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  • Tax

    Extending your Tax Rate Band

    From next year we are going to see a rise in the 20% Tax Band to around 50k a year

    This has to be good news for Landlords who are effected by S24

    But do you realise by using your Pension you can extend it further

    you can pay up to 40k a year into pension or 100% of your Salary or Self employed income

    and even if you don't have employment you can still put in £3600 a year

    so basically we now have 50k a year if your going to may 40% tax over this would it not be wise to pop some salary into your pension

    Its not a bad deal You put in 60p and the HMRC top it up by 40p and now you have £1

    for the older Landlord who is working its and looking forward to retirement its got to be worth thinking about

    The costs of setting up a SIPP or a SASS is low and your spreading risk

    in your investments

    DL

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Hi DL,

    I found out about company pensions around 4 years ago aged 39 and ever since I have been putting in around 30k into my pension each year from my company.   It works really well and allows me and my wife to take out money for retirement and also pay ourselves just below the 40% tax threshold. If it goes up to £50k then even better.

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    Pensions are very powerful

    with all the new changes it’s nice to have some good news

    o know I will be putting more in over the comming years

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Is there an upper age limit for starting a pension?


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    I believe short answer is no - so even allowing for pension fees there should be a net advantage if it shelters the lump sum from tax.

    A holistic overview of one's personal aims/finances would be sensible before committing.

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    I think the maximum age for contributions is 75. As below from the Hargeaves Lansdown website:

    If you’re a UK resident under the age of 75, you can add money to a pension and receive tax relief, even if you don’t work or pay tax. You can also save into a pension for your children or grandchildren.

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