Pensions untouched in the Budget

peterg1965

Knock me down with a feather. Just read the Budget text and the only change appears to be the uprating of LTA to £1,030,000, in line for CPI.


Great news and a 'feel good' budget I think.

RuleTheWorld

As expected really here ends speculation until 11 months time

mark5

Personal allowance up to 11850 as well.

Jerben

Watch the (unannounced) small-print.

Former_MSE_Andrea

Hi everyone

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Aretnap

So make sure you put loads of money into your pension this year, because it's certain that next year higher rate tax relief and salary sacrifice will be abolished, the annual allowance will be reduced to a fiver and the lifetime allowance will be reduced to a hundred quid or so. You heard it here first.

(c) The marketing divisions of all pension providers.

dunstonh

I missed the budget as I was on the phone for most of it. Having just read the summary, I still think I missed it. Did he take more than 5 minutes to read it?

I did catch Corbyn saying that he would not allow credit card borrowers to pay back more than they borrow. I am sure interest free credit cards will be popular to borrowers but I suspect lenders would pull out of the market.

Lorian

He did crack at least two jokes. The rest whizzed by.

peterg1965

Jerben wrote: »

Watch the (unannounced) small-print.

There is no small print, I just read the Full budget report (pensions section) on the Gov.UK website

Thrugelmir

For the record

4.6 Pensions and savings tax
Starting rate for savings – The band of savings income that is subject to the 0% starting rate will be kept at its current level of £5,000 for 2018-19.

Individual Savings Account (ISA) annual subscription limits – The ISA annual subscription limit for 2018-19 will remain unchanged at £20,000. The annual subscription limit for Junior ISAs and Child Trust Funds for 2018-19 will be uprated in line with CPI to £4,260.

Lifetime allowance for pensions – The lifetime allowance for pension savings will increase in line with CPI, rising to £1,030,000 for 2018-19.

Save As You Earn scheme – Employees on maternity and parental leave will be able to take up to a 12 month pause from saving into their Save As You Earn employee share scheme, increased from 6 months currently. The change will take effect from 6 April 2018.

Life assurance and overseas pension schemes – From April 2019, tax relief for employer premiums paid into life assurance products or certain overseas pension schemes will be modernised to cover policies when an employee nominates an individual or registered charity to be their beneficiary.

Silvertabby

I did catch Corbyn saying that he would not allow credit card borrowers to pay back more than they borrow. I am sure interest free credit cards will be popular to borrowers but I suspect lenders would pull out of the market. Posted by Dunstonh

Or they would slap a huge annual admin charge onto all cards, thus penalising those of us who always pay off our credit card bills in full every month.