Pensions Of Significant Value

Posted on: 12 May, 23

Inside This Issue

Welcome to our latest edition. In this issue, Chancellor Jeremy Hunt’s first proper Budget 2023, on Wednesday 15 March, brought some welcome but unexpected changes to pension tax. Britons can now expect significant changes that will affect their retirement savings. On page 10 we consider how these changes could impact on your pension and secure your retirement plans. The most significant change was the abolition of the pension Lifetime Allowance (LTA).

If you’re an investor looking to maximise your Individual Savings Accounts (ISA) returns, it’s worth considering investing your ISA allowance as soon as possible each year, as soon as it becomes available on 6 April. Not only will this help ensure that your money is protected from taxes right o" the bat, but it also means that your investment has more time to grow in the market. This can result in a bigger ISA pot in the long run. Read the full article on page 06.

April brought a host of changes to the UK’s tax regime, with some thresholds for taxes such as additional rate Income Tax being lowered while others are increased, such as Corporation Tax. However, the Inheritance Tax (IHT) nil-rate band has remained stagnant at £325,000 since 2009, despite the meteoric rise in property prices over the same period.

On page 11 we look at how this has resulted in an alltime high of £6.1bn being collected in Inheritance Tax in 2021/22...

Download the PDF to see the full document.