Chancellor's Autumn Statement

ColdIron

ISA limit raised to £11,520 from April

Income tax threshold increased by £235 in 2013. Means no tax paid on earnings under £9,440

Threshold for 40% rate of income tax to rise by 1% in 2014 and 2015 from £41,450 to £41,865 and then £42,285

Capital Gains Tax annual exempt amount to increase by 1% over the same period, reaching £11,100 and Inheritance Tax nil-band rate to rise from £325,000 now to £329,000 in 2015/16

Disappointed in the ISA changes

http://news.sky.com/story/1021028/autumn-statement-the-key-points-at-a-glance

pqrdef

Working-age benefits decoupled from inflation and will rise only 1%.

srcandas

For me I thought it was better than I had expected.

I thought the personal allowance and petrol stuff was good.

I'd have liked to see the ISA allowance cut or at least frozen and harder restrictions on pension relief for the rich.

And the money spent on infrastructure and job creation.

More realistic estimates on growth and government debt I liked. The forecasts sounded sort of believable as opposed to pie in the sky.

But nothing happened that I think most didn't expect.

By far the bigger news of the day for me was the rise in the Chinese stock markets and England doing really well in a test :beer:

pqrdef

The OBR thinks inflation will go up more than expected.

Peston thinks we'll lose our AAA next year.

talexuser

It's all bad compared with what they promised when they came in, and the petrol 3p is just there to be tomorrows' headline and take focus away from the bad growth and borrowing.

innovate

srcandas wrote: »

By far the bigger news of the day for me was the rise in the Chinese stock markets and England doing really well in a test :beer:

So disappointed in your summary - you could at least have given some credit to Kate for her valiant efforts to uplift the spirit of the nation by vomitting every 20 minutes. Or Boris declaring West Ham the front runners for ransacking the Olympic Stadion.

gadgetmind

More attacks made on personal pensions, many of them completely contrary to promises made when the latest raft of attacks were made in 2010. The only mild sop was the re-introduction of the 20% boost over GAD in capped drawdown.

Oh, and more personal allowance for those who get one of those.

A mixed bag, and everyone is mithering, so it's probably aimed about right.

lvader

As good as could be expected, I'm happy.

mania112

I don't understand the disappointment about ISAs. Someone care to explain?

srcandas

mania112 wrote: »

I don't understand the disappointment about ISAs. Someone care to explain?

Cold Iron hasn't said but I know some think the ISA allowance should go up more.

I'd like it to go away. So many people get bogged down on ISAs who will gain zero from them. But it allows the finance industry to play games and con the not too sharp possibly due to age or illness.

If all that effort and cost of creating and hunting ISAs was put into education I reckon peoples future would be a lot rosier.

Just a personal view of course

ps I'm 3-4 years away to going drawdown but the rate of extraction is at least heading in the right direction

nilrem_2

I would have liked to have seen the cash part of the ISA allowance increased more. Like many others the stocks and shares ISA is of no interest to me.