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Prudent Pensioners 
Make sure that you have been paying the correct amount of tax over the past year. Mistakes do happen and can go unnoticed. If you are over 65, you should check you are receiving the correct personal allowance. HM Revenue & Customs (HMRCs) leaflet (IR121, Income Tax and Pensioners) explains the higher allowances.You can currently shelter £3,000 of your bank or building society savings in a mini cash ISA during this current tax year, or invest up to the full £7,000 allowance in an equities maxi ISA. Commencing on 6 April 2008, the mini cash ISA limit increases to £3,600. Pensioners with an ordinary savings account whose total income does not exceed the personal tax allowance should fill in form R85 to receive bank and building society interest without tax being deducted. Consider tax-free savings certificates from National Savings if you are a higher-rate taxpayer. If you require any further information about the services that we provide or would like to review your financial planning position, please contact us |