IPT increases 1st June
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The document discusses the upcoming 1% increase to the Insurance Premium Tax (IPT) in the UK from 10% to 12% effective June 1, 2017. It notes that this will affect 27 million households, 17 million drivers, and most businesses. Experts estimate that the tax hike could force many individuals and businesses to reduce or drop their insurance coverage. The document also outlines specifics of how the new tax rate will apply and potential repercussions, such as increased uninsured drivers and underinsured small businesses.
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2) Reforms to pensions, including a reduction to the lifetime allowance cap and measures giving more flexibility over accessing pension funds.
3) Changes to ISAs, including increases to annual contribution limits and a new Help to Buy ISA for first-time homebuyers.
4) Various business tax measures, including reform to business rates in England and changes to Entrepreneur's Relief qualifying conditions.
5) Increased tax charges for non-domic
Budget update 2015
The document summarizes the key tax proposals from the UK's 2015 Budget, including:
1) Increases to the personal tax allowance and reductions in tax rates for savings income. A new Personal Savings Allowance was also introduced.
2) Reforms to pensions, including a reduction to the lifetime allowance cap and measures giving more flexibility over accessing pension funds.
3) Changes to ISAs, including increases to annual contribution limits and a new Help to Buy ISA for first-time homebuyers.
4) Various business tax measures, including reform to business rates in England and changes to Entrepreneur's Relief qualifying conditions.
5) Increased tax charges for non-domic
Folksam Year-end report 2015
Stable results in times of change
Folksam and its subsidiaries ended 2015 with yet another strong quarter in respect of both non-life insurance and life insurance. At the same time, the period was characterised by preparations for 2016 onwards. I am very pleased that we finally are operating according to the new Solvency II regulations, an initiative that has required extensive effort. We still need to fine-tune the working methods, but essentially this change means that we are now a more modern financial company compared with the situation before the start of the year.
Although Folksam is still financially strong, we face a number of challenges. The uncertainty in the world economy and China places a question mark over things. We saw lately the stock market turbulence in early 2016 that began in China and quickly spread. And low interest rates are continuing to make their presence felt. Folksam, like all industry stakeholders, therefore have to be satisfied with lower levels of return compared with the last few years.
Sales in respect of both non-life insurance and life insurance are growing according to plan, but they are also driving costs. This is also true of our many development projects. This is why we are now focusing more extensively on ensuring that we can recover the effects of the various initiatives.
We have many things to look forward to in 2016. We are making major progress with regard to our digital presence, and we are launching a new folksam.se. The web is key to our strategy, which involves meeting customers in the places where they want to be met. We were also able to describe our partnership with TeliaSonera last autumn, which will make it possible to connect a newly developed WiFi solution into vehicles and help drivers to "Drive Safely". This will give our car insurance customers feedback on how safely they drive and allow us to reward them by means of discounts on their car insurance, for instance. This is a solution that has it all: it reduces the number of accidents and saves lives while also helping to benefit both customers and the environment. When we sum up 2015, customers will again share in our bonus interest programme. We will be issuing around SEK 545 million to around 2.5 million customers for the financial year.
We are now, with undiminished vigour, continuing our efforts to become the pension savings and insurance company for the many, with the best offers available in the industry. Our aim – to have the happiest customers in the industry – still stands.
Pleasingly, we are most definitely on the right path. And heading in the right direction.
Jens Henriksson
CEO and Group President
Budget 2020 summary for workers and business
#CountOnCardens
https://cardensaccountants.com/
Budget 2020 was packed with reliefs, funds and initiatives for business and workers but no ‘revolutions’ in the world of #VAT, Paye, income tax NI and corporation tax.
Contents:
Intro
Fiscal Projection
Protections for workers
Business measures
Private sector
Pay
Personal benefits
VAT
Research & Development
Drinks industry
Fuel
Summary
Autumn statement 2015 - comprehensive report
The Chancellor gave a combined Spending Review and Autumn Statement on 25 November 2015. He announced a number of measures that will affect businesses, individuals and the UK as a whole.
We have produced a 12 page Autumn Statement report which includes details of these, including sections on business initiatives, pensions, changes to personal allowances and more.
