Speculation and Rumours Ahead of October 2024 UK Budget

Published: 10/10/2024 By Claire Matthews

As 30th October 2024 approaches, it's that time of year again when the buzz around the Budget heats up, and speculation starts flying — especially when it comes to pensions. You may have heard the latest chatter about potential changes, but let’s break it down and keep things in perspective!

One hot topic making the rounds is the possibility of reductions to the tax-free cash you can withdraw from your pension. Some believe the limit could drop to £100,000 or even lower. Another area that’s getting attention is pension tax relief, with talks of a new flat rate of 30% being floated around. And let’s not forget about rumours of potential changes to inheritance tax that could impact how pensions are passed down to your loved ones.

While these discussions might sound alarming, it’s important to remember they are just that — discussions. Nothing is set in stone, and at this stage, it's all speculation. Every individual’s financial situation is unique, and it’s crucial to get tailored advice rather than reacting to rumours.

If you’re feeling uncertain or want to explore how these potential changes might affect you, we're here to help! Don’t hesitate to reach out and have a chat with us. We're ready to provide guidance that fits your specific needs, so you can stay ahead with confidence, no matter what the Budget has in store.

Email us at advice@turpinba.co.uk or call 020 8661 7878