Higher rate taxpayers in the UK should explore tax-efficient investment options like ISAs, pensions, EIS, VCTs, and investment bonds to minimize tax liabilities and maximize wealth growth.
When relocating abroad, UK taxpayers should understand how their pensions may be impacted, including access, tax implications, and options for transferring their pensions.
Understanding and avoiding common pension mistakes can significantly enhance your retirement savings and financial security in the UK, especially during the 2024/25 tax year.
This guide outlines the key pension contribution limits and tax reliefs for the 2024/25 tax year, emphasizing the unchanged Annual Allowance of £60,000 and the abolition of the Lifetime Allowance.
The UK government has abolished the Lifetime Allowance for pensions starting in the 2024/25 tax year, allowing individuals to save more without tax penalties while also necessitating careful retirement planning.
