PUBLICATION DATE: JUNE 2024
PAGES: 269
EDITION: 16th
ISBN: 9781911020943
READ CONTENTS & FIRST SECTION

Pension Magic

How to Make the Taxman Pay for Your Retirement

By Nick Braun PhD

Pensions are arguably the best tax saving device for both salary earners and business owners... with full Government backing!

Pension Magic shows you how to secure thousands of pounds of extra tax relief on your pension contributions and pay less income tax when you withdraw money from your pension.

The 16th edition was published in June 2024 and contains full details of the new Lump Sum Allowance and Lump Sum and Death Benefit Allowance.

The book is written in plain English with dozens of real-life examples and is essential reading for:

• All self-employed individuals and landlords
• All company owners
• Salary earners (except those with final salary pensions)
• Accountants and financial advisers

What Information is Contained in the Guide?

Subjects covered include:

• Important pension changes announced in the March 2024 Budget.
• The new Lump Sum Allowance (which limits the amount of tax-free cash you can take) and the new Lump Sum and Death Benefit Allowance (which limits the tax-free lump sums your beneficiaries can take).
• Potential future pension tax changes.
• A plain-English guide to the pension rules:
• How much you can put in
• How and when you can take money out
• How to maximise your tax savings at every stage
• Why higher-rate taxpayers will typically end up 41.67% better off by saving in a pension instead of an ISA.
• How couples can increase their retirement income by over 30% by correctly choosing who makes pension contributions.
• How pension contributions can help you pay less capital gains tax when you sell assets like property.
• How higher income earners can enjoy between 50% and 60% tax relief on their pension contributions
• Recent changes to the child benefit charge and why those earning £60,000 to £80,000 should now consider making bigger pension contributions.
• How to enjoy income tax relief and national insurance relief with a salary sacrifice pension.
• Why pensions are now one of the best inheritance tax shelters around.
• How beneficiary drawdown plans can now be used to pass unlimited pension wealth to your family, potentially free from both income tax and inheritance tax.
• Pension strategies for business owners, including:
• Why company pension contributions are now, more than ever, an attractive alternative to dividends.
• How company owners could end up paying just 15% tax on their pension income, compared with 51% tax on their dividends.
• Why company pension contributions are even more attractive following the increase in corporation tax.
• How to use your pension savings to buy property for your business.
• How your business can borrow money from your pension.
• How to avoid the pension recycling rules - rules that prevent you enjoying two rounds of tax relief.

Click here to read the full contents listing and first section of the book

About the Author

Dr Nick Braun founded Taxcafe in 1999. Over the past 25 years the company has become one of the UK's best-known tax publishers and has won several prestigious business awards. Nick has been a specialist tax writer since 1989, first in South Africa where he edited the monthly Tax Breaks publication and since 1999 in the UK, where he has authored several tax books. Nick also has a PhD in economics from the University of Glasgow where he was awarded the prestigious William Glen scholarship and later became a Research Fellow.

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