tax Archives - Moore Stephens Financial Services

Using pension freedoms could mean a £4,000 maximum annual pension contribution limit

Posted by | Budget, News, Pensions, Politics, Tax | No Comments

The Autumn Statement passed relatively benignly and only time will tell whether our new Chancellor has saved his best for the March 2017 Budget. Certainly the one area of pensions reform which all professionals seem agreed on, the possible abolition of the pensions Lifetime Allowance, was notable for its absence or indeed any reference to pension contribution limit changes, bar one which has seemingly snuck under the radar. The Chancellor…

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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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Tax year end

April 5th tax year end countdown #2

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This week’s focus is unashamedly pensions. Our ‘usual suspect’ this week is making pension contributions. Up to the age of 75, most UK tax registered individuals have the right to contribute something into pensions. That perhaps addresses one of the main misperceptions we come across. Even if you don’t have pensionable earnings, you can probably still contribute £2,880 (net of basic tax relief) into a pension in every tax year….

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tax year end

April 5th tax year end countdown #1

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With just over 2 months to go, the usual countdown to the tax year end begins in earnest. This year looks set to be slightly different in that the top ten things to do to reduce your tax bill should be shaken up by the new pension rules. In a series of articles, we will summarise some of the key actions that need to be taken, mixing up the ‘usual…

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