetime allowance is the maximum amount of pension and/or lump sum that you can get from your registered pension schemes that benefit from tax relief.

You may wonder if this will ever affect you, however Pensions are a vital tool in tax planning especially in the sale of a business or in the flexibility available to you now for the purchase of a commercial property. Therefore whilst you may think that this may not apply now, it could easily restrict your tax planning opportunities at a later date.

If you do not have either primary protection or enhanced protection (they are not affected) you can apply for a new form of protection, fixed protection. You do not need to already have built up pension rights of more than £1.5 million to apply. If you believe that your existing pension funds could grow to more to more than £1.5 million by the time you want to take them or they already are then you need to take action quickly.

However if you have fixed protection there are restrictions on what you will be able to do with your benefits, For example, you will normally need to stop building up benefits under every registered pension scheme that you belong to by 5 April 2012. Remember, your pension scheme or employer may need time to stop your active membership.

For a discussion or assistance on this or any other pension advice please contact our specialists …….Mike Fisher mobile number 07711718245 or Mark Loughlin 07595466874

 Our September 2011 newsletter using a QR Code (we think thats what they are called!)

 

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