18th December, 2015

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Autumn Statement

Following the broad range of announcements made in the Summer Budget affecting inheritance tax, pension tax relief and the changes to Buy to Let mortgage interest relief, the Autumn statement has been relatively uneventful in comparison.

Whilst it was generally expected that there would be further changes, or potentially even reductions to pension tax relief, particularly for higher rate tax payers, these appear to have been put on the back burner for now. That said, pensions are unlikely to remain immune to change for long and we can see further tinkering on the horizon.

There may therefore be some sense in the old adage of ‘making hay whilst the sun shines’. If higher rate tax relief is to be withdrawn, which is a distinct and we believe, not too distant possibility, it is worth considering using any remaining pension tax relief whilst this is still available to you.

Should you wish to look at maximising your pension funding, then it would be worth discussing this with us before the higher rate tax relief sun sets for a final time.