Tips to stay on top of financial planning next year
By Kirsten Hastings, 22 Dec 15
This year has brought about a significant number of changes that impacted the personal finance landscape. There have already been a number of announcements which will affect people’s financial plans, says Andy Cumming, head of advice at Close Brothers Asset Management, who outlines four key things to watch out for in 2016.
Make the most of pension tax relief:
It was expected that George Osborne would clarify proposed further changes to tax relief on pension contributions in the Autumn Statement. Speculation included plans to tax pensions like ISAs, the abolition of upfront tax relief on pensions and curbing of tax breaks for savers on higher incomes.
While no changes came to pass in the Autumn Statement, we may well see reform announced in 2016. Savers – particularly higher and additional rate taxpayers – should not take the current status quo for granted.
While there shouldn’t be any mad rush, and careful consideration is still needed, maximising contributions before further changes come into play is advisable.
Tags: Close Brothers | Lifetime Allowance
