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The Year Ending…

John Housden, 06 Nov 2012


 

With Halloween and Guy Fawkes’ Night behind us and Christmas already smothering what is left of the High Street, it will not be long before 2012 is consigned to history. That has set me reflecting on the current year and what 2013 holds.


I have been leafing through Financial Timesaver to spot some of the recurring issues of 2012:


• RDR inevitably features heavily. When VAT is payable on fees has been a recurrent question to which there still seems no definitive HMRC answer, at least in terms of on-going advice. The interaction of charges, tax and benefits has also been rolling throughout 2012.
 
• Belgian sex or, less excitingly, the European Court’s Test-Achats decision on gender equality, steadily rose up the agenda the nearer we approached to the 21 December  deadline. As we noted in September’s Timesaver, there are still important matters to be resolved on the calculation of discounted gift scheme values and drawdown rates (the male-only treatment is temporary). The dust has not settled yet – annuity and term rates may be volatile for a while as the market re-prices.

 Auto enrolment and its consequences featured in the January 2012 Timesaver and reappeared on several occasions. Indeed, November’s edition will be noting an HMRC change of heart on non-Pensions Act 2008 auto enrolment and loss of fixed protection.


I have little doubt that these topics will continue to develop in 2013. If you want to keep up with the changes, Financial Timesaver is a good place to start.

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John Housden

Editorial Consultant

John Housden is a qualified actuary who has worked in the personal financial services industry for 40 years.

A former technical director for a life company and longstanding contributor to a wide variety of Taxbriefs publications.

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