Insights

Pensioners would be able to surrender annuities for a cash lump sum under proposals announced by Steve Webb, Pensions Minister, affecting potentially up to 5 million pensioners in the UK and around £11bn annual pension income.

The maximum amount you can contribute to a pension and benefit from tax relief is limited by the annual allowance of £40,000 (2014/15) or your earnings if lower.

The new single-tier State Pension is due to come into force in April 2016.

Following the Autumn Statement, National Savings and Investments (NS&I) has announced the launch of new bonds for investors aged 65 and over in January 2015.

Details have begun to emerge on how the new inheritable ISA rules will operate.

The government has published new legislation to deter inheritance tax (IHT) mitigation through the use of multiple trusts.

Over the last month, we have continued to see a divergence in the pace of economic growth across different regions of the globe.

Reform of residential property stamp duty so that rates apply only to that part of the property price that falls within each band:

The Government has confirmed that it has scrapped plans to introduce the Inheritance Tax (IHT) settlement Nil Rate Band and replace it with new rules to be announced in next week’s Finance Bill.

Spouses and civil partners will be able to inherit their deceased partner’s ISAs and retain the tax advantages.

The Chancellor confirmed the new pension death benefit rules to be introduced in April 2015:

According to the Chancellor, George Osborne, the UK is the fastest growing economy in the G7.