Search Results for "Pensions"

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Tax on inherited private pensions

Tax on inherited private pensions

Inheriting private pensions involves grasping tax implications, nominations, and rules, considering the owner’s age and limitations for defined benefit pots. Managing it requires awareness of complexities and adherence to time limits.

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Pensions triple lock to be reinstated

Pensions triple lock to be reinstated

The triple lock guarantee on pensions that was suspended for the current 2022-23 tax year is to be restored from April 2023. In September 2021, the government announced that its triple lock guarantee on pensions was to be abandoned for one year

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Tax credits reminder

Tax credits reminder

We would like to remind our readers that HMRC is currently sending the annual tax credit renewal packs to 730,000 tax credit claimants. HMRC is encouraging recipients to renew their tax credits claim online. HMRC started writing to taxpayers on 2 May

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Pension fund reforms

Pension fund reforms

Chancellor’s reforms compel Defined Contribution funds to disclose UK investments publicly. By 2027, they must actively reveal investment details. Poor-performing schemes may face intervention; FCA consults, aligning with the Mansion House compact urging 5% unlisted equity investment.

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Cost of living final payment 2023-24

Cost of living final payment 2023-24

The Cost of Living support aids 8 million households with benefits. Eligible recipients receive three payments: £301, £300, and £299, made separately. Confirmation for tax credit families and DWP payments already distributed to 7 million households.

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Pension Credit deadline

Pension Credit deadline

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to keep retired people out of poverty.

Pension Credit can top up:

your weekly income to £201.05 if you are

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Pensioner Cost of Living Payment

Pensioner Cost of Living Payment

The 2023-24 Cost of Living support aids 8 million households with three payments (£301, £300, £299). Pensioners receive a Winter Fuel Payment of £150 or £300 based on factors like age. HMRC notified eligible recipients in November about their expected payments.

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Tax relief on pension contributions

Tax relief on pension contributions

Claim tax relief on private pensions, up to £60,000 annually (2023-24) with a three-year carry-forward. The lifetime limit was removed in April 2023. Relief, based on your tax rate (20-45%), is partially applied by employers. Higher-rate taxpayers can claim additional relief through Self-Assessment. Regional variations exist in Scotland.

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Tax credits top-up

Tax credits top-up

Benefit from automatic financial relief with the 2023-24 Cost of Living support. Eligible households receive up to three payments, including tax credits and pension top-ups. Stay informed for timely updates on assistance.

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Cost of living payments

Cost of living payments

Discover and stay informed about upcoming UK Cost of Living Payments, eligibility criteria, and payment schedules for individuals on specific benefits. Ensure you don’t miss out on crucial financial support updates.

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Current State Pension age

Current State Pension age

The UK State Pension age will rise to 67 by the end of 2028, with the potential for a further increase to 68 after 2044, subject to review. The government aims to provide 10 years notice for retirement age changes, considering various factors for decision-making.

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Cost of Living payments 2023-24 support

Cost of Living payments 2023-24 support

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were published earlier this year and have recently been

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Pension tax relief at source

Pension tax relief at source

In the UK, taxpayers can claim tax relief on private pension contributions, with annual allowances of £60,000 in 2023-24 and £40,000 in 2022-23. Relief rates vary by tax bracket, and there’s a three-year carry-forward rule.

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Checking your Simple Assessment tax bill

Checking your Simple Assessment tax bill

Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A Simple Assessment letter is usually issued to taxpayers with reasonable straight forward tax affairs. The Simple Assessment notice of liability

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Check your State Pension forecast

Check your State Pension forecast

The State Pension forecast provides an estimate of how much State Pension an individual can expect to receive when they reach State Pension age. The estimate is based on the applicant’s National Insurance current and future contribution record.

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Check your NIC record

Check your NIC record

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don’t have an account, you can apply online.

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Cost of living payments 2023-24

Cost of living payments 2023-24

The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year have been published.

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