The Budget 2015
The pre-election Budget provided plans for a “savings revolution” and claims that Britain is beginning to enjoy the benefits of economic recovery.
The Chancellor has delivered his Budget Statement. He confirmed changes previously announced in the Autumn Statement and outlined a variety of measures in what was clearly a Budget aimed at supporting those who work, save and invest.
Some of the most significant announcements included:
Pensions - Lifetime Allowance
The Chancellor proposed a reduction in the Lifetime Allowance to £1 million from 6 April 2016, which will then be index-linked to the Consumer Prices Index (CPI) from 6 April 2018.
The Chancellor has announced more flexibility for Cash ISAs from this autumn, and introduced the Help to Buy Cash ISA for first time home-buyers.
Personal Savings Allowance
From April 2016, the government will introduce a tax-free Personal Savings Allowance of £1,000 (£500 for higher rate tax payers) on the interest earned from savings.
Please click on the link below to read the highlights and of course, please get in touch if you would like to discuss its possible impact on you.