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£4 billion bonus - Nice One George

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OneFootInTheGrave

OneFootInTheGrave Report 7 Aug 2014 08:12

If you have a pension pot, it will not only be you who can take take cash from it, the Chancellor George Osborne will take his share. So, if you are considering taking cash from your pension pot - check out the tax implications before you do!

Nice one George, I suppose he needs to grab money from wherever he can to help deal with his failure to meet his deficit reduction plans - I am sure this windfall never crossed the Chancellor's mind when he decided to allow people access to their pension pots ;-)

More than 650,000 savers are preparing to take advantage of George Osborne’s flagship pension reforms over the next five years, providing the Government with a £4 billion tax windfall, the first official analysis of the scheme has revealed.

The figures suggested savers will take out around £26 billion from their pension pots in five years, equivalent to just under £40,000 each. This will boost Treasury coffers by £3.8 billion between 2015 and 2020 as pensioners are hit by higher levels of tax, according to the figures.

http://www.telegraph.co.uk/finance/personalfinance/pensions/11017795/4bn-tax-bonanza-as-650000-cash-in-pensions.html

Researching:
I am researching the Wotherspoon family from the Old/New Monkland areas of Scotland, some moved to the Leslie and Kelty areas of Fife and I'm having problems linking the Wotherspoon's from Leslie and the Wotherspoon's from Kelty. I am also researching the Clusker family from Co. Meath in Ireland who moved to West Lothian and from there to Fife............"Vita non est vivere sed valere vita est"