Paphos Life

We watched the almost 60 minute presentation this afternoon on TV but heard nothing about Pensions....

Anyway, I just came across this info:
The state pension will rise by 2.5% in the 2021-22 tax year, equating to a boost of £228.80.

Meanwhile the Chancellor, Rishi Sunak, announced in today’s Budget that the pensions lifetime allowance (LTA) – the total amount you can save into private pensions without incurring a hefty tax charge – will be frozen at £1,073,100 until April 2026.

He left the core pension tax relief system unchanged, despite considerable speculation that the government would make it less generous.

More details through the link: https://www.which.co.uk/news/2021/03/bu ... se-by-2-5/

This was also in the Budget, interesting.

https://www.bbc.co.uk/news/uk-politics-56265898

Ah yes, this was posted on a FB group I'm a member of but many of the group are taking it with a pinch of salt saying it's not the first time it has been intimated.

Funny how it's being buzzed now though

Not looking so good in the coming years for the middle classes and self employed with tax hikes on the way to pay for Covid.

Fair play to the chancellor; for being honest enough to forewarn everyone

Or the freeze on the personal taxable income allowance for 5 years so anyone in lower income levels are effectively getting a salary cut.
Prices are increasing, council taxes, utility bills etc - all going up but accessible income won't grow accordingly in line with the cost of living.