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Triple lock debate: Chancellor caught between devil and deep blue sea
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Will the gender pension gap ever disappear?
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As UK Treasury eyes extra £250m a year from the move
Chancellor Rishi Sunak is rumoured to be introducing a ‘stealth tax’ targeting wealthy pensioners.
According to British newspaper
The Times, Sunak will announce in next week’s budget that the pension lifetime allowance (LTA) will be frozen for the remainder of the government’s mandate, set to finish in December 2024.
The allowance sets out the limit pension pots can reach before incurring tax charges.
This would see it go up by £5,800 in April 2021.
But if Sunak’s rumoured proposals come to pass, thousands of people could unwittingly fall into the taxman’s net and face a 25% charge on any sum exceeding the threshold.
Huge pressure has been placed on millions of Briton s financial wellbeing by the coronavirus crisis and ensuing lockdowns.
Figures this week from the ONS revealed unemployment climbing to 5 per cent while recent GDP figures highlighted the increased likelihood of a double-dip recession for the UK.
Away from the facts and figures, this means more households will be struggling to make ends meet and with a third national lockdown depressing business and sentiment some will be worried for their jobs.
So what can you do to prepare your finances for tough times ahead? We take a look.
The latest growth figures, looking at November 2020, showed the economy fell by 2.5 per cent