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 am 83. My neighbour has told me that she has given her house away to her son through a trust to protect it from being taken by the local authority if she goes into care. Is this a good idea? A. Unfortunately, it is not quite as simple as that. The main problem is that… Read more »
Q. I am just at the point of retiring and have received a quotation from my pension provider for a pension annuity. It states the pension will be guaranteed for 5 years. I thought a pension was guaranteed for life, can you please explain? A. Most pension annuities are guaranteed for life, (unless you have specifically requested… Read more »
Q. I am one of three trustees of a trust created in my late mother’s will. I have been advised by the solicitor who drew the trust up that I need to consider whether I need to register the trust to satisfy some new rules regarding US taxpayers? What is he referring to, and do… Read more »
Q. I am a member of the NHS Pension scheme, and I am 56. I intend to retire when I am 60, but I have a personal pension plan which I want to draw upon next year, when the rules governing personal pensions change. Is there anything I should be aware of? A. You could draw your… Read more »
