Pension planning: making the most of tax allowances

George Osborne’s Budget confirmed different tax bands for this year and even gave some detail about next year. Knowing these changes and how they affect your clients continues to be vital for their annual financial planning, so here’s a run-down of some of the most useful changes and areas to be considered. £9,440 Personal allowance The standard personal allowance has increased. While this should mean more tax-free income in retirement it should also be remembered that we have individual taxation in the UK. Making a pension contribution for your spouse or civil partner could be ...