Thoughts on the Budget?

atush

PA going up, and LA going down.

Both predicted here.

What do you all think?

fizio

trying desperatly to understand the implications of pension pot reduction as am sure mine is around 1m at the moment and was counting on getting to 1.25 in next few years

Lokolo

I am a young HRT, disappointed by the reduction of LA allowance. At this rate by the time I retire it will be £500k! I try to up my pension contributions to take advantage of the tax relief. Going to seriously need to look at a different longterm strategy.

However, PA increase has made me very happy.

mgdavid

Lokolo wrote: »

...... At this rate by the time I retire it will be £500k! .......

No; it was announced that it'll be indexed - from 2018 IIRC.

mgdavid

PA good
Relief on savings interest good
HR threshold good
Freeze on fuel duty good
Help to buy ISA good for the younger generations

Disappointed there's no new tax on 2nd home and BTL owners.

peterg1965

haf63 wrote: »

trying desperatly to understand the implications of pension pot reduction as am sure mine is around 1m at the moment and was counting on getting to 1.25 in next few years

Am sure there will be some form of LTA protection for those in your position, like there has been previously when the LTAhas been reduced.

peterg1965

I think the budget was generally pretty fair and upbeat. More than could be said for the response from Ed Miliband, which was pathetic.

fizio

peterg1965 wrote: »

Am sure there will be some form of LTA protection for those in your position, like there has been previously when the LTAhas been reduced.

Hope so.. I'll have to do some sums as I suspect the protection will be for people already over the 1m threshold at time of new LTA and could be snookered if I am at say 900k. Will wait for details

peterg1965

haf63 wrote: »

Hope so.. I'll have to do some sums as I suspect the protection will be for people already over the 1m threshold at time of new LTA and could be snookered if I am at say 900k. Will wait for details

I am currently at £872K and still contributing to a SIPP, so have posted a separate questions to seek clarification on how all this works! It has big implications for me I think.

SnowMan

peterg1965 wrote: »

Am sure there will be some form of LTA protection for those in your position, like there has been previously when the LTAhas been reduced.

Yes there will be protection see this post

http://forums.moneysavingexpert.com/showpost.php?p=67977690&postcount=2

fizio

SnowMan wrote: »

Yes there will be protection see this post

http://forums.moneysavingexpert.com/showpost.php?p=67977690&postcount=2

Thanks - devil in the detail I suspect but hopeful...

"Fixed and individual protection regimes will be introduced alongside the reduction in the lifetime allowance to protect savers who think they may be affected by this change"