Professional Renaissance Limited is a limited company registered in England under company number 6380089. Our registered office address is: The Business Store, 98-100 High Road, Rayleigh, Essex, SS6 7AE.
Tax year end 2016
The Budget 2016
Tax dates 2016/17
Talking tax relief
With higher rate tax reliefs on pensions under threat, it might pay to take advantage of current rules before it’s too late.
At the moment, for every £1,000 paid into a pension, a basic rate taxpayer has to contribute £800, a higher rate taxpayer only needs to pay £600, and an additional rate taxpayer just £550. One of the proposals in the government’s green paper is to end upfront tax relief on pension contributions altogether, shifting to a
system similar to that for ISAs, under which there is no tax relief on contributions but withdrawals are tax-free. Other proposals include keeping broadly the same system as today, but moving to a flat rate of upfront tax relief of anything between 20% and 33% for everybody.
An announcement is expected to be made in the Budget on 16 March 2016; and it’s quite possible that any changes will be brought in immediately. In the meantime, higher and additional rate earners, who can get up to 40% or 45% tax relief returned to their pension pot, may want to take the opportunity to maximise pension saving while the existing - some would say ‘generous’ - system remains.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are dependent on individual circumstances.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.