This edition discusses the tendency of persons of State Pension Age to continue to work, the emergence of the Chinese economy and the various tax allowances available to UK tax payers….
Read details of the individual tax rates for the year 2019/20.
- Pension Tax relief is unchanged following this budget.
- The Pension Annual Allowance is unaffected and will remain at £40,000.
- The main ISA and Lifetime ISA allowances are unaffected, however the Junior ISA allowance will increase from £4,260 to £4,368 in April 2019.
- Personal tax allowance threshold to be increased from £11,850 to £12,500 from April 2019 with an increase from £46,350 to £50,000 for the higher rate tax threshold.
- Capital Gains Tax annual exemption is to increase from £11,700 to £12,000 in April 2019.
- The ‘end of austerity‘ – The forecast for UK growth has been downgraded to 1.3% in 2018 and raised to 1.6% in 2019.
- Fuel duty and Beer duty will be frozen, however, the cost of cigarettes and wine will increase.
- £500 million extra funds will be put towards Brexit, with the possibility of a full Budget next Spring.
- The NHS will receive £20 billion extra funding over the next five years, with £2 billion allocated to mental health.
- Business rates relief for small businesses to the sum of £900 million.
- Schools to receive extra £400 million to buy “the little extras they need”.
This edition begins with focusing on the Bank of England’s interest rate rise in August 2018. It also considers possibly contents of the Budget and changes to ISAs…
This edition highlights current issues affecting client’s investments and tax changes that we feel may be relevant to you…
You can find it in the Document Library under our About Us tab.
Read details of the individual tax rates for the year 2018/19.
We are hoping to publish regular Client Newsletters on our website from now on…
Here is the first one, which focuses on some areas of financial planning that clients may need to consider towards the end of the financial year.
CLIENT NEWSLETTER – FEBRUARY 2018
For once pension legislation was not changed in the Chancellor’s recent Budget and we think it is good news that tax relief and annual allowances have not been altered. The Budget was relatively quiet with regard to Financial Services and the main beneficiaries will be ‘first time buyers’ who can save on Stamp Duty.
Now that the Conservatives are back in Government it has recently been confirmed that the Money Purchase Annual Allowance will be reduced to £4,000. This applies to the current financial year.
In addition, the Dividend Tax allowance will be reduced to £2,000 per annum from 6 April 2018.
The changes to Probate Fees have not yet been brought forward.
We will keep you informed.