Continuing our regular feature the Norton Rose Pensions Team brings us a pensions update including details of the pensions aspects of the recent Budget
Budget 2008 — Pensions Changes
With effect from 6 April 2008 the lifetime allowance was increased by £50 000 to £1.65 million and the annual scheme allowance by £10 000 to £235 000.
Pensions income
The 10% starting rate for pensions and earned income has been scrapped. The basic rate of tax has been reduced by 2% to 20% and the ceiling for paying National Insurance contributions has been lifted from £34 480 to £40 040. These changes took effect...
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Continuing our regular feature the Norton Rose Pensions Team brings us a pensions update including details of the pensions aspects of the recent Budget
Budget 2008 — Pensions Changes
With effect from 6 April 2008 the lifetime allowance was increased by £50 000 to £1.65 million and the annual scheme allowance by £10 000 to £235 000.
Pensions income
The 10% starting rate for pensions and earned income has been scrapped. The basic rate of tax has been reduced by 2% to 20% and the ceiling for paying National Insurance contributions has been lifted from £34 480 to £40 040. These changes took effect...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
