Save on Inheritance Tax by making pension payments into a Self-Investment Pension Plan (SIPP) Funds held in a Self-Investment Pension Plan (SIPP) on the death of the member may be transferred to the ‘nominated beneficiaries’. The member should complete an ‘expression of wish’ form for each pension plan stating to whom they wish the benefit to…Read More
Tax Relief Tax relief means that the amount you spend on certain expenses is deducted from your total income. This effectively reduces your taxable income and therefore the tax you will have to pay. In some cases, such as pension contributions, it may mean that you get tax back in another way; some reliefs are…Read More
What should I consider when making a pension contribution? Annual Allowance There is a limit to the amount that can be contributed to your pension each year while still receiving tax relief. This limit is known as the ‘Annual Allowance’ and is capped at £40,000. The annual allowance applies to all schemes you belong to…Read More
When your parents or grandparents have to move into a care home the dilemma for many families is how they are to afford the fees that such a requirement dictates. Rent One of the most common answers to this dilemma is to rent out the residential property that their loved one has moved away from.…Read More
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