If you’re at least 55 (rising to 57 on 6 April 2028) you can take up to 25% of your pension as a tax-free lump sum. If you make use of this allowance in one go, the income you then take through an annuity or pension drawdown will be subject to income tax at your marginal r...
When transferring your UK pension overseas, it's crucial to consider any potential tax implications. Depending on the country you're relocating to, there may be different tax rules and regulations that could affect how your pension is taxed. Seeking expert advice from professionals who specialize i...
Previously, anyone withdrawing benefits from their pension fund above the LTA of £1,073,100 (or the applicable fixed protection amount) was subject to a tax charge. This could be either 55% or 25%, depending on whether they were taking a lump sum or income. The Spring Budget in March...
The life insurance payout is usually a tax-free cash lump sum. The life insurance contract can provide insurance for a fixed term of your choosing – this is the most common type of life insurance contract. Or, it can be arranged to cover you until you die therefore the term won't be...
When can I draw my personal pension? When you turn 55, you can start to access your personal pension; this will increase to 57 in 2028. You can take 25% of your pension as atax-free lump sum, or you can make smaller withdrawals where the first 25% is paid tax free and the remaini...
25% of the pension fund can be taken tax-free (known as a pension commencement lump sum), with the remainder of the fund available to be drawn as income (and taxed accordingly) on a completely flexible basis. The pension fund is crystallised (or vested). ...
In the table below, we take a look at some of the best free apps to help you build your savings by connecting to your existing bank account. We also look at Chip, which is free to download but operates a pay-as-you-go model if you opt for the free version. ...
Life insuranceis another important part of planning for later life. It provides alump sum to beneficiariesto cover mortgage costs, funeral arrangements and other expenses you might leave behind in the event of your death. More than two-thirds of survey participants (67%) said they had a life...
Get ready for the 2024/25 Self Assessment deadline with expert tips and insights from Quickbooks. Discover essential strategies to prepare for stress-free tax.
Pension withdrawals including the State Pension Retirement annuities Rents Taxable benefits It’s obviously less urgent to get all your bonds into your ISAs and SIPPs if you can earn interest tax-free via the Starting Rate for Savings and Personal Savings Allowance routes. As mentioned though, bon...