Tax & Regulation
Abusive tax schemes face bigger penalties
The UK Government’s latest finance bill includes new penalties targeting advisers who ‘enable’ the use of tax avoidance schemes.
Delay drawing pension until next year says expert
Financial advisers should tell clients thinking of taking money out of their pension fund over the next few months to wait until next year to make full use of the increase in the Lifetime Allowance (LTA), industry experts are saying.
IFA jailed for forging signatures
A former financial adviser who was found guilty of forging clients’ signatures to invest their cash into a high-risk fund that later went bankrupt has been sentenced to seven years in prison.
Tax avoiders targeted in HMRC recruitment drive
HM Revenue & Customs’ spending on staff to target tax avoiders rose 7% over the past 12 months, increasing headcount at its Counter-Avoidance Directorate (CAD).
Best Practice | 8 Sep 17
No safety net for life policy part surrenders
HM Revenue & Customs will be able to review “disproportionate” tax bills slapped on people who withdraw money from their life policies but “it is crucial that this isn’t seen as a safety net”, warns Old Mutual Wealth tax and financial planning expert Rachael Griffin.