In this section we aim to give you a basic understanding of the common taxes you might pay as well as explain the rates and allowances for this tax year.
It makes sense to understand and carefully consider how you draw your income in retirement. Using the annual tax allowances and reliefs available can have the effect of increasing your net income.
Pension funds are now far more accessible and you should consider how your capital is invested and how your retirement income needs are addressed. Retaining as much capital as possible in the tax efficient wrappers of a pension and ISA will make the most of your returns.
Below are the latest tax rates and allowances for the current tax year: