There are major changes to how people aged 55 and over can access their money purchase pension savings from April 2015. There will now be much greater flexibility, which is achieved in one of three ways as follows: Taking 25% of the pension fund as a tax free lump sum and purchasing an annuity will … Continue reading The Budget 2015 – Pensions →

Allowance, Rates and Bands There is no amendment to the proposals announce earlier with regard to allowances, tax rates and bands. The main personal allowance increases to £10,600. The personal allowance continues to be withdrawn progressively by £1 for every £2 that the “adjusted net income” exceeds £100,000. The age allowance for those born before … Continue reading The Budget 2015 – Personal Tax →

Summary of Budget Held on 18th March 2015 The Chancellor announced that the government intends to abolish the need for annual tax returns, with individuals and businesses managing their tax affairs on-line through a “digital tax account”. The main budget proposals were as follows: An increase in personal allowances over the next two years A … Continue reading The Budget 2015 – Summary →