Mailings

Thursday 12 February 2009

Tax year end 5th April 2009

As the tax year end approaches, this is just a brief reminder of some of the issues to be aware of:

• This year’s Annual Allowance is £235,000 (next year’s is £245,000).
• We will be accepting contributions and new SIPP applications which are required for the 2008/09 tax year until midnight on the 3rd April (as the 5th is a Sunday), but if it is at all possible to get these to us sooner rather than later it would be appreciated.
• Any in-specie contributions must be initiated in time to arrange the transfer of the relevant asset(s) before the tax year end, or the contribution won’t be recorded until the next year.
• Any applications for Enhanced or Primary Protection must be submitted to HMRC by the 5th April. If you need any information from us to assist with this, please let us know as soon as possible.
• As the Lifetime Allowance is being frozen at £1.8m between the years 2010/11 to 2015/16, the issue of protection may be more relevant that originally thought.

If you have any queries on these issues, please speak to your usual contact:

The IPS Partnership