Investments

The system is increasingly haphazard, the Institute for Fiscal Studies has warned

The annual allowance for retirement savings has fallen to £40,000 from £50,000.

The change – with effect from 6 April 2014 – means pensions contributions in excess of the cap during a tax year may be subject to a charge, which must be declared on a self assessment tax return.

But unused allotments from previous periods can be carried forward for up to three years to cover excess contributions. There are two calculators:

A client and his mother owned the freehold of a small block of flats and the client inherited his mother’s share on her death. He has a long lease on one of the flats, which is his main residence

A brother and sister own a property that is let out. The sister says she wants nothing to do with the property and the brother receives all of the rent. Will this income be taxed on the brother only? It is intended that the brother’s company will receive some of this income in future

A new company has constructed and installed a wind turbine for a considerable sum on land that is rented from a farmer for a share of profits

Getting to grips with the fundamental concepts of proposed pension changes

A look at the National Audit Office report on the landscape of tax breaks

Some doctors may have worked overseas during the early years of their careers and might have amassed offshore pension pots. When added to their National Health Service pensions the amounts may exceed the lifetime allowance

ATP Pension Service A/S v Skatteministeriet (Case C-464/12)

Administrators can report transfers of sums and assets from UK-registered pension schemes to qualifying recognised overseas pension schemes (QROPS) using the online service launched in December.

But some schemes, including retirement annuity contracts and executive pension plans that were approved before 6 April 2006, have no pension scheme tax reference code that can be used to gain online access, meaning administrators need to first digitally register each scheme before reporting transfers.

A brother and sister own a property they inherited 20 years ago. It has been used by family members and more recently has been let out. To benefit her brother, the sister has suggested she could purchase his interest in the property