The recent budget continued the trend of supporting savers and first time house-buyers with the Chancellor of the Exchequer focusing a large part of the budget towards taxes and savings.
The changes announced were varied and will take effect over the coming years. Some are positive and others less generous, however some headlines include –
- Personal tax allowances are due to increase year on year.
- The £1000 personal savings allowance has started to take effect for most savers.
- Allowances of £1000 were announced for property income and internet sales.
- Increased ISA allowances are available for savers from next year.
- Capital Gains Tax was cut for most transactions, although property was excluded.
The chancellor also announced the introduction of Lifetime ISA’s for the under 40’s, whilst not a replacement for pensions, these could be an attractive savings option for many.
We always welcome the opportunity to discuss the overall market situation with our clients. We would urge any clients to get in touch with the team at Platinum if they have any questions.