Home Page
About Us
Services we provide
Latest News
Frequently Asked Questions
Links
Contact Us
Valentine Smith Ltd
7 South Charlotte Street 
Edinburgh 
EH2 4AN 
Tel: 0131 220 2289 
Fax: 0131 220 7712
info@valentinesmith.com
Latest News

Changes to ISA regulations and pension tax relief

On 6 April 2008 some important regulatory changes take effect. The key changes are summarised below:

Changes to ISA and PEP regulations

  • All existing PEPs become ISAs.
  • ISA allowances increase to £7,200 from £7,000.
  • For the first time cash ISAs can be transferred into stocks and shares.

Maxi and Mini ISAs will not exist - there will simply be cash & stocks and shares ISAs.

Changes to pension tax relief - Personal Pensions
The basic rate of tax changes from 22% to 20% on 6 April 2008. This will affect your personal pension because the tax relief which the Government adds to your pension contribution will also be reduced.

Changes to pension tax relief - Corporate Pensions
The change in basic rate tax will impact on the following policies: Group Personal Pension, Group Stakeholder and Company Pensionbuilder. Employers with these policies should increase their employees' net contributions from 78% to 80% to ensure the same gross amount is paid to employee policies after 6 April 2008.

 
Copyright © 2004 - 2008 Valentine Smith
Website Design by SystemWise