Welcome to June's Latest News.
As we approach the end of June, it's hard to believe the first six month's of the year are nearly over. It's been a busy time - we've seen the introduction of MiFID II and GDPR and IDD is still to come later this year. We hope you find this newsletter helpful as we keep you up to date on what's happening on those topics and many more.
This month we cover work that the Office of Tax Simplification has been undertaking in relation to inheritance tax and also the tax treatment of savings income. We let you know about the our updated GDPR compliant protection forms, consolidated tax vouchers, the drawdown test at age 75 and also HMRC's 100th edition of their pension schemes newsletter.
Read on to find out more.
Making tax simpler
Protection - make sure you're GDPR compliant
The General Data Protection Regulation (GDPR) came into effect on 25 May 2018. As a result, we’ve updated all of our protection material.
This means that from 1 August 2018, we’ll no longer accept older protection forms.
Find out which protection forms you should be using.
Consolidated tax certificates
As a result of the Markets in Financial Instruments Directive (MiFID) II, we’re now issuing quarterly statements where appropriate. For clients invested in our general investment account it means the date they get their consolidated tax certificate will change.
Find out more.
Drawdown test at age 75
Do you know what’s tested against the lifetime allowance at age 75 if someone still has funds in drawdown?
It’s just the value of the drawdown fund at age 75 less the amount that originally went into drawdown.
You can find an example here in the section titled ‘Are there rules to prevent benefits being double-counted?’.
Fund changes and news
Find out about changes to our insured funds, including governance news, fund closures and fund changes.
Platform tip of the month
Remember, equity trading must be done through an adviser log in, paraplanners can't access this functionality.