Budget 2014 – New flexible pensions

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There are significant changes being proposed which will make it easier to access your pension fund pot if you have a defined contribution (money purchase) pension scheme.  As a general rule 25% of the pension fund can be taken as a tax free lump sum at age 55, although this age will be increased in […]

Budget 2014 – Capital taxes

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As previously stated on this blog, capital gains tax reliefs were always planned to be introduced in Budget 2014.  The capital gains tax annual exempt amount will increase to £11,000 for 2014/15 and £11,100 for 2015/16. With a top rate of 28% this allowance potentially saves just over £3,000 a year, or £6,000 for a […]

Budget 2014 – Important changes to ISAs

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In order to encourage savers, the current £11,520 ISA limit is to be significantly increased to £15,000. This will come into effect from 1 July 2014. Furthermore the current 50% cash ISA limit of £5,760 is to be abolished so that any combination of cash and stocks and shares can be held within the ISA […]

Budget 2014 – Personal Allowances

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Personal allowances remain fixed for 2014/15 at £10,000, the much promised level included in the Coalition Agreement. However the Budget also announced that there will be a further above inflation increase to £10,500 for 2015/16 in line with the allowance currently available to taxpayers aged 65 to 74. Those aged 75 and over will continue […]

Budget 2014 – Income tax bands

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The 20% basic rate band is set at £31,865 for 2014/15 and will fall to £31,785 for 2015/16. This means that you will pay 40% tax if your taxable income exceeds £41,865 for 2014/15 and £42,285 for 2015/16. The 45% top rate continues to apply to taxable income over £150,000 for 2014/15.

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