Pensions - Retail

The personal allowance will increase to £11,000 next year, while the higher-rate tax threshold will rise to £43,000, the Chancellor has said.

High earners have had the tax relief on their pension contributions cut in today's Summer Budget.

George Osborne has confirmed the inheritance tax (IHT) threshold will increase to £1m for couples, funded by a pension tax relief cut for people earning more than £150,000.

The Treasury will net an extra £700m in tax this year as a result of the pensions freedom and choice reforms, Hargreaves Lansdown has projected.

The Chancellor George Osborne is set to confirm an increase in the inheritance tax (IHT) threshold to £1m per couple in this week's Budget.

Chancellor George Osborne is set to take the unusual step of delivering two Budgets in the same year, after announcing plans to keep the promises the Conservatives made ahead of the general election.

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Parents would be able to pass a main property worth up to £1m to their children without paying any inheritance tax (IHT), under Tory plans in Treasury papers leaked ahead of Wednesday's budget.