Technical Eye adviser magazine

Welcome to our first Technical Eye of 2020. Canada Life’s adviser magazine which focuses on technical issues around retirement planning, tax and estate planning and investment solutions.

The first Budget in 18 months contained changes to how top-slicing relief is calculated. When calculating top-slicing relief the personal allowance will be reinstated even though a taxpayer may have had their personal allowance reduced because a gain is included as part of their income. The legislation also clarifies the ordering of treatment of allowances and reliefs – these must be set off against other income in preference to a gain.

The Chancellor also announced taper threshold is increasing to £200,000 from April 2020. However, this is being combined with a reduction in what the annual allowance can be tapered to - falling from £10,000 to £4,000. In this edition we look ahead to the new tax year and our first article acts as a reminder for clients to review their affairs, we look at the benefits of the segregated portfolio service, the changes to the tapered annual allowance and our final article explains the important of establishing a centralised retirement proposition. I hope you enjoy this edition of Technical Eye. As always, if you have any suggestions on future articles or technical questions please feel free to contact our team on ican@canadalife.co.uk .

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.