Topic Originator: Buspasspar
Date: Tue 14 Mar 17:36
For the many who criticise and malign the Tories will need to rethink and evaluate what Jeremy Hunt is now offering in this years budget for the pensions This is a life changing decision .. shame on you all :-)
The level will rise from £1.07 million to £1.8 million, taking it to the joint highest level on record.
Increasing the allowance means that people could avoid paying as much as £180,000 in tax on their pension pots when they draw money. The policy aims to stop people from reducing their hours or retiring early due to the tax charges.
The government will also raise the annual allowance — the amount people can save each year before incurring tax — from £40,000 to £60,000. The combined cost of the increased allowances is expected to be £2 billion a year.
The lifetime allowance has been cut heavily since it was introduced in 2006, dragging large numbers of professionals into a tax trap. It was due to remain at £1.07 million until 2026.
I am just slightly short of saving £60,000 a year but would like to applaud Jeremy for his generous increases and helping the poor yet again
We are forever shaped by the Children we once were
|
|
