Accountancy

Pensions Guidelines 2016-17

As one of the leading firm we FinSol Tax Advisors offer Accountants in Finchly and offer correct advice in all tax and accounting matters including business tax, personal Tax, individual taxes, self Assessment tax returns.

This information is based on our understanding of the Chancellor’s 16th March 2016 Budget proposals.

It must be remembered that the Chancellor’s proposals could change during the passage of the Finance Bill. Every care has been taken to ensure that this information is correct and in accordance with our understanding of the law and HM Revenue & Customs practice, which may change.

However, independent confirmation should be obtained before acting or refraining from acting in reliance upon the information given.

TAX CHARGES ON PAYMENTS FROM REGISTERED PENSION SCHEMES:

Charges Rates 2016/17
Lifetime allowance charge 55% – if the amount over the lifetime allowance is paid as a lump sum
25% – if the amount over the lifetime allowance is taken as income
Annual allowance charge Up to 45%
Unauthorised payments charge 40%
Unauthorised payments surcharge 15%
Short service refund lump sum charge 20% on first £20,000, 50% on any amount over £20,000
Special lump sum death benefits charge No tax charge where member dies prior to age 75
Beneficiary’s marginal rate where death occurs after age 75
Scheme sanction charge 15% – 40%

Our regular contact with you ensures that we understand your business and support you throughout the year. To find out more about our services you can contact us anytime!

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