Labour's autumn budget will contain pension tax hikes that will impact those who are saving for retirement. What might these pension tax hikes be and what actions can you take to avoid them?
Labour are unwilling to change taxes that impact "working people" which includes income tax, national insurance and VAT. Likely tax changes include:-
- the amount of tax free cash you can take from a pension
- pension tax relief
- taxes on inherited pensions
- limiting ISA savings
The best approach to dealing with this is to have a financial plan in place which can optimise your wealth and your taxes both now and in retirement go to -
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Chapters
00:00 Plugging a £22bn fiscal black hole
01:39 The future of pension tax free cash
03:05 Move money from a SIPP to an ISA
03:23 Inheritance tax on pensions
03:59 Additional taxes on pensioners
04:51 Tax relief on pension contributions
06:19 ISA reform
07:07 Actions you can take
