Autumn Statement predictions

RobStaffs

Citywire Money indicating that Osborne could set a limit for the maximum that can be held in an ISA at £100k. This would extend to those who already have over £100k in their ISA's


Also mentions that pensions could well be under focus again with the 40% tax relief again being on the radar or compromise of a 30% flat rate.

Archi_Bald

Pre-budget speculation always seems to include some ISA doom and gloom.

See how wrong they were last time. https://forums.moneysavingexpert.com/discussion/4792230

ColdIron

The ISA cap is an old chestnut that never materialises but I think we can expect changes to 40% tax relief on pension contributions of some sort in the next few years regardless of which party is in power

I suggest it's a case of make hay while the sun shines and focus on contributions if you can now as a priority, just my tuppence worth

le_loup

Autumn Statement prediction?
We are all going to hell on a handcart ... unless we vote TORY in May!

kingrulzuk

le_loup wrote: »

Autumn Statement prediction?
We are all going to hell on a handcart ... unless we vote TORY in May!

Im voting for unicorn my friend hehehhee

Thrugelmir

Likely to be a dull statement. As tax revenues are well short of those forecast. Resulting in a higher borrowing requirement for 2014/15. Any give away in personal allowances has to be offset in some way.

InvestInPoker

I have also read the predictions on the potential 100k cap on total investments held inside ISA's. Seems a bit doom and gloomish possibily to increase hits/reads for the website. Of course it could happen but it surely would be hugely unpopular to the point of losing shedloads of votes at the forthcoming general election. Never say never and if it happens we would all have to deal with it, but I would say its unlikely.

Thrugelmir

InvestInPoker wrote: »

Of course it could happen but it surely would be hugely unpopular to the point of losing shedloads of votes at the forthcoming general election.

All the parties will be offering unpalatable choices at the election. As there's a sizable hole that requires plugging.

colsten

Well, no sign so far of any cap on ISAs but the statement speech is still ongoing. What has been announced though is that ISAs will pass as ISAs to spouses in the event of the death of an ISA holder. Although a bit morbid on the one hand, it is very good news on the other.

Also, ISA 2015-16 ISA limit will be £15,240 for adults.

colsten

The speech is finished and the full statement is here now: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382327/44695_Accessible.pdf

Huge changes for ISAs for surviving spouses:

1. [STRIKE]inherit the partner's ISA as an ISA[/STRIKE]
2. [STRIKE]plus be able to invest as much into their own ISA as their spouse used to have, on top of their usual allowance[/STRIKE]

EDIT: I misread that, it is not some double helping. The official words are:

From 6 April 2015, surviving spouses will be able to invest as much into their own ISA as their spouse used to have, on top of their usual allowance, and so will be better able to secure their financial future and enjoy the tax advantages they previously shared.

Still very big change.

No cap on the amount you can hold in an ISA. I predict that CityWire will predict an ISA cap before the next budget........

le_loup

colsten wrote: »

Huge changes for ISAs for surviving spouses:

1. inherit the partner's ISA as an ISA
2. plus be able to invest as much into their own ISA as their spouse used to have, on top of their usual allowance

Good news indeed.