From 6th April 2006, the current 8 different tax & maximum benefits regimes covering pensions are abolished and replaced by 1 streamlined set of rules.
For most people, this will mean a dramatic increase in the maximum amount than they can pay in towards their pensions. To qualify for full tax relief, individuals can pay in up to £215,000 pa (or their taxable salary if lower). There is no limit on the amount that companies can pay in each year.
2005 Budget Posted by: Admin on Thursday, May 19, 2005 - 08:08 PM
Budget
This year's Budget will be seen as being a balancing act between persuading voters and not giving away too much to affect the economy.
Some first time buyers in some parts of the country will be pleased with the doubling of the Stamp Duty threshold to £120,000, but this will not help the majority, when the average house price is now over £150,000.
Were you one of the many thousands of investors who, during the 13years that PEPs were in existance, contributed towards the many billions of pounds that were ploughed into them? If so, it's propably time we had a PEP talk!
