Posts Tagged ‘Pension tax relief’

Autumn Statement 2015 – future measures

Wednesday, November 25th, 2015

Future Measures……

Moving forward to the Budget 2016 and the various consultations in place here are some of the items we expect to see:

  • Salary Sacrifice – Further consultation is being sought to assess what action can be taken to combat the rise in use of these arrangements.
  • Pension Tax Relief – We expect to see further restrictions on pension tax relief currently £40,000 limit for higher rate relief to be announced.
  • ISA Tax Relief in Probate – Expecting to see legislation to allow the ISA tax relief to apply during the estate administration period.
  • Loan Relationships – Following new accounting standards being introduced further rules on corporate debt relief are expected.
  • Tax Avoidance – Various new measures are expected to penalise those who undertake these schemes.

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Earn more than £150k pa? Think about your pension contributions now

Monday, June 8th, 2015

Chancellor George Osborne is set to deliver his post election Budget on 8 July and it’s widely predicted that he’ll announce a restriction on pension tax relief for those earning in excess of £150,000p.a.

The ‘pension raid’ is necessary to pay for increased inheritance tax breaks as announced in an earlier manifesto and professional bodies predict that it will be implemented via a tapering of the annual pension contribution allowance from £40,000 to £10,000 for those earning in excess of £150,000. Individuals earning above £210,000 will then receive relief on only £10,000 of pension contributions.

Assuming these changes are announced, there’s uncertainty around when they’re likely to take effect. The cautious approach is to assume any changes are effective from 8 July and so now is probably the best time to consider making additional pensions contributions.

Our tax professionals can help you understand your options and advise you accordingly. Please email [email protected] or call Helen on 01527 558539 for more information.

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Pensions tax relief – changes ahead

Wednesday, June 12th, 2013

From April 2014, the annual allowance for pension relief on pension contributions will reduce from £50,000 to £40,000.

The move is aimed at reducing tax relief for higher earners with lots of disposable income and comes in as many companies are required to move towards a system of pension auto-enrolment for employees.

To discuss how this change affects you and what your options are, contact Curo’s head of tax, Julia Whelan on 01527 558539 or email Julia on [email protected].