SIPPs: Budget changes all SIPP investors need to know about

April 4, 2015: Houston, TX, USA - Scrabble tiles spelling CHANGAs the fallout from George Osborne’s Budget earlier this month continues, SIPP (Self-Invested Personal Pension) investors could be forgiven for thinking that there are no impending changes which will affect you. Think again! The Budget introduced a number of changes which will affect SIPP investors. These come on top of other rule changes, which makes now the perfect time to round up all the imminent amendments to pension rules. However, let’s start with two things which aren’t changing. Tax-relief Despite huge speculation before the Budget, ...

Summer Budget 2015: The headlines

Budget 2013 the headlinesThis was the first Budget since the General Election and without the Liberal Democrats involved it was always going to be interesting to see the direction George Osborne decided to take. We all knew the Chancellor needed to find large savings, but few expected the dramatic announcement he saved until the end of his speech. The economy & Government finances The economy grew by 3% in 2014, well above predictions. In 2015 the economy is predicted to grow by 2.4% and by 2.3% in 2016, driven by consumption and investment. The deficit ...

Pensions: Labour propose additional pension restrictions and to slash tax relief

Pensions: Labour propose additional pension restrictions and to slash tax reliefLabour has announced sweeping changes to pensions, which will affect people with larger pots, as well as those with higher earnings. Despite calls from the pension industry for a period of calm following the changes announced in last year’s Budget, Ed Milliband today announced a further series of measures, intended to meet the cost of cutting tuition fees from £9,000 to £6,000. If they win the general election in May, Mr Milliband revealed the new Labour government would make the following changes: Pension ...

Retirement: Pensions Minister calls for changes to pension tax-relief

Pensions Minister calls for changes to pension tax-reliefSteve Webb, the Pensions Minister, has called for a further overhaul of pensions; this time focusing on the tax-relief paid when contributions are made and the maximum amount which can be held in a pension pot without incurring tax charges. Tax –relief on pension contributions At present pension contributions attract tax-relief at a minimum rate of 20%. This means someone saying £80 into their pension will be ‘credited’ with £100; higher rate taxpayers can claim a further ...