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Pensions
Our most popular content
This article looks at the tax-free lump sums that you can take whilst alive.
Key takeaways from this article
- Lump sums paid whilst alive may have an element of tax-free cash
- The amount that is tax-free depends on the type of lump sum and whether the client has any form of protection
For Advisers dealing with annual allowance excesses, it may be possible for a scheme to pay the annual allowance charge.
Key takeaways from this article
- A tax charge applies if pension savings exceed the annual allowance and any carry forward.
- Clients can pay the charge themselves or use "scheme pays" through their pension provider.
- "Scheme pays" is mandatory if certain conditions are met but can also be offered voluntarily.
- Quilter supports both mandatory and voluntary options.
There are four things to consider when making pension contributions - the annual allowance, carry forward, relevant UK earnings and employer contributions.
Key takeaways from this article
- There are four things to consider - the annual allowance, carry forward, relevant UK earnings and employer contributions
- How these four things interact
- Three case studies to help bring the rules to life.
Bonds, ISAs and CIAs
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This article looks at how UK investment bonds are taxed when they are held inside a trust.
This article looks at the tax consequences of establishing a designated account in conjunction with a Collective Investment Account (CIA).
Key takeaways from this article
- The designated account is the trust available for the Collective Investment Account (CIA).
- Irrevocable designations create a bare trust for named beneficiaries which cannot be changed.
We’ve broken down the complex subject of chargeable events into, easy to digest, quick reference guides. These guides cover the need-to-know facts and provide examples of the method.
Technical guidance videos
Chargeable event gains – excess events
Watch our video to understand more about the five percent tax deferred allowance and how to calculate excess events where this is exceeded.
Chargeable event gains – full surrender and segment surrender
Watch our video to learn how to perform a gain calculation for a full surrender or policy segment surrender.
Chargeable event gains - top slicing relief
Watch our video to learn how top slicing relief can reduce the income tax payable on a bond gain.
IHT & Planning
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The Government introduced legislation to include the value of unused pension funds and pension death benefits within the member’s estate on their death.
Key takeaways from this article
- Unused pension funds will be within the estate for IHT purposes.
- Legal personal representatives will be responsible for reporting and paying tax on the estate, including the pension.
- There are three options for payment:
- Pay from free estate
- Pay IHT due on pension from pension via pension scheme administrator (PSA)
- Beneficiary takes pension in full and pays IHT directly
This guide will assist you with the process of calculating the IHT due on failed gifts within 7 years of death using the 14-year rule and demonstrate how this impacts the overall IHT liability of the estate.
We have provided two quick reference guides to explain the Residence Nil Rate Band.
QTalk: Solving Inheritance Tax
As you’re aware, inheritance tax (IHT) is no longer just a concern for the wealthy and affects many ordinary families. When pension wealth is included in IHT from 6 April 2027, even more clients will need your advice.
We’re here to support you with technical guidance, opportunities, and solutions to protect your clients’ wealth.
Let us tell you more about IHT and why it matters.
Trusts
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Trust articlesOur most popular content
The Inheritance Tax treatment of discretionary (relevant property) trusts can be complicated. We have broken this down into four quick reference guides which provide a step by step guide to performing the calculation and demonstrate how multiple trusts may help reduce the tax due on the periodic and exit charges.
This article provides an overview of the income and capital gains tax reliefs and the special inheritance tax rules which can apply where there is one or more vulnerable or disabled beneficiary.
This article will provide you with an overview of personal injury trusts, how they’re created and their tax treatment.
Technical guidance videos
Loan Trust
Watch our 5 minute Loan Trust overview.
Lifestyle Trust
Watch our 5 minute Lifestyle Trust overview.
Discretionary Trust
Watch our 5 minute Discretionary Trust overview.
Discounted Gift Trust
Watch our 5 minute Discounted Gift Trust overview.
Absolute Trust
Watch our 5 minute Absolute Trust overview.
Tools & calculators
Our most popular content
The income tax calculator calculates the income tax payable after available reliefs, for one or more chargeable event gains on a life or redemption policy. It can’t be used where the gain is assessable on trustees, or where a company owns the investment, because life and redemption contracts owned by a company are taxed under the ‘loan relationship’ rules.
Calculate the maximum gross contribution your clients or their employer can contribute to their pension by 05/04/2027. The calculator takes into account any carry forward available and any taper to the Annual Allowance that applies (calculations for the 2026/27 Tapered Annual Allowance can be performed with this tool).
This financial planning tool shows how much inheritance tax (IHT) someone will pay when they die based on the information you provide. It also allows you to model a series of lifetime gifts made by your client showing what IHT saving (if any) this has on their estate.
It can be used when advising long-term UK resident individuals only.
Technical guidance videos
How to use the Carry Forward Calculator
Watch this 5 minute video and discover how to use the Carry Forward Calculator.
How to use the Carry Forward Calculator 2023/24
Watch this 5 minute video and discover how to use the Carry Forward Calculator 2023/24.
Need more help?
Speak to our experienced team. You can reach them Monday to Friday, 8.30am to 4.30pm, by either calling 02380 726 010 or emailing:
- Pensions technical queries – pensionstechnical@quilter.com
- Life and trust technical queries - taxandtrusts@quilter.com