The article below from This is Money provides a very startling view of how some savers could get caught out by a tax penalty they never thought would be aimed at them. The maximum you can build up in a pension without a tax penalty is £1.03m But many workers whose salaries have risen unwittingly …
Are middle class savers getting stung by a 55% pension trap meant for millionaires? Read More »
The lifetime allowance in 2016/17 was more than 1000 per cent greater than it was in 2006/07. The lifetime allowance affecting more people is not really a surprise. But the scale of the increase, along with the knowledge that many more clients will be affected over the next decade, highlights the need for careful planning. …
Planning strategies to beat the lifetime allowance Read More »
Savers told by financial advisers that they cannot transfer their “final salary” pensions – even if they are fully aware of the risks – have been granted unexpected support by the City watchdog and Treasury. Under Government rules you must seek financial advice if transferring a final salary pension, also known as “defined benefit” pension, where the entitlements …
Watchdog says you CAN move your final salary pension even if advisers say no Read More »
A “fundamental” shake-up of pensions tax relief was ruled out by the government this week, but experts are warning pension savers to expect more “slicing and dicing” of lifetime and annual allowances instead. Major changes — which would likely have seen tax relief on contributions scrapped for higher earners — have been ruled out by …
A “fundamental” shake-up of pensions tax relief was ruled out by the government Read More »
Theresa May’s decision to call an early election has surprisingly backfired, leaving the country with a hung parliament rather than an increased majority for the Conservative Party. This raises all sorts of questions, not least over the future of Mrs May herself. It also raises significant doubts about the Brexit negotiations, which are due to …
The personal allowance – the amount you can earn before paying income tax – will rise with the start of the new tax year from £11,000 to £11,500. The threshold for paying higher-rate, 40pc, tax will also rise from £43,000 currently, up to £45,000. But you begin to lose your personal allowance once you start …
Theresa May’s much awaited speech on Brexit yesterday was pretty much as expected. She laid out a position where the government intended to remove the UK from the single market (and therefore restrictions around its membership, including movement of labour) and focus on negotiating ongoing membership of the customs union – which is essentially, the …
Enterprise Investment Schemes form an essential part of many client portfolios, however, finding an investment and management team that you can trust can be tricky. In 2015 Capital Wealth Partners launched its first Dental EIS with the aim of launching a brand new, state of the art, dental practice in the expanding area of Oakgrove, …
Drastically lower limits on pension savings are being considered by the Government. Treasury officials are examining cutting the lifetime allowance to £750,000 and reducing the amount that can be put away each year. The taskforce has been charged with bringing down the £34billion annual cost of pension perks. Experts warn that such a ‘terrifying’ move would …
Every UK citizen currently has a Lifetime Pension Allowance. This is the total amount you can save in your lifetime into pensions, work or private, without additional taxes being applied. Background: An allowance in free fall The current rate in 2015 is £1.25 million. However, this is set to be reduced to £1 million in …
