Back From My Holiday!

We did manage a little culture too, for those who haven’t been I can highly recommend Park Guell to see some of Guidis house alongside some of his finest work and some of the best views of the city.

My plan was to get something done before heading off but things have been rather busy at Murphy Wealth HQ so I think we can put that down as a #fail.

It always takes a few days to get your head back into work on return from a holiday so I was rather glad when an article landed on my desk giving me my topic for this week.

George Osborne has provided much content for the blog over the last couple of years, and it would appear he is going to keep on giving.

As you may know there is going to be an “emergency” budget following the Conservative victory in the election.

There is lots of speculation about what this might contain, for our point of view there is one area of particular interest, pensions (again).

It seems likely that there is going to be some kind of restriction on pension ta relief for those earning £150,000 or more, i.e. the 45% tax bracket.

There are 2 schools of thought on this, either there will be a flat rate of relief introduced say 20-30% or the other options, which seems unnecessarily complicated which is reducing your annual allowance by £1 for every £2 you earn over £150,000????

As you can imagine this could lead to some rather interesting calculations over income and tax relief.

I realise this doesn’t apply to everyone but it does suggest that if you would like to maximise your pension input, now would be the time to do it.

The other is that the general direction of travel is restrict pension input for higher earners bringing some of the other tax and investment options we have discussed in the blog into sharper focus.

As always I am happy to discuss any of the issues above via any of our contact methods or in person.

We are still keen to get you feedback on our request for your input into how we shape delivery of financial services in future.