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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Aug 17

No events today
Dodd & Co have been our company accountants for around 18 years. Our principal contact is Alan McViety a Partner with Dodd & Co. I believe in robust financial management for our business therefore Alan and I have worked very closely throughout that time, meeting at least monthly producing MMI and developing forecasts and forward projections. Alan has always been very professional, responsive and understands our business very well allowing him to engage in meaningful discussion and provide considered advice. We use Dodd & Co for all financial matters and this regularly includes VAT and Tax Planning specialist advice which we receive from Faye Armstrong (VAT Partner) and Dean Johnston (Tax Partner) working alongside Alan, Faye and Dean are really good to work with, again they ensure they understand the particular matters and objectives clearly from the outset ensuring they can deliver the right solution or options which are always substantive and clear. I believe business is all about relationships and on personal experience can highly recommend Dodd & Co to be really nice people, highly professional, very responsive, they afford great care to their clients and take pride in their work and the advice & services they provide.
-- Martyn Boak, Northern Developments (Cumbria) Limited