Thursday, 09 March 2017 09:20
At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.
From 9 March 2017 the overseas transfer charge will affect:
• members of pension schemes requesting an overseas transfer
• UK pension scheme administrators making overseas transfers
• overseas scheme managers making and receiving transfers
HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.
From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.
Further information is available here:
Tuesday, 21 February 2017 10:25
Scottish Ministers note the decision of the Employment Tribunal, which determined that the age-related transitional protections included in the reform of the Firefighters' pension scheme were lawful. Subject to any further legal challenge the transitional protections introduced from April 2015 continue to apply.
Wednesday, 08 February 2017 09:53
For 2017 to 2018 the basic Personal Allowance will be £11,500 and the basic rate limit will be £33,500. However, for Scottish tax-payers the basic rate limit will be £31,930.
The new threshold (starting point) for PAYE is £221 per week (£958 per month).
The new emergency tax code is 1150L for all employees.
Income Tax rates and bandwidths are:
|UK Rate||%||Bandwith||Scottish Rate||%||Bandwith|
|Basic Rate||20%||£1 to £33,500||Basic Rate||20%||£1 to £31,930|
|Higher Rate||40%||£33,501 to £150,000||Higher Rate||40%||£31,931 to £150,000|
|Additional Rate||45%||£150,001 and above||Additional Rate||45%||£150,001 and above|
If you have an enquiry regarding personal tax please contact HMRC on 0300 200 3300 or visit:
Friday, 03 February 2017 09:22
Public Sector Transfer Club factors have been updated and are effective from 1 March 2017. Any club transfer values or pension credit estimates issued or received with a relevant date prior to 1 March 2017, will be honoured, subject to meeting the three month guarantee period requirements. Where the guarantee period is not met, any request to transfer in or out of the scheme, from 1 March 2017, will require a recalculation using the new factors.
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