Osborne Reduces Pension Allowances

Chancellor George Osborne released his Autumn Statement last month. The most significant item in the Finance Bill will be the change in allowances for pensions.

From 2014/15 the annual pension allowance will be reduced to £50,000 to £40,000, this allowance was previously £100,000. The standard lifetime allowance will reduce from £1.5m to £1.25m.

Another measure is the annual levy on properties worth more than the £2m and owned by non-domiciled individuals. Osborne continues to get tough on stamp duty and has introduced annual charges of up to £140,000 and capital gains tax for luxury homes owned by companies.