The income tax picture was improved slightly by the Budget. It almost goes without saying now that any Budget or Autumn Statement will include an announcement about an increase in the personal allowance. The 2015 Budget was no exception: Mr Osborne announced (and the Finance Act 2015 legislates for) a £200 increase in the personal […]

The Budget confirmed that the government is exploring ways to create a market in pension annuities. One of the criticisms of the wide-ranging reforms to pensions that take effect on 6 April 2015 is that they only apply to those who have not yet started to draw benefits. As was well-leaked in the run up […]

A new personal savings allowance will come into existence in April 2016. “Today I introduce a new Personal Savings Allowance that will take 95% of taxpayers out of savings tax altogether”. So said the Chancellor in his Budget speech. While not inaccurate, there was much behind the announcement which went unmentioned. What the Budget paperwork […]

A Help to Buy ISA will be launched in the autumn, aimed at helping first time buyers get onto the housing ladder. One of the rabbits which did not escape from Mr Osborne’s hat before the Budget was the announcement of a new Help to Buy ISA for first time buyers. The main features of […]

The lifetime allowance is to be cut again. The lifetime allowance (LTA) is a key component of the pension tax rules. It effectively sets the normal maximum value of retirement/death benefits, beyond which a tax charge of up to 55% may apply. When the current ‘simplified’ (sic) pension tax rules started life in April 2006, […]