State pension increase 'raises spectre' of income tax in retirement
As we’ve seen, the tax system gets progressively more punishing as your salary passes through various thresholds. You might therefore prefer to put more of your more higher-taxed earnings into a pension. Thanks to pension tax relief, this way you sacrifice less of a share of your post-tax...
The pension lifetime allowance was a tax charge that was payable if your combined pension benefits exceeded a certain amount but was abolished in April 2024. Instead, lump sum allowances have been introduced. For most people, the ‘lump sum allowance’ related to the benefits you take from yo...
Between May 2026 and March 2028, the current pension age in the UK, which is 66, is anticipated to increase to 67, and is projected to rise to 68 by 2044. A report from the International Longevity Centre, titled State Pension Age and Demographic Change, indicates that with a high rate ...
Then the war in Ukraine tightened the supply of oil, gas and grain, contributing to an increase in energy prices (and inflation) throughout 2022. Since the end of 2023, inflation has gradually been falling back to the Bank of England’s target, with April 2024’s figure the closest it’...
The annual State Pension uprating next April looks set to be determined by the earnings growth measure of the Triple Lock after new figures were published by the Office for National Statistics (ONS) earlier this month. Under the Triple Lock the New and Basic State Pensions increase each year ...
to a percentage of average earnings, means that the state pension would rise in line with the prosperity of the country. If the nation prospers and average earnings increase, so too would pensions. Conversely, if the country faces economic challenges and average earnings stagnate or decrease, ...
You can receive your UK state pension in Canada, and you may also be able to transfer other personal pensions. Just make sure you choose a Qualifying Recognised Overseas Pension Scheme (QROPS) to transfer your pensions to, or you could face a large tax bill24. ...
September 2 2024 Private equity Private equity warns UK capital gains tax overhaul could be ‘tipping point’ Potential increase of capital gains tax comes on top of changes to non-dom and carried interest regimes August 31 2024 Capital gains tax: how does the UK compare with other countries?
Utility calls for 52 per cent increase in customer bills by 2030 to fund investment August 22 2024 LexBT Group Plc The ‘altnet’ threat to BT is overdonePremiumcontent Sky’s deal with CityFibre complements, rather than replaces, its existing arrangement with Openreach network ...