Posted on 26th January 2016
50 days to go until pension tax perks could be lost
The Spring budget is only 50 days away and it is has been reported that it is highly likely that George Osborne will severely reduce, or scrap all together, the tax relief gained on pension contributions.
Even if he doesn’t scrap them all together, he is likely to reduce the relief available to top earners, who are already about to see the amount they can pay into their pensions contributions reduce significantly from April, resulting in a double blow for these high earners.
But even those who are classed as ‘middle’ earners are also likely to be targeted – 4.5 million people who pay 40% tax on the top part of their income, may see a reduction in tax relief from the current level of 40%.
This will be a huge bonus to the Chancellor adding a possible £35 billion to the Chancellor’s coffers.
If you think you could be affected by these new rules, what should you be doing before the Spring Budget?
The pensions rules are becoming ever more complicated and we believe it is imperative to seek advice on the best way to manage your pension.
For more information or to arrange a meeting with one of our experts, please call 01273 208813 or email email@example.com.
IEP Financial is authorised and regulated by the Financial Conduct Authority (FCA)
"“I can’t speak highly enough of the BHBPA. As a small local business we feel very much part of a community and thoroughly enjoy the annual exhibition and meetings throughout the year. Over the years we have built fantastic working relationships with many BHBPA members and every meeting and event offers us opportunities to work with more. This is networking at its best! ” "
"The BHBPA is the most effective and dynamic business organisation I have ever worked with in over 30 years in Local Government. It has a very active and large membership whose points of view are taken seriously by all government structures. Peter Liddell does an excellent job in providing unique and enjoyable networking opportunities where members interact and discuss points of mutual interest. It provides a forum for businesses to discuss common issues, to share experiences and to play a powerful and meaningful role in the Burgess Hill community. The BHBPA provides important and credible support for all its members and ensures that their best interests are represented where necessary. "
"“Sutton Winson have been members of the BHBPA for around 7 years. We have found it a great way to keep in touch with Burgess Hill businesses and to meet with likeminded people. It’s not just another “networking” group, as it tackles the real issues and gets things done”"
"This association was started with a lot of effort from a few local businessmen and has proved to be a very powerful and useful tool for our business. The BHBPA has influence at the top level; when action is needed, the BHBPA gets it done. We are kept in touch with all that is happening on our doorstep and will often act because of what is published in the weekly emails / newsletters."