Autumn Budget 2024 – Full Summary
Chancellor Rachel Reeves delivered her Budget on 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’.
Deadline extended for voluntary NIC payments
HMRC has given taxpayers an extra two years to plug any gaps in their NIC record from April 2006.
Pensions update – changes to income tax for beneficiaries
Discover the impact of Spring Budget 2023 on Pension Taxation: Say Goodbye to the Lifetime Allowance (LTA) and Inheritance Tax Benefits. Learn how recent changes affect your pension withdrawals and inheritance plans.
Student loans, property and pensions
Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLR are not due on other ‘unearned income’ such as rent or pensions.
What state pension will you receive?
The amount of your state pension is largely determined by how many years of NIC you have completed during your working life.
Getting ready to retire
The changes to the pension rules announced in the Spring Budget were designed to dissuade higher earners from retiring early to avoid pension charges on high contributions but the new rules could have the opposite effect.