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Jargon Buster

RAC

Retirement Annuity Contract

Recovery Plan

The plan that trustees must prepare if their scheme fails the statutory funding objective. The plan sets out what steps are being taken to correct the shortfall in scheme funding.

Registered Pension Scheme

Schemes that were approved before A day became Registered Schemes on A Day (unless the opted out). New schemes applying to HMRC will (if they meet the requirements) be designated as Registered Pension Schemes.

Remittance basis

The special system of taxation for individuals who are resident but not ordinarily resident/domiciled in the UK, whereby offshore income and gains are only taxed if remitted (brought into) the UK. Individuals must now claim the remittance basis and may be subject to an additional annual charge.

Residence

The basis of taxation in the UK (with domicile), based on physical presence in the UK.

Residue

The balance of a deceased’s estate after payment of all debts, bequests and legacies.

Right of survivorship

The automatic entitlement of the last surviving joint owner to the whole asset. The other joint owner(s) cannot prevent this. Applies only to joint tenancy, not to tenancy in common.

ROPP

Rebate-only Personal Pension Plan

RPSM

[HMRC] Registered Pension Schemes Manuals

RST

Reference Scheme Test

Articles

The effects of Shari’a law on will drafting & estate planning

More and more families in the UK have some connection to Shari’a law. For the practitioner, the impact of Shari’a law raises certain challenges. First, advisers need to know that the wills they are drafting are valid. Second, Shari’a law can have an impact on standard UK estate planning.

This article summarises the conflict of law rules, to show how Shari’a law can be relevant, and then gives a very brief overview of the Shari’a laws of succession. Practical examples are included to show the issues that practitioners need to look out for.

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Latest News

COVID-19 Update

At PWT Advice LLP we are closely monitoring the global impact of the current COVID-19 pandemic and following the advice of the Government. The health and welfare of our staff team, clients, and their families is our number one priority.

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