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 >>