NFU Mutual savings and tax reminders

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NFU Mutual savings and tax reminders

Mon 21st Jan 2008

As the end of the tax year approaches, NFU Mutual is reminding customers about some changes they should be aware of.

One amendment that NFU Mutual is drawing people's attention to involves a reduction in the basic rate of tax, which means that pension contributions for the following year will have basic rate tax relief at 20 per cent, rather than 22 per cent.

Additionally, capital gains tax and the probable elimination of taper relief are set to affect many people, including property investors, according to NFU Mutual.

Shelagh Hamer, tax specialist at NFU Mutual, explained that these and the other changes ahead may provoke people to seek advice from a financial consultant.

"Due to the proposed and impending changes, this year the reasons for thorough tax planning are even more compelling," he added.

Recently, NFU Mutual said that it would refund as much as ten per cent of renewing customers' premiums through a reward scheme for loyal members.

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