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Budget 2012 - Pensions Review

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Now we've had some time to digest Chancellor George Osborne's Budget and the hot topic of conversation is 'how will this affect people and their pensions?'

Whilst the majority of the discussion is around state pensions, there are implications for some pensioners with the freezing of the age related personal tax allowances aka "Granny Tax". Therefore those taking pension will face an increased tax bill. According to HMRC, by 2013/14 4.41 million people could be worse off, with an average off of £83 per person, per year.

The good news for people with properties invested in SIPPS is that the 7% stamp duty applies only to residential properties.

 

Click here to view the full budget report.

 

Click here to view our Technical review of the Budget.

 

 

 

 

 

 

 

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Pointon York SIPP Solutions is a division of Curtis Banks Limited authorised and regulated by the Financial Conduct Authority.