
Uncertainties Removed on Two Key Personal Taxes
Uncertainties Removed on Two Key Personal Taxes The future of two important personal taxes – Inheritance Tax (IHT) an…
Read moreHow well is the tax relief on pensions understood? Research suggests not well at all, potentially undermining saving motivations.
Of late, HMRC has been publishing past research that had previously been kept under wraps. One interesting document to emerge details research commissioned in 2015 by Ipsos – the opinion polling company – into the understanding of pension tax relief. Ipsos interviewed over 700 adults and found:
One in three opted for the safety of “don’t know”, while one in four thought the government provided no top-up. Overall awareness was no different from the average for those in or out of work or for those not currently in pension schemes. However, six in ten of those with non-workplace pensions (e.g. personal pensions) were aware of the benefit of tax relief.
There are regularly suggestions leading up to Budgets that pensions tax relief will be cut back because of its multi-billion pound cost to the Treasury. One day, a Chancellor may decide to do just that because the impact of his action will not be understood either… As the song says, “You don’t know what you’ve got (‘til it’s gone)”.
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Simply call our friendly team on 00121 368 5624 or drop us an email to appointments@oaklandswealth.com to arrange a confidential chat.
Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises clients around the Midlands on retirement planning, pensions & investments.
Her firm holds British Standard BS 8577 for client service & investment process.
Minimum investment is £500,000 (£650,000 for pension transfers).
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