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 …
Lifetime allowance tax take quadruples
Lifetime allowance tax take quadruples in six years According to figures obtained by Suffolk Life (from a freedom of information request), Tax revenues from breaches of the lifetime allowance on pension contributions have quadrupled in the last six years. HMRC took £94,200,000 between 2014-2015 as a result of contributions to pots in excess of the allowance, slightly down from the previous year …