Pension Planning

Have you thought about a gold pension or buying gold for retirement? Bullion House can help you learn more about the advantages of choosing the right gold retirement plan for you.

If you are a UK citizen, then you can benefit from up to 45% tax relief when investing in gold as part of your personal pension.
You can claim tax relief up to the maximum annual allowance, which is currently £40,000 and any gains can be Capital Gains Tax (CGT) exempt subject to rules and guidelines by the HMRC.

There are different approaches to buying physical gold with your pension:
• Buy gold through your existing SIPP or SSAS
• Transfer part of or the full value of your existing pension to a SIPP or SSAS
• Make contributions to a new SIPP or SSAS

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New Tax Year Changes 2023

Last year on Thursday, 17 November, Jeremy Hunt delivered his first Autumn Statement, which aimed to reassure the markets about the fiscal prudence of the Exchequer after the volatility caused by Kwasi Kwarteng’s mini-budget. Although the announcement caused Sterling to fall 0.6% against the US dollar and UK equity indices to trade lower, markets were still predicting a lower peak in central bank interest rates.

The Autumn Statement contained several key takeaways that will directly impact investors. One of these is the sequential reduction in the annual Capital Gains tax-free allowance, which is aimed at generating more tax receipts from the capital appreciation of investment assets above a certain threshold. This threshold will fall from £12,300 to £6,000 in April 2023, and then to £3,000 in the tax year 2024-25. This may encourage investors to diversify their portfolios and seek alternative methods of investment, such as bullion coins, which are CGT exempt and popular with investors worldwide.

The dividend allowance will also be reduced from £2,000 to £1,000 during the next financial year and will ultimately fall to £500 from April 2024. While there was speculation about a simplification of the tax system, such plans did not materialize, but future plans to bring dividend and income tax rates into line may further reduce the attractiveness of equity dividends.

Finally, from April 2023, the level at which people will have to pay the highest rate of tax (45%) will fall from £150,000 to £125,140, and an individual’s personal allowance will drop by £1 for every £2 of income above £100,000 from 6 April 2023. These changes may encourage investors to diversify away from income-bearing assets and towards non-income bearing assets such as gold, which may further improve the investment case for gold in view of recent market volatility.

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Invest in your future today....and enjoy your wealth tomorrow

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