This could help soften the blow of Labour’s controversial decision to means-test the winter fuel allowance. However, retirees will need to watch out for a tax bill on their income, due to the full new state pension edging closer to the £12,570 personal allowance. Tom Selby...
The latter of the two reliefs should be abolished entirely, according to the report, while the former needs to be more focused on retirement to better incentivise investment, as it is intended.A lower CGT tax-free allowanceThe OTS also recommends reducing the annual tax-free allowance ...
If you’re sitting on gains that you’ve hitherto failed todefuse– and you see little prospect of doing so now, given the already dramatically-lowered annual CGT allowance – then maybe it is rational to sell up, take your tax lumps, and reinvest into something else? Preferably within an...
“A merged ISA would also help give savers more flexibility and encourage savers make more efficient use of their £20,000 ISA allowance. At the heart of all these tweaks is the need to increase public awareness and make saving simple and accessible,” he said. “However, rumours surroundin...