Abbotswood

Abbotswood Abbotswood Taxation & Accountancy Services Limited

13/06/2025

I hope you enjoyed working for the government for the last 162 days. Due to fiscal drag the average tax payer works 162 days before they can call their income their own ! This figure excludes all the additional taxes on purchases and duties which means that the government "take" on personal income is now at its highest. On top of this we are expecting a further tax grab in the autumn ! Happy days !

17/11/2024

The Chancellor announced that, from April 2027, any unused pension funds and death benefits payable from a pension will be brought into the inheritance tax net. It is not entirely clear how this will work in practice, and a consultation is taking place at present, running until 22 January 2025. It is important to remember that Defined Benefit Scheme death benefits could be pulled into the changes.

31/10/2024

Pensions and IHT - the government confirmed that pensions and death benefits passed on will be subject to IHT from 2027, with both DB and DC schemes impacted.

31/10/2024

BUDGET - Still reeling from the numbers. The word Billion trips off the tongue so easily these days - and when you've got 40 of them it's boggling ! Looking at the plus side NHS pensions have remained largely untouched. The only potential problem being that with all this extra work, what will happen with Annual Allowance ? There has to be a reform of the Tapered Annual Allowance or the extra 40,000 extra appointments won't be met by extra weekend, evening work or additional overtime.

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Trevear House, Old County Court
Penzance
TR184GH

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Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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