Last week’s Budget was noticeable for the planned significant increase to Corporation Tax and the freezing of various personal allowances.
Personal Income Tax allowances, Inheritance Tax allowances (yet again!) and Pension Lifetime Allowances have all been frozen until 2026.
You may be familiar with the Income Tax and Inheritance Tax allowances but are you one of the increasing number of individuals who may be affected by the freezing of the Pension Lifetime Allowance?
In this clip we look at the following;
- What is the Pension Lifetime Allowance (LTA)?
- How is it calculated and how is it paid?
- Are you affected by this?
This guide is for information purposes and does not constitute financial advice, which should be based on your individual circumstances.
- A pension is a long-term investment, the value of your investment and the income from it may go down as well as up. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
- Levels and bases of, and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor.
- Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future.
Pension Lifetime Allowance
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If you have a question about Pensions Lifetime Allowance please get in touch all call us on 01825 76 33 66.