January 2016

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    Personal Pension Allowance restriction:

    From the 2016/17 tax year the annual allowance for those earning above £150,000 is to be reduced on a tapering basis so that it reduces to £10,000 for those earning above £210,000. For every £2 of income above £150,000, an individual’s annual allowance will reduce by £1. Both Threshold and Adjusted income need to be […]

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    Lifetime allowance (LTA)

    The Lifetime Allowance will reduce to £1m from the 2016/17 tax year (from £1.25m currently). New transitional protection options will be introduced similar to those introduced when the LTA reduced in 2014. But unlike previous versions of fixed protection, it will not be possible to register for the 2016 version in advance. Registration for the new […]

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