Regulation & Tax of Income Protection
At the time of writing in the UK HMRC don’t give tax relief from premiums already paid. The bonus from this is you will not have to pay capital gains or income tax on claims paid from income protection schemes. The regulatory aspects of this say that selling short term income protection will have to abide to the regulations from the FSA a source said from LV.
All the criteria set out by (OFT) “Office of Fair Trading” must be met when selling insurance for payment protection. OFT says group income protection or singular protection must ad dear to points set out by FCA or (ICOBS) “Conduct of Business rules”.
Financial advisors can promote protection products through either whoever they like as long as they abide by ICOBS or COBS rules. All of these regulations set out by these two bodies help to protect the customer from creating problems which may stop them switching or terminating the cover.
Our source at LV said “if you sell income protection you can sell life insurance as well”. These protections can be sold to the customer in a variety of ways such as via telephone or on a one to one in person basis also online is a good method as it helps you to visit a variety of different companies ensuring the best deal.
Expats Get Better Thresholds For The New Tax Year
Finally the new tax year has arrived and it has a few changes to certain thresholds, if you are a expats I will be showing you the key points that will help you in the tax year 2014-2015.
Never mind what happened in the previous tax year because by proving residence you will be able to save on your taxes this year.
To take advantage of these savings you will have to prove your residency by sitting a residence test (SRT). This test will prove that you have a UK tax status. Many people that leave the UK do not realise that they qualify for this status. So take the test and see if you can benefit.
Benefits & Draw Backs
The draw back is that they still have to contribute to taxes in the UK, but the benefits are that still get allowances on “Pension Contribution Relief). Everybody that is a expat should always take the residence test to determine what they can save on the taxes they pay.
The major difference this tax year is that non residents who have a house in the UK. They are aiming to tax “Chargeable Gains” on any homes you own. At this moment the exact details are still to be released but take it from me they will happen.
Changes To Pensions
On the 6th of April 2015 non residence will be charged capital gains tax, so if you can get the sale through before then you can beat any taxes on any sales that produce a large profit.
One other change for expats is getting hold of your pension cash. These rules are already in place for the contribution scheme. People in the public sector are set to be banned from transfers for final salary schemes.
QROPS
When the ban is imposed it will stop expats who have defined benefit schemes from swapping onto the off shore option (QROPS)
QROPS offer a better deal with its flexibility for investments & tax options. If I was you I would carefully think this over before you decide which road to go down to go down.
Testimonials
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