Bank of England increases interest rates to 0.25%
The Bank of England has increased interest rates from 0.1% to 0.25%. This is the first UK interest rate increase since rates were cut to 0.1% in March 2020.
This rise in interest rates is manly an attempt to control …
Bank of England holds rates at 0.1%
The Bank of England has kept UK interest rates at 0.1%, but indicated future interest rate rises were likely. Interest rates have been at this level since March 2020.
The Bank of England’s Monetary Policy Committee (MPC), who set interest …
How does the 2021 budget affect the tapered annual allowance?
The tapered annual allowance was introduced in April 2016 and reduces the annual allowance available to high earners.
The minimum amount which the annual allowance can be reduced to will remain unchanged at £4,000 for tax year 2022/23.
Farrell Financial …
How does the 2021 autumn budget affect the annual allowance?
The annual allowance will remain unchanged at £40,000 for tax year 2022/23.
The annual allowance is the maximum pension contribution that will receive tax relief in the tax year. For higher earners this may be reduced by something called the …
How does the 2021 budget affect the lifetime allowance?
The lifetime allowance (LTA) will remain unchanged at £1,073,100.
The chancellor has indicated that he plans to keep the lifetime allowance at this level until April 2026.
The lifetime allowance is the overall amount of pension savings that you can …