An NT (no tax) code is granted to individuals who receive UK-sourced income and reside in a country that has a double taxation agreement with the UK. Within a UK pension, including a SIPP, your gross pension is subject to PAYE income tax unless you personally apply to HM Revenue & Customs (HMRC) for exemption on the grounds that you are non‐resident.
Pension simplification came into effect from 6th April 2006, one of the policies introduced was the lifetime allowance for all UK pensions. The lifetime allowance is the limit on the amount of pension benefits that can be taken without incurring a tax charge.
Following the recent news of UK banks closing off services in EEA, the FCA announced last week that passporting rights will end for all UK firms, effective 31st December 2020.
The flexibility surrounding transferring your defined benefit scheme to a more flexible arrangement seems to be getting tighter and tighter through ever more stringent regulations by the FCA.
UAE commission cap goes live, making way for a new opportunity for fee-based financial advisers such as SJB Global.
2018 was a monumental year for the European regulatory framework. The region witnessed the introduction of MiFID II, PRIIPs, the enactment of GDPR, and AnaCredit, with each having a massive impact on some of the largest global organisations.