Mosaac Financial Blog

We understand that recent media speculation around the forthcoming budget and Labour's commitment to addressing the £22 billion shortfall may have caused some concern. As your financial advisers, we want to ensure that you're informed about any potential changes while emphasising that our advice must be based on the current rules and regulations. Providing guidance based on speculation could impact other areas of your financial plan. To provide more context, we’ve included a

HMRC has updated its estimates for the cost of pension tax relief. Rachel Reeves will have taken note ahead of her first Budget on 30 October. Source: HMRC It was pure coincidence, but two days after the Chancellor had revealed a £22 billion black hole in government finances for the current financial year, HMRC released its annual update of the cost of pension tax reliefs. The headline figure (for 2022/23) was £48.7bn, more than twice the size of that black hole. That huge

Autumn won’t leave much time for the new government to settle before important pension policy decisions need to be made. When MPs return to work after the summer recess, many areas of policy will require attention. Some are inheritances from the last government, while others are of the current government’s own creation. The pensions arena provides good examples of both: The lifetime allowance In March 2023, Jeremy Hunt, predecessor of Chancellor of the Exchequer Rachel Re