{"id":5694,"date":"2014-08-07T20:20:30","date_gmt":"2014-08-07T13:20:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/tax-trap-fears-grow-after-osborne-pensions-shakeup\/"},"modified":"2016-02-24T13:53:54","modified_gmt":"2016-02-24T06:53:54","slug":"tax-trap-fears-grow-after-osborne-pensions-shakeup","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tax-trap-fears-grow-after-osborne-pensions-shakeup\/","title":{"rendered":"Tax trap fears grow after Osborne pensions shakeup"},"content":{"rendered":"


\nData shows pensioners may pay \u00a33.6bn more in tax after raiding pension pots as critics warn of ‘one-man mis-selling scandal’Pensioners stand to lose \u00a33.6bn in additional tax payments from next April as concerns grow that the freedom from annuities unveiled by George Osborne as the centrepiece of the 2014 budget will create a new “mis-selling scandal”.In the budget, Osborne said he would “remove all remaining tax restrictions” and give pensioners “complete freedom to draw down as much or as little of their pension pot as they want, anytime they want”. But detailed figures released after the budget revealed that the new freedoms would be a tax trap for many pensioners, boosting Treasury coffers by an extra \u00a3320m in 2014-15, rising to \u00a31.2bn by 2018-19. Further estimates published this week suggest that the additional tax take will shrink slightly to \u00a3810m in 2019-20. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Tax trap fears grow after Osborne pensions shakeup<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Data shows pensioners may pay \u00a33.6bn more in tax after raiding pension pots as critics...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-5694","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1tQ","jetpack-related-posts":[{"id":6772,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/who-benefits-from-abolition-of-55-tax-on-pensions\/","url_meta":{"origin":5694,"position":0},"title":"Who benefits from abolition of 55% tax on pensions?","date":"September 29, 2014","format":false,"excerpt":"\r Patrick Collinson analyses the detail behind George Osborne\u2019s plan to cull tax that hits pensioners who want to pass on savingsThe chancellor, George Osborne, is to tell the Conservative party conference on Monday that a punitive tax that affects pensioners who want to pass on their savings will be\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30605,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/treasury-carries-out-major-u-turn-on-pension-annuities\/","url_meta":{"origin":5694,"position":1},"title":"Treasury carries out major U-turn on pension annuities","date":"October 19, 2016","format":false,"excerpt":"\r Former chancellor George Osborne\u2019s plan to allow pensioners to sell existing annuities too risky, suggests ministerPlans to allow millions of people to raise money by selling their pension annuities have been scrapped by the government, amid warnings that it could have turned into \u201cthe next big mis-selling timebomb\u201d.In a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22119,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-big-thank-you-to-george-osborne-from-the-pensioners-of-britain\/","url_meta":{"origin":5694,"position":2},"title":"A big thank you to George Osborne \u2013 from the pensioners of Britain","date":"August 6, 2016","format":false,"excerpt":"\r Annuities were compulsory until the then chancellor freed pensioners to do what they liked with their money. Today, the income from them is pitifulIt\u2019s not a line you\u2019re likely to see often in the Guardian, but thank you George Osborne for the towering achievement of your reign as chancellor:\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pensioners-to-lose-up-to-100-in-winter-fuel-payments\/","url_meta":{"origin":5694,"position":3},"title":"Pensioners to lose up to \u00a3100 in winter fuel payments","date":"March 24, 2011","format":false,"excerpt":"\r George Osborne's budget fails to mention that the winter fuel top-up introduced by Labour will not be renewedOlder people will receive up to \u00a3100 less from the government in payments to help with their winter energy bills \u2013 a cut George Osborne failed to mention in his budget speech,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11068,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ministers-to-discuss-fate-of-pensioners-trapped-with-annuities\/","url_meta":{"origin":5694,"position":4},"title":"Ministers to discuss fate of pensioners trapped with annuities","date":"March 12, 2015","format":false,"excerpt":"\r Hope for millions of retirees who will not benefit from pension \u2018freedom day\u2019, according to new report Pensioners who are locked into an annuity to provide them with retirement income may be allowed to sell the policy under measures reportedly being discussed by ministers on Friday.The 2014 budget announced\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5374,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/4bn-raid-on-pension-savings-likely-says-former-osborne-adviser\/","url_meta":{"origin":5694,"position":5},"title":"\u00a34bn raid on pension savings likely, says former Osborne adviser","date":"February 22, 2016","format":false,"excerpt":"\r Steve Webb says tax-free lump sum \u2018could be on the brink of extinction without anyone noticing\u2019A former adviser to George Osborne has said the chancellor is likely to mount a \u00a34bn raid on pension savings by scrapping tax-free allowances on lump sums in a bid to save more cash\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/5694"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=5694"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/5694\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=5694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=5694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=5694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}