The Treasury has this week published proposals to cut the annual maximum for pension saving contributions. The current annual allowance of £255,000 will be cut to between £30,000 and £45,000, but with the proviso that the new, lower limit will have full tax relief. Read More
Budget proposals for June 22nd include changes to pensions, Income Tax, and Capital Gains Tax. They could also open up valuable investment opportunites in both Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EISs). How will the government cuts affect you? Click this headline to read all about it
Pension schemes have come out tops with the majority of workers as being far ahead of other forms of saving. In a new survey, pensions came first with 44% of respondents, far ahead of property (18%) and well ahead of any other form of saving. Over three quarters of workers (77%) said they would regard a workplace or occupational pension as a significant plus point, when looking at any prospective employer.
Flaws in the government’s planned ‘Personal Account’ pension scheme have been highlighted by new quality standards for company or occupational pension schemesfrom the National Association of Pension Funds (NAPF).
Many claimants seeking tax credits may miss out on up to £500 of their entitlements, because the Revenue (HMRC) is failing to make them aware of their full entitlements.
While backdating of tax claims is automatic for people with children, there is no automatic backdating of tax credit claims for people with no children, who were in work prior to submitting a claim – even though they are entitled to backdate for up to three months, according to the Low Incomes Tax Reform Group (LITRG).
