A potential big change made ‘through the back door’ A bundle of complex tax consultations published yesterday contained a potential bombshell for anyone expecting to inherit a pension pot free of income tax, Lane Clark & Peacock (LCP) says. Yesterday (18 July), HM Revenue & Customs launched a consultation on changes to pension taxation that could result in ordinary taxpayers having to …
Budget 2020 Summary
In this article, we provide a summary of the Budget 2020 content that is of relevance to financial planning. Pensions Tapered annual allowance This measure increases the income limits used in calculating the tapered annual allowance and decreases the minimum tapered annual allowance. • Threshold income, which is broadly total income before tax (less employee/personal contributions), is increased from £110,000 …