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ANNUAL PAYMENTS DO NOT COUNT TOWARDS THE PERSONAL SAVINGS ALLOWANCE

BUDGET 2016 Synopsis: Rewards paid by banks are deemed by HMRC to be annual payments which means that the payment is fully taxable and will not benefit from the personal savings allowance. The new personal savings allowance, introduced in the 2015 Budget and applicable from April 2016, allows basic rate taxpayers the ability to earn […]

DWP – BETTER WORKPLACE PENSIONS: PUTTING SAVERS’ INTERESTS FIRST

PENSIONS – AUTOMATIC ENROLMENT/AUTOMATIC ENROLMENT Synopsis: The DWP has issued a consultation paper putting forward Governments proposals along with draft Regulations for consultation. Date posted: Wednesday, October 22, 2014 The DWP has issued a “Better workplace pensions: putting savers’ interests first” consultation paper putting forward Governments proposals along with draft Regulations for consultation. The consultation period will […]

HM Revenue & Customs (HMRC) has launched a consultation on two new forms of protection for people caught unfairly by the government’s most recent cuts to the Lifetime Allowance (LTA).

Chancellor George Osborne announced in the 2012 Autumn Statement that from April 2014, the LTA on tax relieved pension savings will reduce from £1.5m to £1.25m, and the annual allowance (AA) will fall from £50,000 to £40,000. Osborne said at the time the government would consult on forms of protection for people whose savings are […]

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