Freeze coming on pension lifetime allowance
Plan ahead – there is a freeze coming from 2021 to 2026. Legislation will be introduced in Finance Bill 2021 to remove the annual lifetime allowance link to the Consumer Price Index increase for the next five fiscal years. This change will maintain the standard...Pensions update – all you need to know
Updates to annual, lifetime and tapered annual allowances and more. Why make a pension contribution? When you save into a pension, the government usually gives you a top-up as a way of encouraging you to save for your future. If certain conditions are satisfied, tax...Coronavirus – Temporary changes to pension tax
For public sector workers returning to support the government’s response to Covid-19, the government suspended the tax rule that would otherwise apply significant tax charges to pension income received by recently retired individuals aged between 50 and 55. As these...Don’t forget the state pension!
A handy guide to help you review your state pension provision. An overhaul in April 2016 replaced the old two-tier system with a flat-rate state pension, which is now (in 2019/20) £168.60 per week. However, the amount a person is entitled to depends on their National...Pension drawdown – allowances
The MPAA in summary. Where taxpayers have accessed a pension, the amount they can pay into a pension and still get tax relief is the Money Purchase Annual Allowance (or MPAA) which for the tax year 2019-20 is £4,000. Where it’s exceeded it should be entered on the SA...
From our daughter business YogaTax
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