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Personal Finance

Bringing a trust to an end »
A recent question asked by an adviser has raised an issue which, while seemingly straightforward, may not always be so.   Some time ago Mrs C created a “Bypass trust” as a potential recipient of the death benefits under her pension scheme. Like most such trusts, the trust was created with only £10. Under this particular trust the settlor named a protector, i.e. the person who would exercise certain rights after the death of the settlor. Obviously, nothing much was going to happen with this trust until the settlor died and the death benefits became payable. The settlor named her husband as the protector (again, the usual choice for married individuals). Unfortunately, the couple are now in the process of divorcing and it has come to light that the trust did not include any provisions for the removal or change of the protector. It was therefore decided to terminate the trust. So, how could this be done?
My PFS Technical news - 29/05/18 »
News update on taxation & trusts, pensions and investment planning, for the period 10 - 23 May 2018.
The OTS review of business reliefs »
The Office of Tax Simplification (OTS) has published a paper considering key events in the lifecycle of a business, with the intention of improving the “user experience” by simplifying the tax system and the way it is administered.
Inheriting the State Pension »
On 6 April 2016 we saw the move to the new flat rate state pension, which meant significant changes for those reaching state pension age. Some people would need to make up contributions to 35 years where they previously thought 30 would be enough and some will not receive anything because they have less than 10 years credits.  
The OTS review of business reliefs »
The Office of Tax Simplification (OTS) has published a paper considering key events in the lifecycle of a business, with the intention of improving the “user experience” by simplifying the tax system and the way it is administered.
Inheriting the State Pension »
On 6 April 2016 we saw the move to the new flat rate state pension, which meant significant changes for those reaching state pension age. Some people would need to make up contributions to 35 years where they previously thought 30 would be enough and some will not receive anything because they have less than 10 years credits.  
Protection market review - May 2018 »
Protection market update for May 2018.
Mortgage market review - May 2018 »
Mortgage market update for May 2018
CII launches Aspire Apprenticeship Programmes »
The Chartered Insurance Institute has launched its Aspire Apprenticeship Programmes and invites employers to register their interest.
My PFS - Technical news - 15/05/18 »
Personal Finance Society news update from 26th April to 9th May 2018.
The helicopter perspective »
The world has increasingly become focused on the short term, and is at odds with our industry tenet of aiming for investment returns over the long term. This means that the media focus on events that might take place over the next few weeks or months, whereas we are trying to look at much longer horizons. As a result, we were not surprised when the flurry of headlines that hit inboxes and newsstands in February as a result of stockmarket wobbles. However, we had sought to flag beforehand that the eerie calm which had settled on markets last year was extreme and the return of volatility to markets would simply be a case of ‘business as usual’.
Domicile and trusts: review of recent changes II »
In this second part of an update on the recent changes related to domicile and trusts we will look at some specific planning strategies that are still relevant to those who are UK resident but not UK domiciled and not UK deemed domiciled. Before we get down to specifics though an update on the case which was mentioned in last month's article, namely Proles v Kohli,   as we now have the decision.  As explained last month the issue of a person's domicile is relevant to claims under the Inheritance (Provision for Family And Dependants) Act 1975.
My PFS - Technical news - 01/05/18 »
Personal Finance Society news update from 12th April to 25th April 2018.
Business succession planning and option agreements »
Introduction Business succession planning is relevant to sole proprietors, partnerships, limited liability partnerships (LLPs) and limited companies.  It is geared towards setting up a business protection arrangement to provide for the smooth transfer of a business interest in the event of a business owner’s departure from the business whether on death, critical illness or disability, planned or otherwise; and at the same time ensuring that appropriate financial compensation is provided to the deceased’s family (on death) or the incapacitated owner (eg in the event of critical illness).  In general, the implications for sole proprietors are different from those which apply for those who own a business with others.
Lifetime Allowance excesses »
With the drop in the lifetime allowance over recent years more and more of my conversations are focused on those that have exceeded the lifetime allowance. There are those that will not have applied or protection for one reason or another or invalidated protection they did apply for.

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