The Budget confirmed that the government is exploring ways to create a market in pension annuities.  One of the criticisms of the wide-ranging reforms to pensions that take effect on 6 April 2015 is that they only apply to those … Continue reading →

The income tax picture was improved slightly by the Budget. It almost goes without saying now that any Budget or Autumn Statement will include an announcement about an increase in the personal allowance. The 2015 Budget was no exception: Mr … Continue reading →

A new personal savings allowance will come into existence in April 2016. “Today I introduce a new Personal Savings Allowance that will take 95% of taxpayers out of savings tax altogether”. So said the Chancellor in his Budget speech. While … Continue reading →

The lifetime allowance is to be cut again. The lifetime allowance (LTA) is a key component of the pension tax rules. It effectively sets the normal maximum value of retirement/death benefits, beyond which a tax charge of up to 55% … Continue reading →

The Chancellor has announced increased availability for Pensioner Bonds. When National Savings & Investments (NS&I) finally launched the Pensioners’ Bond on 15 January 2015, there was a very predictable surge of interest. The sheer weight of applications brought problems to … Continue reading →