Use it or lose it: Making allowances for a tax efficient retirement

Allowances of £26,700 up for grabs this year

clock

Advice is essential when it comes to maximising tax efficient retirement income, writes Dave Downie. Here, he outlines what's on offer...

The key to unlocking a tax efficient retirement income lies in ensuring that tax allowances have been maximised. Paying less tax will means savings will last longer in retirement and potentially provide a greater legacy for loved ones. But without the right advice, it easy to overlook the tax effect of withdrawals and end up paying more tax for the same net income. With tax allowances, it's a case of use it or lose it   Allowances on offer There are allowances of £26,700 up for grabs this year. From next April, this will rise to over £33,000 with the addition of the new ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Budget 2025 predictions: Balancing economic reality and political ideology

Budget 2025 predictions: Balancing economic reality and political ideology

26 November speech will likely affect estate planning, investments and property

Stephen Kenny
clock 18 September 2025 • 4 min read
From A-Day to mayday: 20 years on and the government is still missing the point on pensions

From A-Day to mayday: 20 years on and the government is still missing the point on pensions

'Barring a political earthquake, IHT on pensions is here to stay'

Lee Halpin
clock 18 September 2025 • 3 min read
House of Lords to scrutinise govt's IHT on pensions overhaul

House of Lords to scrutinise govt's IHT on pensions overhaul

Inviting responses on how the reforms will work in practice

Isabel Baxter
clock 18 September 2025 • 4 min read