There has been a lot of comment in the press about the possible changes in the Autumn (end of October) including the potential impact on the ability to withdraw money from a pension completely free of tax (Tax Free Cash).
NEWS
Budget
WHY IS IT IMPORTANT TO SAVE FOR RETIREMENT?
Saving for retirement is crucial. With inflation and living costs ever rising, the UK state pension alone is becoming less and less likely to cover your living expenses. The current £11,962.60 a year, while a helpful safety net, typically provides only a basic income that may not meet the needs of many retirees.
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LATEST NEWS
THOUGHTS ON THE IMPACT OF THE BUDGET
In the weeks leading up to the UK Budget, the industry has struggled to read the signs from the Treasury as to what was most likely to happen in the Autumn Statement and what new taxes were to be introduced – we just knew that tax would rise.
IS IT ALL DOOM & GLOOM?
If you watch or read the news at the moment, it’s easy to think the world is falling apart. Political tensions, elections, and talk of global conflict seem to dominate every headline. It can all feel a bit bleak – and when you’re also hearing that some professional investors are ‘turning cautious,’ it’s natural to wonder whether it’s time to be worried. Yet, strangely, the investment markets don’t appear to agree with the headlines.
THE GROWING PROBLEM OF CAPITAL GAINS TAX & INDIVIDUAL SAVINGS ACCOUNTS
Over the past few years, one of the quietest but most significant shifts in personal taxation has been the steady tightening of Capital Gains Tax (CGT) allowances. What was once a generous £12,300 annual exemption has been reduced to just £3,000 for the 2024/25 tax year – and there’s every chance that future Budgets or the forthcoming Autumn Statement could push rates higher still.
TAXING PREVIOUSLY TAX-FREE LUMP SUMS – WHAT’S ON THE TABLE FOR THE AUTUMN STATEMENT
Plenty of speculation about the taxes that the Government might introduce – and there is lots of choice but let’s examine the potential for a change to the tax free cash sum that clients normally access on retirement.