The new Lifetime ISA launch date is 6 April 2017. It will be a no-brainer for first-time buyers as the government will add a 25% bonus on top of what you save – this means there will be £32,000 of free cash. For retirement savings it works the same way, but whether it beats a pension or not is a much trickier conversation. If you would like to assess the options available to you, please contact 1st Financial Foundations for further information on 01908 523 420 or email firstname.lastname@example.org
We are excited to be holding our Property, Pensions and Tax seminar this Friday 3rd February 2017 in Stanmore, London.
Tracking down a personal or workplace pension
In order to plan for your retirement, you need to figure out how much income you’ll get from all your pensions, including workplace or personal plans, as well as the State Pension.
Are you an individual or a Company affected by the change in tax on property?
The recent tax change can either hold a cloud or silver lining for you… how best to cope with these obstacles.
You could be feeling a double blow with the announcement that tax relief on buy-to-let mortgage interest payments would be slashed from April 2017 and that buy-to-let properties (and second homes) would incur an extra 3 per cent stamp duty. If you’re new to buy-to-let, you might not appreciate the grand scale of this is. Up to now, people buying to let have been able to claim tax relief on their mortgage interest payments at their marginal rate of tax. This means that a basic rate taxpayer would get 20 per cent tax relief, but those at a higher rate would receive 40 per cent relief, while top-rate taxpayers could claim 45 per cent.