Budget 2015 – Pensions

Pensions Taxes

There will be a further reduction in the lifetime allowance, and from 2016 an individual will pay tax when they draw their pension pot if its value exceeds £1m.  This is a reduction of £250k from the current limit of £1.25m.  It is expected that protections will be offered which will be similar to those available when the lifetime allowance last fell, in order to safeguard pensioners who already have savings above £1m.

From 2018 the lifetime allowance will begin to increase each year by the rate of the Consumers Prices Index (CPI).

The Chancellor confirmed there will be no change to the annual allowance, and this will remain at £40,000.

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May 26

No events today
I have known Alison Johnston for a number of years and have found her advice to be totally ‘spot on’, as is that of the rest of the ‘Dodds Team’. She is so much more than an ‘accountant’ – giving valuable advice on business planning, critiquing ideas and plans and offering the benefit of her experience. She has recently introduced us to ‘Kashflow’ – a tool which allows us to manage our own finances, from issuing invoices to calculating our VAT – invaluable! We are now working with her colleague Rob Bainbridge who has just completed our first set of accounts in our new business and who has been very patient with us and our many questions!! We look forward to a long and fruitful relationship with Dodd Accountants going forward.
-- Martin Hughes & Barbara Craig, The Driven Employee Limited