United Kingdom
Tax & Regulation | 26 Jan 17
HMRC loss in IHT case unlikely to change pension transfer rule
A court ruling against HM Revenue & Customs on a case about inheritance tax (IHT) is unlikely to change the current two-year exemption rule on pension transfers, said Rachael Griffin, financial planning expert at Old Mutual Wealth.
United Kingdom | 25 Jan 17
Ex-footballer Alan Shearer reportedly suing over mis-selling
Former England football captain Alan Shearer is reported to be taking legal action against a financial salesman to reclaim up to £6m ($7.5m, €7m) after being ‘mis-sold’ investments, according to an English newspaper.
Tax & Regulation | 25 Jan 17
UK tax ‘error’ penalties up almost 40% in HMRC clampdown
HM Revenue & Customs penalties against taxpayers who have deliberately understated their income are up nearly 40%, according to new figures obtained by international tax advisory firm RSM.
Retirement | 25 Jan 17
UK pension freedoms trigger £9.2bn in outflows
The UK’s radical pension freedom reforms have led to over £9.2bn (€10.7bn, $11.5bn) getting encashed from pension plans since April 2015, HM Revenue & Customs revealed on Wednesday.
Retirement | 24 Jan 17
Pension scammers are getting smarter, FCA warns advisers
The UK’s Financial Conduct Authority (FCA) has warned financial advisers, DFMs and pension scheme operators that scammers are becoming increasingly sophisticated in developing products to defeat due diligence efforts.