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The profits for earlier years against which terminal losses can be set must be reduced to take account of any annual payments (such as annuities) made in the 3 years prior to cessation which...
Most annuities, and certain other annual payments, constitute taxable income in the hands of the recipient. - An annuity can be defined as an exchange of a capital amount for income. -Lady Foley...
Where a lump sum is paid under the provisions of a registered occupational pension scheme, it will be exempt from tax and NIC if the payment: - is compensation for either loss of employment or...
Pension income is defined as a periodical payment made by a pension provider. The terms and conditions of the pension payment are normally set out in a formal document, although it is possible...
A life assurance policy may be used as a medium or long-term investment, to accumulate income free from tax. During the term of the policy, the taxpayer will not receive income, but depending...
A deduction is available for: - expenses incurred outside the UK and which are related to the collection or payment of the income; and - annuities and annual payments (excluding interest) which...
In order to calculate the amount of income tax payable by an individual, a computation is required showing all income assessable in the tax year, all deductions and allowances, and giving the...
A person aged over 75 may claim relief at 23% for interest on the first £30,000 of certain secured loans taken out before 9 March 1999. To be eligible for relief, at least 90% of the loan must...
Can you cash in your annuity?..Pension’s freedom. As you probably know, from 6 April 2015 pensions freedom comes into effect allowing people access to the whole of their funds when they reach...