With financial advice for high earners, there are options available to reduce your taxable earnings to below the critical £150,000 threshold, meaning you continue to pay tax at 40% rather than 45%. Your pension contributions will still benefit from tax relief at your highest marginal rate.
Further changes were announced in the Summer Budget 2015 which will see those earning more than £150,000 per year have the amount they can invest in a pension each year reduced from £40,000 to £10,000.
Retirement planning is complicated, and has been made even more so by constant changes to the rules. We make it our business to stay up-to-date with the latest developments and help clients take full advantage of the available tax breaks.
We can give guidance on:
- Assessing your financial priorities and choosing suitable investments.
- Maximising pension contributions.
- Managing the move from saving to withdrawing from your pension.
- Minimising the inheritance tax liability after your death.