Fact sheets: Wealth Management Factsheets

The General Data Protection Regulation (GDPR) replaced the Data Protection Act and applies from 25 May 2018. Whilst there are similarities between the Data Protection Act and the GDPR, there are some new elements and significant enhancements.

The GDPR requires all organisations that deal with individuals living in a EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection. Failure to comply with the regulation will result in significant fines.

As part of our ongoing commitment to customer service Lubbock Fine Wealth
Management LLP is offering you the opportunity of a ‘no obligation’ financial
health check.

Successive governments, concerned at the relatively low level of savings in the UK economy have over the years introduced various means by which individuals can save through a tax-free environment.

Small companies, which qualify as ‘micro-entities’, have a choice of accounting standards:
• to use the same accounting standard – FRS 102 – as larger UK companies but using a reduced disclosure regime (section 1A) within the standard, or
• to apply an alternative standard - FRS 105.

Many employers offer their staff an opportunity to save for their retirement through an occupational (or company) pension scheme.

Automatic enrolment places duties on employers to automatically enrol ‘workers’ into a work based pension scheme.

Alongside the changes from April 2015 to the access of pension funds, significant changes were made to the tax treatment of pension funds on death. This fact sheet summarises the rules which may allow a pension fund to pass free of all taxes on the estate of the deceased and free of all taxes on the beneficiaries of the pension fund.

As we approach the end of the tax year in April, spring is great time to optimise
your financial planning to ensure you’ve made the most of all your allowances
for this financial year and that you don’t miss out on any benefits, or pay any
unnecessary tax. Be smart in spring and you’ll set the tone for your year.