In his Summer 2015 Emergency Budget speech, George Osbourne announced that they will cut the annual allowance for those earning over £150,000 from £40,000 per year to £10,000, using a sliding scale.
As a transitional arrangement HMRC also said it will grant anyone who has already contributed up to £40,000 in the current tax year (between 6 April 2015 and 8 July 2015), a further annual allowance of £40,000 between 9 July 2015 and 5 April 2016. Read more…
The Conservatives surprise outright majority at the General Election means changes are on the horizon for almost every aspect of our personal finances, here are some headlines…
General Election 2015 - What to expect in the next five years
New legislation came into force on 5 April 2015 that allows working parents far greater choice as to how they share the care of their child. Read more…
Shared Parental Pay
Children born after 31 August 2002 and before 3 January 2011 were entitled to a Child Trust Fund (CTF) account, provided they met the necessary conditions. Read more…
Child Trust Fund Changes
With the General Election just around the corner, we thought you might be interested in the attached ‘snapshot’ of each party’s main stated tax policies
General Election - Snapshot of each party
The Chancellor of the Exchequer gave his Budget to Parliament on 18 March 2015, check out our useful summary of the Budget 2015.
Budget Summary 2015
On 31 July 2014, the Office of Tax Simplification (“OTS”) published it’s final report into the review of taxation of employee benefits and expenses. That final report suggested the removal of the £30,000 tax exemption for compensation payments on termination of employment. Read more…
Office of Tax Simplification Proposes Removal of £30k Tax-Exempt Termination Payments
As the lifetime allowance has been reduced and now stands at £1.25m there have been a number of ‘creative’ suggestions about how to deal with this cap, other than via the use of transitional protection. One example is the family SIPP. Read more…
Lifetime Allowance Charge and Family SIPP
As things stand, it is normally only possible to pass a pension pot on as a tax free lump sum if you die before the age of 75 and you have not taken any tax free cash or income from that pot. Otherwise, any lump sum paid from the fund is subject to a penal 55% tax charge. From April 2015, this will change, and the automatic tax charge will be abolished. Read more…
55% Pension 'Death Tax' To Be Abolished
On 18 March 2015 The Chancellor will deliver the final Budget of this parliament. What tax measures can we expect? With a general election following shortly after the budget and a new Parliament to be formed, the themes for next weeks budget are unlikely to be anything new or exciting; the focus is likely to be on growth for the economy and more on keeping public finances under control. Read more…
Budget Predictions 2015
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