Improve access to financial advice and annuities, says OECD
The OECD, a Paris-based economic body, has called on the UK government to ensure people have access to financial advice following the introduction of the pension freedoms.
The OECD, a Paris-based economic body, has called on the UK government to ensure people have access to financial advice following the introduction of the pension freedoms.
The gap between tax avoidance and evasion is disappearing and it is “immoral” to refer to it in the modern tax debate, said Richard Murphy, professor in practice in international political economy at City, University of London.
Non-domiciled investors in UK residential properties held via an offshore corporate structure are being urged to check with their advisers about their Inheritance Tax (IHT) liability after the government published plans to tighten the rules.
HMRC is currently investigating 43 football players and 12 clubs over their use of offshore companies to avoid paying tax on money earned through image rights in the UK, with a senior official revealing the tax office has clawed back £158m ($199m, €186m) in the last two years.
The Hong Kong Monetary Authority (HKMA) and the UK’s Financial Conduct Authority (FCA) are to “foster collaboration between the two regulatory authorities in promoting financial innovation”.
The UK financial advice industry is failing to recruit graduates and trainees into the sector, according to a new study by Investec Wealth & Investment (IW&I).
The UK’s plans to change the way overseas pension schemes are taxed and regulated have been welcomed by some providers, who say the changes will level the playing field between Rops and UK pensions and increase consumer protection.
HMRC is to go ahead and issue hefty fines to financial advisers found guilty of helping their clients avoid tax, as it sets out clear guidelines on who exactly will be affected by the move.
HM Revenue & Customs’ plans to review personal portfolio bonds (PPB) and potentially correct cases where British expats are left with ‘inequitable’ tax charges when they return to the UK, have been welcomed by industry.
The number of British citizens transferring their UK pensions into recognised overseas pension schemes (Rops) has dropped by more than a third since the pension freedoms were introduced in April 2015, according to HM Revenue & Customs (HMRC).
Nearly two years after the UK pension freedoms were introduced, the British government believes the current massive scale of scamming activity surrounding the industry warrants new laws to limit the rights of savers to transfer money out of existing schemes for their own protection.
The UK’s Personal Finance Society has named a London-based 22-year-old financial adviser as its youngest ever to obtain one of its fellowships.