HSBC warns wealthy to review tax effect on pensions

Individuals with high levels of earned and unearned income need to plan ahead of a "tax onslaught" on the well-off, warns HSBC Private Bank. Patrick Power, associate director, Financial Planning in HSBC Private Bank (UK) Specialist Tax Group, says: "The proposed new rules add yet another layer of complication to pension funding and the need for advice has never been greater." The government has also introduced anti-forestalling measures to ensure compliance. "We believe higher income individuals should at the very least make use of the special annual allowance, much in the same way...