The lifetime allowance for pensions falls
The total amount that can be invested in an individual’s pension pot has been cut from £1.25m to £1m.
On investments above that amount the government will charge tax at 25%, or at 55% if the additional money is withdrawn as a lump sum.
Public sector professionals such as doctors, senior civil servants and university professors in line for pensions worth more than £43,000 a year face a steep increase in tax bills in 2016.
Could you breach the limits.
Do you have a Tax Plan, to stop breaching the limit?
if you have already reached the limit of £1m, what can you do?
We can help you plan your tax and save tax