News and blog

Reminder: New Budget on 8th July

In a month's time, the Chancellor is due to deliver his second financial statement in one year during an emergency Budget on 8th July.

It may only seem like yesterday that Osborne delivered his 2015 Budget. However, the policies that were announced in March were devised by the coalition government. Therefore, following their majority win last month, the main purpose of the Budget will be for the Conservative party to take the reins and turn "promises made in the election into a reality".

What can we expect?

  • A pledge to remove the family home from Inheritance Tax, which will increase the threshold from £650,000 per married couple to £1m.
  • David Cameron has promised to preserve the 'triple lock' under which the State Pension increases by at least 2.5% every year through the guarantee.
  • An increase in the personal allowance to £12,500 by 2020, up from £10,600 currently. There may also be a more concrete indication of the Chancellor's intention to raise the 40% tax threshold to £50,000.
  • Following the pension reforms, the Chancellor could clarify their plans to allow pensioners to sell their annuities, which could come into force as early as April 2016.
  • Plans to reduce the current generous tax relief for those who earn more than £150,000.
  • It has already been announced that the Lifetime Allowance, which is a limit on the amount of pension benefit that can be drawn from pension schemes, will drop to £1m as of April next year.

After the Budget has taken place, we will update you with details regarding any changes and policies that could affect you. In the meantime, contact us on 01489 878300 or email This email address is being protected from spambots. You need JavaScript enabled to view it. with any questions.

Hide comment form Hide comment form
 
  • 1000 Characters left
   
 

Bookmark This

RIS Tweets

Chancellor George Osborne sets date for next Budget https://t.co/IQYPKD5Rh0 https://t.co/EYAqyzRfAf
'Degree needed' to fathom financial small print https://t.co/WFVSUdgUO1 https://t.co/bpNyPQ7Nnd
Older borrowers may be offered mortgages into their 80s and 90s https://t.co/XkPykV0TUR https://t.co/AqKZwmxMRO

Contact us

Retirement and Investment Solutions
5 Lancer House, Hussar Court
Waterlooville
Hampshire, PO7 7SE

T: 01489 878300
F: 0870 0104883
E: advice@retirementis.co.uk