Pension Transfer Gold Standard

Autumn Statement 2016

Please click here to see our summary of the key announcements in the 2016 Autumn Statement.  We hope you will find it useful and interesting.

Philip Hammond’s first Autumn Statement was also his last. After two Budgets in 2017, from 2018 onwards we will have a Spring Statement and an Autumn Budget. In his 2017 Autumn Statement finale, the Chancellor made a number of tax-related announcements:

  • The tax and NIC advantages of most salary sacrifice schemes will be removed from April 2017, but there will be some exemptions, such as pension contributions.
  • The government renewed its commitment to reduce the rate of corporation tax to 17% by 2020. It will also limit the tax deductions that large groups can claim for UK interest expenses from April 2017.
  • The pensions money purchase annual allowance (MPAA) will be reduced from £10,000 to £4,000 from April 2017. This limit applies to people who have accessed their pensions flexibly and currently may therefore be getting tax relief on up to £10,000 of recycled pensions income.
  • From June 2017 insurance premium tax will increase yet again, to 12%.
  • There was the usual raft of anti-avoidance measures, including a new legal requirement to correct a past failure to pay UK tax on offshore assets.

There were many other important announcements which we cover in the summary. If you think you may be affected by anything included in the Autumn Statement, please don’t hesitate to get in touch.

The information regarding taxation is based on our understanding of law, HM Revenue & Customs practice and current legislation, which may be altered and depends on the individual financial circumstances of the investor. The value of investments may fall as well as rise.

Testimonials

After I sold my business I decided to take a serious look at my Pension Fund that I’d built up over many years and to appoint new financial advisors. Upon the recommendation of David Grunberg of Grunberg & Co, I approached Michael Gould and Highwood. It was important to me to be working with someone that I liked and felt I could get on well with, and Michael ticked those boxes. He appeared to be a man of honesty and integrity and he explained things in an easy to understand and relaxed fashion, and without any complicated technical financial jargon. He still does. I was looking for someone to take over my hard earned pension fund, look after it and invest it well, in order that it would in turn look after me going forward. I also wanted to sleep well at night, knowing it was in safe hands. So, 5 years on and I still sleep well at night, very well in fact. Michael and his team have looked after me extremely well, I’m now drawing down on my pension fund and am pleased to say that, even in this unsettled market, my fund is growing by at least, if not more than I’m taking out, and my capital is still intact.

Peter Nye

I’ve worked with Highwood since we started our company over 12 years ago. Highwood now not only works with my business partner and me, but also a large number of the 80 people that work here at Grand Union. In addition to always getting strong financial advice from the Highwood team, I rely on Michael Gould for crucial guidance and support in relation to my family and professional finances. His expertise, understanding and, above all, candour has proved invaluable throughout this time.

Matt Nicholls
Chief Executive, Grand Union Limited