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Budget 2015: Key points to note

In his 2015 Budget speech, Chancellor George Osborne said the Government was conducting a “savings revolution” and I’m happy to see that, from what’s been announced, the proposed reforms look to do just that. 

Following up on the dramatic changes in last year’s Budget, with the introduction of the £15,000 ISA allowance and the pension freedoms taking effect from April, this is another step in the right direction for savers.

As a valued client, I want to make you aware of the opportunities that will soon be available to you, so that we can look to incorporate these into your future financial plans.

Highlights of the budget include:

Pensions

  • From 2016, pensioners who have bought an annuity will be able to cash it in and take advantage of the same pension freedoms launching in April.
     
  • The current pension annual allowance remains at £40,000.
  • Also from 2016, the pension lifetime allowance will be reduced from £1.25m to £1m, but the Chancellor has announced that indexation will apply to this allowance.

ISAs and personal savings

  • From this autumn, ISAs will become much more flexible. The Chancellor has changed the rules on ISA withdrawals, so that money can be withdrawn and replaced without affecting the overall annual ISA allowance.
     
  • The annual ISA allowance will increase to £15,240 in 2015/16.
     
  • A new ‘Help to Buy ISA’ will be available from this autumn. First time buyers who are building their deposit will get a 25% top-up in the form of tax relief from the Government.  Savers can make an initial deposit of up to £1,000, followed by monthly deposits of £200.  For every £200 saved, the Government will add £50, up to a maximum of £3,000. This initiative will be open for four years.
     
  • From April 2016, a new Personal Savings Allowance will be introduced that means basic rate taxpayers will pay no tax on the first £1,000 of interest they make from savings each year.

Along with being able to save more into the new ISAs, you’ll also have more control over how you access your pension savings. These are key to helping you achieve your financial goals.

For more information on how you can benefit from the new reforms, or to set up a meeting to discuss your personal situation, contact me today.

Brian Sheppard

Director, Money Matters FS Ltd

Money Matters: 18th Mar 2015 09:25:00

 

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