Only one change was announced in relation to pensions, and this relates to contribution limits. The current annual contribution allowance is £40,000, but this reduces to £10,000 in cases where the pension holder has begun drawing down income (as opposed to tax-free cash) from a ‘money purchase’ pension. This £10,000 limit is now to be […]
Philip Hammond’s first Autumn Statement didn’t contain any major tax or pensions changes that have any immediate impact for you. This means we can plan for the tax year end with confidence and clarity.
As from April 2017, a new variant of the ISA will become available to investors under the age of 40, namely the Lifetime ISA, or ‘LISA’.
The child benefit tax charge, introduced on 7 January, affects over one million families. A family with two children could see their annual spendable income drop by up to £1,752 p.a. in 2013/14; those with three children could lose £2,449 pa. At a time when prices are rising faster than incomes, it will be critical […]
Please find below our Budget summary covering the key tax issues in George Osborne’s first Budget. The June Budget had been characterised as ‘the unavoidable Budget’ and the ‘emergency Budget’ and contained a number of very important announcements about tax. These included: The increase in the rate of VAT from 17.5% to 20% to take […]