If I make maximum contributions this year, I will have used up all backlog of unused relief, meaning I'm restricted to 50K next year.
Cut to 30K would affect me if I'm still working, but there is yet another round of out-sourcing going on where I contract, and I'm hoping they'll put me out of my misery by letting me go. (I don't look for work, I only work if/when former client asks, I've never worked out how to say no.)
Wife also contributes about 50K a year, keeping her salary at threshold of higher rate tax, so she'd be affected.
If the limit does change, child benefit would disappear, as we'd no longer be keeping both salaries below threshold.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Chancellor Has Pensions in his Sights
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Chancellor Has Pensions in his Sights"
Collapse
-
Originally posted by zeitghostA compost heap would do better than a private pension.
My fund management strategy is rolled up aces over kings, check raising stupid tourists and taking huge pots off 'em, playing all night no limit Hold 'Em at the Taj...............
Leave a comment:
-
Thing is though why should Civil Serpents be allowed such good pensions it makes no sense whatsoever and it isn't sustainable
Leave a comment:
-
Originally posted by The Spartan View PostWith the Civil Service Pension now being Career Average instead of final salary does it make much difference to the end amount?
When I was a Civil Serpent it was your final salary x years worked/60, a bit mental really but I'm just interestedhow much of a difference it would make?
I stand to get enough out of it to buy cigarettes and maybe an ice cream or two. Still better than my private pension though
Leave a comment:
-
With the Civil Service Pension now being Career Average instead of final salary does it make much difference to the end amount?
When I was a Civil Serpent it was your final salary x years worked/60, a bit mental really but I'm just interestedhow much of a difference it would make?
Leave a comment:
-
Pensions (relief) have been in chancellors sights for years - just they have rarely pulled the trigger.
But this year round, there appears to be few other targets showing up on the scope, that he really doesn't have much of a choice.
£30 is still a fair wedge to get relief upon. I am pretty sure that this will cover all contributions
And it should include appreciation of final salary schemes, which means a few mid level civil servants will get a shock when they net pay drops by a couple of K. I think that's what will stop it from going any lower than £30K, because it will then start to affect the rank and file public sector.
Leave a comment:
-
Originally posted by Malcolm Buggeridge View PostWas reading an article in the Money section of de Sunday Times on how Osborne may be cracking down on pensions in his autumn statement.
The author speculates that the maximum allowance could be cut to £30000.
What the article doesn't say is whether this is with respect to personal pensions or company pensions. If the latter, I expect this will affect the tax planning of quite a few people operating within IR35 .
Personally, I've never paid that much in, but I do use company wension contributions as a way of keeping the taxman's sweaty palms off my filthy lucre when caught by IR35
Leave a comment:
-
Chancellor Has Pensions in his Sights
Was reading an article in the Money section of de Sunday Times on how Osborne may be cracking down on pensions in his autumn statement.
The author speculates that the maximum allowance could be cut to £30000.
What the article doesn't say is whether this is with respect to personal pensions or company pensions. If the latter, I expect this will affect the tax planning of quite a few people operating within IR35 .
Personally, I've never paid that much in, but I do use company wension contributions as a way of keeping the taxman's sweaty palms off my filthy lucre when caught by IR35Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: