Newsletter December 2018
Quarter of over-55s unaware of pension tax
More than a quarter of people approaching retirement are unaware of the tax charge they will face if they withdraw their pension savings as cash.
According to a survey of more than 2,000 over-55s by Legal & General, 27% believe they can access their pension pot tax-free, while 21% say they would be shocked at having to pay tax on it.
Speak to Herts & Essex Financial Services Limited about your pension saving strategy. http://www.handefs.co.uk/our-services/pensions
Lettings relief restricted from 2020
Changes to lettings relief from April 2020 will mean landlords may have to pay more in capital gains tax (CGT) when they sell a property.
Currently, landlords that qualify for private residence relief when they sell a property can also claim lettings relief of up to £40,000.
Contact us to discuss your property.
Stamp duty relief extended to shared ownership
First-time buyers of shared-ownership homes will benefit from relief on stamp duty land tax on properties worth up to £500,000.
Since Autumn Budget 2017, first-time buyers have not had to pay stamp duty on the first £300,000 of homes up to a value of £500,000.
Talk to our team at Herts & Essex Financial Services Limited about how stamp duty affects you.http://www.handefs.co.uk/our-services/mortgages
Pensions dashboard to include state pension data
State pension data will be available as part of the pensions dashboard, it was confirmed in Budget 2018.
According to the Budget Red Book, the online dashboard will “for the first time allow an individual to see their pension pots – including their state pension – in one place”.
The Department for Work and Pensions will consult on a detailed design, and work with the pensions industry and financial technology firms to develop it.
Get in touch to discuss your pension planning. http://www.handefs.co.uk/our-services/pensions
Source: PracticeWeb December 2018
Herts & Essex Financial Services Limited
Bancroft, Hitchin Tel: 01462 458863