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Here’s some points to note from the autumn budget:
The personal allowance and higher rate tax threshold have been increased a year sooner than expected. This is great news for earners but those planning to make pension contributions may need to pay closer attention to their tax structure to ensure they benefit from the highest rate of relief.
Beware- those who have deferred their state pension and are planning on taking the lump sum will be taxed at their highest rate. It is, therefore, advisable to consider the timing of taking this given the increased allowances seen in the latest budget.
Although the main ISA allowance limits were held at the current rate of £20,000, the Junior ISA and Child Trust Fund limits were increased by CPI to £4,368. It is worth remembering that any investments into these will be available to the children at 18. Bear in mind that this may not be appropriate and you may wish to consider other investment vehicles such as onshore bonds to secure delaying paying out the proceeds.
If you would like to discuss any of these points in more detail please do not hesitate to contact us.