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Newsletter September 2019

Treasury to review tapered annual allowance as debate rumbles on

The Treasury has announced it will review the tapered annual allowance for pensions, following calls to abolish it.

The amount of pension contributions that can be made tax-free in a year stands at £40,000 in 2019/20, but this is restricted for higher earners by the tapered annual allowance.

Get in touch to discuss the tapered annual allowance. http://www.handefs.co.uk/our-services/taxation

 

Number of wealthy non-domiciled UK taxpayers falls to new low

The amount of wealthy individuals who pay no UK tax on their offshore accounts has slumped to a new low.

Speak to us at Herts & Essex Financial Services about your finances. http://www.handefs.co.uk/our-services

 

Over-55s reclaim record amount in overpaid tax on pensions

The number of people over the age of 55 who had to reclaim tax after accessing their pension pot has hit a record high.

More than 17,000 retirement savers reclaimed tax worth £46 million in the three months to the end of June 2019.

We can advise on flexible withdrawals.

 

Number of state pension recipients declines by 120,000 in 12 months

The amount of people receiving the state pension has fallen by 120,000 year-on-year, following changes to the age at which it can be claimed.

13 million people received the state pension in February 2019, according to the Department for Work and Pensions (DWP).

Talk to us at Herts & Essex Financial Services about retirement planning. http://www.handefs.co.uk/our-services/pensions