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How 2020-21 Tax And Pension Changes Will Hit Your Pocket

April 5, 2020
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How 2020-21 Tax And Pension Changes Will Hit Your Pocket
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April 6 marks a big day for UK taxpayers and state pensioners as the start of the new financial year that comes with several changes that will affect many people’s finances.

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Here are some of the personal finance changes to expect:

Pensioners who retired after April 6, 2015, are set for 3.9% rise from £168.62 to £175.20 a week as the triple-lock inflation guarantee kicks in.

The increase takes the flat-rate state pension to £9,114.40 a year.

The triple lock boosts the state pension by a minimum 2.5% or the percentage increase in average wages or inflation, whichever is highest.

Last September, when the rise is measures, wages had gone up by 3.9% over the previous 12 months.

Pension changes

The old state pension, for those retiring before April 6, 2015, also goes up – from £129.20 a week to £134.25.

How much savers can invest in their pension also changes.

The lifetime allowance – the maximum amount anyone can save across all their pensions – rises to £1.073 million.

The amount someone can earn before paying tax remains at £12,500, while the higher rate threshold stays at £37,500. This is the amount 40% tax kicks in and lets someone earn £50,000 without paying tax at the higher rate.

Pension taper relief also changes. This reduces the annual tax-relieved contribution amount from £40,000 to £10,000 for those earning more than £240,000 a year – up from £110,000 a year.

Tax and CGT for landlords

New rules dealing with mortgage interest relief for landlords comes into force in full from April 6 after several years of phasing in .

Landlords also see the scrapping of Capital Gains Tax lettings relief unless the landlord shares a home with a tenant.

The annual exempt amount, which is how much gain someone can make before paying CGT rises from £12,000 to £12,300.

Other changes include alterations to National Insurance Contributions for PAYE workers.

The IR35 off-payroll rules due to come in for private sector freelances and contractors have been postponed for at least a year.

Find out more about tax rates from HM Revenue & Customs

— to www.iexpats.com

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