Date of the final spring Budget announced

Date of the final spring Budget announcedPhilip Hammond, the Chancellor, has announced that the next Budget will be published on Wednesday 8th March 2017. This will be the last Spring Budget. Mr Hammond announce late last year that the government would no longer publish an Autumn Statement, which had effectively become a mini-budget, and move the Budget to the Autumn. The Budget will be keenly awaited by all, as the repercussions from Brexit become clearer and the government continues to look to cut expenditure. As usual, we will publish our Budget summary, and our analysis of ...

Retirement: Pension contribution limit cut for over 55s

Pensions: Is tax-relief about to be cut?The fallout from the final Autumn Statement continues, as some people come to terms with a cut in the amount of money they can pay into their pension. The change will affect people aged over 55 who have taken money from their pension, but also wish to continue contributing, perhaps because they are still working. Annual Allowance Currently, the maximum amount you can pay into your pension is the lower of 100% of your earnings, or £40,000; this is known as the Annual Allowance. However, if you are ...

Pensions: Does the Autumn Statement have a sting in its’ tail?

Large black scorpion Heterometrus laoticus isolatedLast week’s Autumn Statement was, by the standards set by George Osborne, pretty mundane. However, hidden in the speech, and the raft of documents issued by the Treasury afterwards, were subtle indications of where Government pension policy may head over the next few years. The changes, if they happen, could have a significant impact on your retirement and potentially cost you dearly. Triple lock The triple lock was introduced in 2010 and guarantees that the basic State Pension will rise in line with earnings, inflation, as measured by the ...