budget Archives - Moore Stephens Financial Services

The March 2016 Budget was one of the most hotly anticipated in recent times, but did it warrant the hype?

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The main concerns for us surrounded the future of pensions tax relief and the 25% tax free lump sum available when you draw benefits from pensions. After much speculation, the Chancellor has left pensions tax relief alone, which means another opportunity for higher rate taxpayers to benefit from higher rate tax relief next year. We would sound a warning on this, as we feel the clock is ticking and the…

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Pension tax relief – the clock is ticking

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For a few years now we have portended changes to the tax relief applying to pensions and the removal of some those benefits which make pensions so attractive to higher rate taxpayers. Whilst changes have been made in previous Budgets, higher rate tax relief has remained largely untouched. The axe had previously fallen on the amount which could be saved into pensions on an annual lifetime basis. March 2016 may…

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Pension allowance

Mr Osborne’s Budget, reduced pension allowances and further pension reform

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Many of the areas for potential pension reform mentioned in George Osborne’s recent Budget have little bearing at the moment, as various consultation periods will be gone through before any final decisions are made. Given the hints he gave about the future of pensions tax relief in particular, such a consultation is a positive as hopefully all perspectives can be viewed and a pragmatic result attained. That said, there is…

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