Lifestyle, Pensions Justin King Lifestyle, Pensions Justin King

The future of the pensions lifetime allowance

One of the subtle tax increases introduced in the March 2021 Budget was a freezing of the pensions lifetime allowance until April 2026 at its 2020/21 level of £1.0731m. Like any freezing of an allowance, it is designed to produce extra tax as inflation and/or economic growth drag more taxpayers over the fixed threshold.

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Tax Planning Justin King Tax Planning Justin King

HMRC Family Investment Unit closes

A special HMRC team set up to review the use of family investment companies was a complete waste of time and diverted resources from the investigation of aggressive tax avoidance and evasion, according to leading tax and advisory experts.

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