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Subscribe to this list via RSS Blog posts tagged in Pension

All businesses have systems. They make the wheels of your business machine turn. Some systems are formal and many are informal. Systems that are informal can keep your wheels from turning smoothly when it comes to day-to-day operations, closing sales and ultimately selling or passing down your business when you are ready to retire. You can avoid major accidents and breakdowns by creating and maintaining formal, written systems that will grow and distinguish your business.

A System is a Series of Processes

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Posted by on in Taxation

The Government is keen to encourage individuals to save for their retirement and tax relief for contributions to pension schemes is given at the individual’s marginal rate of Income Tax subject to the annual and lifetime allowances. The income and gains which arise as part of a pension scheme are generally exempt from Income Tax and CGT.

The lifetime allowance is the maximum amount of pension and/or lump sum that benefits from tax relief. The charge was introduced as part of the pension tax reforms (known as A-day) in April 2006. The changes introduced an overall cap on the amount of tax relief available for pensions. The current maximum lifetime allowance is £1.5 million and this will reduce to £1.25 million from 2014-15. A transitional 'fixed protection' regime will be introduced for those who believe they may be affected by the reduction in the lifetime allowance.

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Tagged in: Individuals Pension Tax
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