Pensions are rarely out of the headlines these days, but how much attention do you pay to yours? Hundreds of thousands of pension savers could be facing a substantial tax bill at retirement as a result of the latest cut in the lifetime allowance (LTA). So how can you and your clients avoid getting caught out? The LTA is the maximum fund that you can build up across all of your pensions before incurring a 55% tax charge. If you think your pension funds are likely to breach the new £1.25m LTA, now or in the future, and you don't make some important decisions before 6 April 2014, it could lead to an unexpected tax bill of up to £137,500.
February 13, 2014 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
With a cut in the lifetime allowance looming, David Downie explains the steps pension savers can take to avoid a hefty tax bill
Pensions are rarely out of the headlines these days, but how much attention do you pay to yours? Hundreds of thousands of pension savers could be facing a substantial tax bill at retirement as a result of the latest cut in the lifetime allowance (LTA). So how can you and your clients avoid getting caught out?
Presented by BigVoodoo
Celebrate outstanding achievement in law firms, chambers, in-house legal departments and alternative business structures.
The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.
Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.
A large and well-established Tampa company is seeking a contracts administrator to support the company's in-house attorney and manage a wide...
We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Candidates should ...
We are seeking an attorney to join our corporate and transactional practice. Candidates should have a minimum of 8 years of general corporat...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