PWM 2016 Budget
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2) A new Lifetime ISA will be introduced in 2017 for under-40s to save for retirement or a first home, with a 25% government bonus on contributions of up to £4,000 per year.
3) The annual ISA subscription limit will rise to £20,000 and ISA tax benefits will continue during estate administration periods.
CCH_Federal-Budget_Report_2016
The document provides a summary of tax and superannuation measures announced in the 2016/17 Australian Federal Budget. Key points include:
- A 40% diverted profits tax will be introduced for multinational profits artificially diverted from Australia from July 2017. Transfer pricing and hybrid mismatch rules will also be strengthened.
- Tax concessions for small businesses will be increased through higher turnover thresholds and an expanded unincorporated business tax discount.
- The company tax rate will be cut to 25% over 10 years, and early stage investment incentives will be expanded.
- Personal income tax thresholds will increase and superannuation contribution caps will be reduced or introduced to restrict tax concessions for high balances.
- Tobacco
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- 1. The content of this News Brief is of general interest and is not intended to apply to specific circumstances. It does not purport to be a comprehensive analysis of all matters relevant to its subject matter. The content should not, therefore, be regarded as constituting legal advice and not be relied upon as such. In relation to any particular problem that they may have, readers are advised to seek specific advice. Contains public sector information published by GOV.UK and licensed under the Open Government Licence v3.0. Design © 2017 Zywave, Inc. All rights reserved. Insurance Premium Tax (IPT) Increases 1st June On 1st June, the IPT, a tax on general insurance premiums, will increase from 10 to 12 per cent, meaning the tax has doubled in just 18 months. This increase will affect 27 million households, 17 million drivers and most businesses, potentially increasing their insurance premiums, according to the British Insurance Brokers’ Association (BIBA). When this latest hike was announced as part of the Autumn Statement 2016, BIBA called it a ‘hammer blow for the hard-pressed’. This hike threatens to force many individuals, households and businesses to significantly reduce or completely forgo their insurance cover, according to a recent survey of BIBA members. Depending on the repercussions of the hike, it could weaken the government’s intention of generating an additional £7 billion for the UK treasury. Whilst the potential effects of the increase are still speculative at the moment, it is nevertheless important to be aware of the specifics of the hike and its potential impact. Tax Hike Specifics The increase to the IPT will apply to all policies established or renewed on or after 1st June 2017, with the following specifics: New policies and renewals starting on or after 1st June 2017 will be subject to the new 12 per cent IPT rate. Any midterm adjustments (MTAs) that generate additional premiums for these policies will also be charged 12 per cent. Policies that began before 1st June 2017 will be subject to the old 10 per cent IPT rate. Any MTAs that generate additional premiums for those policies will also be charged 10 per cent. By the government’s ‘backstop date’ of 1st June 2018, all new and additional premiums will be subject to the new 12 per cent IPT. Potential Repercussions of the Tax Hike Since its announcement in the 2016 Autumn Statement, the IPT increase has caused experts to estimate the potential repercussions of the hike, speculating that it could cause the following: Customers may be forced to resort to underinsurance or forgo cover altogether An increased number of uninsured drivers SMEs operating without insurance Also, various organisations have estimated the specific financial impact on certain types of cover. For example, the Automobile Association estimates average motor premiums could increase by £10 per year, whilst PricewaterhouseCoopers estimates they could rise by £25. This increase is in addition to the following extra costs to policies due to IPT increases since November 2015, according to the Association of British Insurers: More than £32 to the average comprehensive motor policy with two cars More than £12.50 to the average combined buildings and contents policy More than £12 to the average pet policy More than £52 to the average private medical insurance policy Insurance Industry’s Response to the Tax Hike According to BIBA, the IPT increase ‘penalises those people and businesses that seek peace of mind and the ability to restart if the worst happens’. Experts are worried that the hike will most negatively affect groups that already pay more for their insurance, including young drivers and communities in flood risk areas. Rest assured that PIB Insurance Brokers will do everything we can to keep your premiums low and your cover robust. Presented by PIB Insurance Brokers