June 2017

State Pension

By |June 13th, 2017|

New rule changes
The State Pension changed on 6 April 2016. If you reached State Pension age on or after that date, you’ll get the new State Pension under the new rules.
The new State Pension is designed to be simpler than the old system, but there are some complicated changeover arrangements which you need to know […]

Lifetime allowance

By |June 9th, 2017|

Value of payouts from pension schemes
The lifetime allowance is a limit on the value of payouts from your pension schemes – whether lump sums or retirement income – that can be made without triggering an extra tax charge.
The lifetime allowance for most people is £1 million in the tax year 2017/18.

It applies to the total […]

Tax relief and pensions

By |June 7th, 2017|

Annual and lifetime limits
Tax relief means some of your money that would have gone to the Government as tax goes into your pension instead. You can put as much as you want into your pension, but there are annual and lifetime limits on how much tax relief you get on your pension contributions.
Tax relief on […]

Money Purchase Annual Allowance reduction

By |June 5th, 2017|

Discouraging individuals who seek to abuse the flexible pension rules
The Money Purchase Annual Allowance (MPAA) reduced from £10,000 to £4,000 from April 2017. Individuals affected will be those who have entered into flexible access arrangements (if they have taken benefits above and beyond their tax-free cash flexibly) to draw funds from their pension savings and […]

Savers ‘banking on ISAs’

By |June 1st, 2017|

Weighing up the tax-efficiency versus flexibility
More than one in three retirement savers are planning to rely on Individual Savings Accounts (ISAs) for the majority of their retirement income.
ISAs don’t attract the upfront tax relief that pensions enjoy. However, unlike retirement savings plans, there is no tax to pay when you cash them in. With pensions […]

May 2017

Income Tax dividend allowance reduction

By |May 29th, 2017|

On 8 March, the Chancellor of the Exchequer, Philip Hammond, delivered what people had expected – a Budget of few surprises to provide a ‘strong, stable platform for Brexit’. However, he did reveal the tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018.

The Treasury Budget document stated that this was intended to […]

Financial advice matters

By |May 24th, 2017|

Do you have the time to keep fully up to speed with everything that’s going on?
With a burgeoning choice of products on the market, and considering the busy lives we all lead, it can be difficult to find the time to keep fully up to speed with everything that’s going on – especially when you […]

Key to a positive retirement lifestyle

By |May 22nd, 2017|

Unfortunately, some individuals do not realise the importance of planning for their retirement. The amount of money saved for retirement will eventually have a profound impact on how we live our lives and our standard of living in our golden years.

Typically, retirement is the best time to transform the dreams that we had whilst working […]

Passing on wealth without further tax charges

By |May 19th, 2017|

On 6 April 2017, a new additional main residence nil-rate band (RNRB) was introduced, which allows for less Inheritance Tax to be paid in situations when a family home is left to children, grandchildren or certain other ‘qualifying beneficiaries’ – including stepchildren and foster children.

But more than 1.7 million over-55s could miss out because they’ve […]

Spring Budget 2017

By |May 17th, 2017|

What did it mean for your financial plans?
The Chancellor of the Exchequer, Philip Hammond, delivered his Spring Budget to Parliament on 8 March 2017. This Budget was the last one to take place in the spring. The Chancellor said last year that he wanted to simplify the whole business of setting taxes and government spending, which […]