Tax Free Allowance Changes On 6th April

14/03/2014

There are changes to the ISA and Pension allowances in respect of the new tax year starting on 6th April. The changes are as follows:

  • The new full ISA allowance is £11,880 from 6th April 2014.
  • The current annual pension allowance of £50K will reduce to £40K.
  • The lifetime pension allowance reduces from £1.5M to £1.25M.

If you have not yet used your full ISA allowance for this tax year, you will lose the valuable benefit of sheltering up to £11,520 from UK tax.

Should you have any concerns or would like more information on how these changes affect you, then please contact us >>

 

Written by Clive Shaw | Chief Executive

Clive joined Mantle Financial Planning in 1991 & became Chief Executive in 2007 Read more >>

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