It appears that the continued aim of the new Government is to move quickly to cut the deficit further. Plans have been\u00a0outlined to reduce the deficit by \u00a33 Billion pounds ahead of schedule. The stated aim being \u00a313 Billion over the next 2 years.<\/p>\n
Pledges have been made not to increase VAT, rates of National Insurance or the 20p and 40p rates of income tax \u2013 meaning the squeeze will have to come in other areas.<\/p>\n
One area expected to come under scrutiny includes restricting higher rate tax relief on pension contributions.\u00a0<\/strong><\/p>\n In recent times, severe constraints have been placed on how much you can pay into a pension each year (reduced from \u00a3255,000 to \u00a340,000) and how much your pension can be worth over your lifetime (no limit down to \u00a31 Million).<\/p>\n We are not ones for scaremongering, or a \u201cbuy now whilst stocks last\u201d adviser, but if you were planning on making pension contributions this tax year, and you are a higher rate taxpayer or earn over \u00a3150,000, it would be prudent to make that contribution sooner rather than later. Perhaps before the Chancellor\u2019s first budget based solely on the Conservative electoral mandate.<\/p>\n If you wish to review your\u00a0pension planning or discuss what\u00a0options are available, please contact Tim Norris or Alan Clifton by calling 0800 731 7614 or by emailing enquiries@fpgonline.co.uk<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" It appears that the continued aim of the new Government is to move quickly to cut the deficit further. Plans have been\u00a0outlined to reduce the deficit by \u00a33 Billion pounds ahead of schedule. The stated aim being \u00a313 Billion over the next 2 years. Pledges have been made not to increase VAT, rates of National […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-918","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n