Lifetime Allowance will increase next year says Treasury

The Treasury has confirmed its decision to press ahead with an increase to the lifetime allowance (LTA) by inflation from 2018. At the 2015 Budget from the then chancellor George Osborne it was announced the LTA would be reduced to from £1.25 million to £1 million from April 2016. It was also announced that the LTA would be indexed by …

New tax year, new changes for pensions in 2016-2017

The new tax year for 2016-2017 starts today (April 6th) which means new changes, so here is what you need to know. THE NEW STATE PENSION The new ‘single-tier’ state pension starts today which means anyone who reaches pension age from April 6th will get the full flat rate payout of £155.65 per week. This will only apply if you …