Our previous government enacted legislation that removed the personal allowance for certain high income earners. The present government has made no change to this process. Basically, for every £2 your income exceeds £100,000, your personal allowance is reduced by £1. Take, for example, the case of Joe Smith who has income for 2014-15 of £100,000 and a personal tax allowance Continue Reading
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Pension decision period extended
Last month we touched on the changes that HMRC is introducing to the treatment of defined contributions pensions. HM Treasury has now issued the following update that clarifies the position of people who have recently taken a tax-free lump sum from their defined contribution scheme. “The government has announced today (Wednesday 9 April) that people who have recently taken a Continue Reading
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