Tax Advantages

In addition to the traditional benefits of holding gold, there are a range of tax advantages of saving into a pension.

Claim tax relief on your contributions
Saving into a pension is a highly tax efficient way of building a nest egg for your retirement. When you make a contribution into your pension you receive tax relief from HMRC. The amount of tax relief you receive is dependent on the level of income tax you pay.

If you are a basic rate taxpayer (20%) and you want to increase your pension fund by £10,000, all you need to do is contribute £8,000 to your pension and the SIPP / SSAS provider will reclaim £2,000 direct from HMRC. This uplift is known as relief as source.

Higher rate (40%) and additional rate (45%) taxpayers will also receive 20% tax relief at source with higher rate taxpayers able to reclaim a further 20% via self-assessment and additional rate taxpayers 25%.

For a higher rate taxpayer a £10,000 pension contribution could effectively cost as little as £6,000 and for an additional rate taxpayer £5,500.

Tax-efficient growth
You gold will grow free from capital gains tax, boosting the value of your pension over time.

Tax Free Cash
When you reach the qualifying age you can usually take 25% of your pension as a tax free lump sum.

For help and advice call us on:

0121 369 3000

8am to 10pm - 7 days a week

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