Firstly, as per my update last week, don’t forget the new tax year brings not only, an increase in the minimum age from which we can access savings within a private pension pot (from 50 to 55) but also a decrease in the amount of time allowed to back date a claim for (higher rate) tax relief on Pensions, which will reduce to 4 years from April 6th.
So if you know of anyone who is either, aged 50 – 55 and thinking of retiring in the next few years, or is a higher rate tax payer and has NOT claimed higher rate tax relief via a tax return for their pension contributions over the last few years, it could well be worth mentioning!...
On the plus side and as per one of the articles below, we will also see an increase in the amount that can be saved within an Individual Savings Account (ISA) from £7,200 to £10,200 per annum for those under 50.
A Guide to ISA’s will be available via the website shortly (http://wealthifa.wordpress.com/guides/) and also a limited print run of the March/April newsletters are available.
Alternatively, if you/your clients prefer a pdf version of the newsletter please let me know or view/download online at http://bit.ly/bnnX9E
In the News this week…
Recent articles suggest more doom and gloom ahead although, for every negative (http://bit.ly/alvAL6) there is usually a positive too! (http://bit.ly/di2sHl)
Oh well, let’s just hope it’s a good weekend at least?!...
Inheritance tax would be 'all but abolished' http://bit.ly/9Xl4b5
Michael Ashcroft: Representation without taxation http://bit.ly/9eKCbQ
Long Term Care
Reach a settlement http://bit.ly/aelNYr
Lord Lipsey predicts free care bill will lose out as opposition grows http://bit.ly/8YXIF7
Beware hidden costs on Sipps http://bit.ly/9cM2zc
Pensions tax changes for high earners criticised http://bit.ly/b3hJsh
Over 65s own property worth £765.18bn http://bit.ly/bTCsvB
Parents' retirement plans 'could be hit by family handouts' http://bit.ly/cPTqTQ
Rules for individual savings accounts http://bit.ly/bYfbqy
Structured, but not so safe or simple http://bit.ly/a2b9AH
A beginners guide to the National Employment Savings Trust (Nest) http://bit.ly/dbZduA
Think thats all for this week, have a great weekend!
Friday, 5 March 2010
Financial News Update we 05/03/2010
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