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

Protracted probate delays: Helping clients manage expectations

Protracted probate delays: Helping clients manage expectations

Toil and trouble in the Probate Registry

Adam Matthews
clock 10 June 2024 • 4 min read
2024/25 kicks off with £0.7m in IHT receipts; Up £85m on last year

2024/25 kicks off with £0.7m in IHT receipts; Up £85m on last year

HM Revenue and Customs’ monthly tax bulletin was released this morning

Hope Coumbe
clock 22 May 2024 • 1 min read
Spring Budget decisions motivating client push for more tax efficiency

Spring Budget decisions motivating client push for more tax efficiency

‘Frozen thresholds are impacting on bonds positively’

Hope Coumbe
clock 16 May 2024 • 1 min read