Don’t be penalised by the tax system when you exercise your freedoms
The ‘pension freedom’ reforms of 2015 were welcomed by consumers, as they vastly widened options available to most savers at retirement. Pension freedoms allow savers to have the flexibility on how and when to spend their money without being penalised by the tax system, but it is worrying that some individuals plan to withdraw more than the tax-free lump sum limit.
Looking after your lifestyle during a time of uncertainty
Nobody wants to worry about how they’ll pay the bills if they become sick or injured and can’t work. But illness or injury can strike at any time and can lead to serious financial trouble. The latest government figures report the dramatic increase in the likelihood of long-term sickness absence when we age, leading to an employment absence of four weeks or more.
How do you leave a legacy which serves your family’s best interests?
Will you be one of the thousands of households in Britain that will have to pay Inheritance Tax? What’s the best way to avoid it? If you’re administering an estate because someone has died, how do you obtain probate? Is it ever possible to retrospectively minimise an estate’s tax liabilities?
How to apply the additional threshold
The Inheritance Tax residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB provides an additional nil-rate band where an individual dies on or after 6 April 2017, owning a residence which they leave to direct descendants. During the 2019/20 tax year, the maximum RNRB available is £150,000. This rises in £175,000 in 2020/21, after which it will be indexed in line with the Consumer Prices Index.
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