Unbiased.co.uk comments on the tax changes announced in the Budget
Richard Winder comments:
“Today’s announcements by the Chancellor are no doubt a ‘tax-Budget’ to remember. Anyone earning over 150k will be facing a triple whammy of new taxes, a new 50% tax rate on their income, the scrapping of their personal allowances and a gradual reducing of their tax relief on pensions from 40% down to 20%, adding a significant additional tax burden. While people are currently wasting over 1billion pounds on unnecessary tax payments on pensions and personal allowances, there are some simple tax efficient measures they can take and seeing an independent financial adviser (IFA) is often the first step to help reduce people’s tax burden.
“The UK tax-paying population is currently also wasting an average of 144 million by not investing their savings in a tax efficient way and we urge consumers to take a closer look at their savings to ensure they are not gifting money to the tax man. And with the Chancellor announcing new increased ISA limits of 10,200 for the next financial year, tax efficient planning when it comes to savings is now even more important than before. An independent financial adviser (IFA) can help make sense of not just the current tax system but also any changes announced today and guide consumers through the ‘tax maze’ to find the best suitable options for their personal finances.”
ENDS
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David Elms / Richard Winder | Anna Schirmer/Jennifer Comerford |
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Notes to Editors
Unbiased.co.uk, the professional advice website
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