Q. I have read that the government intends to review “Deeds of Variation” with regard to inheritance tax. Does this mean I need to review my will? A. A deed of variation is the facility to alter the terms of a will, or possibly the rules of intestacy, up to 2 years after someone dies. This… Read more »
Q. What is the Marriage Allowance for tax purposes? A. HMRC has released further details of what is now being called the Marriage Allowance but was previously launched as the “Transferable income tax allowance”. This is the ability for one spouse (or civil partner) to transfer up to 10% of the personal allowance (or £1,060) to their… Read more »
Q. I run my own company. I have a pension term assurance policy which is due to expire when I am 60 in a couple of months time. I expect to continue to work, possibly until I am 70. Can I do a replacement plan with the same tax benefits? A. Pension Term Assurance is no longer… Read more »
Q. My husband, who was 56, suffered a heart attack last year. His employer offers a Group Income Protection policy, so his income will continue to be paid while he is off sick, albeit at a lower level. Can he access his pension fund as well to boost our income. A. Firstly, I am sorry to… Read more »
Q. I have just been issued with a mobile phone by my employer (not at my request) and am concerned it will end up costing me money as I believe I will have to pay tax on it. I don’t really need a mobile phone and feel my employer should pay any tax I will… Read more »
