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BUDGET 2009 NEWS: Personal allowance restrictions changed

The Government has announced that the income tax personal allowance will be restricted for people with incomes over £100,000 faster than previously proposed.

The personal allowance will be reduced at a rate of £1 for every £2 over £100,000 until completely withdrawn.

This replaces the two-stage withdrawal announced at the 2008 pre-Budget report.

Standard Life head of pensions policy John Lawson says: “This will be an opportunity to gain tax relief rates of up to 61 per cent by sacrificing salary and protecting the personal allowance. However it now means anyone earning more than about £113,500 will now lose their whole personal allowance. Under previous plans you wouldn’t have lost your whole allowance until you earned £146,500.”


Societies in black books

Moody’s has downgraded most of the UK’s top building societies en masse as confidence in mutuals’ loan books and investments continues to slide.

Joint venture launches European insurance fund

Quantum Group in Liechtenstein and Nucleus Euro-Advisers in Luxembourg will launch a fund investing in Europe’s insurance sector. They have created a joint venture management company, called Nucleus Gestion Sarl, to oversee the fund. It will be headed by Peter Goebel. The Nucleus Assurance Fund 1 – which will be available to British investors – […]

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Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


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