8th July 2015 at 3:47pm
Summer budget 2015
The savings revolution continued today with George Osborne’s Summer Budget 2015. The key points for savers to consider focused on inheritance tax, pensions and income tax. The infographic below helps explain these 3 key areas.
Inheritance tax will change from 2017 – the tax-free allowance will gradually go up to £1m for some couples.
The tax-free personal allowance is going up to £11,000 and fewer of us will pay tax at 40%.
From 2016, if you earn more than £150k, the taxman won’t pay as much into your pension but your pension could potentially grow tax-free.
For more on Summer Budget 2015
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