Budget 2015 - changes to tax on savings, ISAs, pensions and help to buy ISAs
The Chancellor introduced a new personal allowance for savers, so you can get interest tax free
The Chancellor’s last Budget before the election included a new tax-free allowance for savings interest, tax not deducted from saving interest, increased flexibility on ISAs and a help to buy ISA. It also confirmed information released at the weekend, which is that people who already have annuities will be able to sell them, if they want to.
New limits for ISAs and changes to stamp duty – how does the Autumn Statement 2014 affect you?
The Chancellor also said that people who had a joint annuity or a guaranteed annuity could pass it on tax free
The ‘rabbit out of the hat’ from chancellor George Osborne was that the stamp duty system would be changed. It will mean most people who buy a home will pay less stamp duty. He also announced changes to ISA rules and confirmed that pension rules will be relaxed from April. The chancellor also said that the personal allowance and 40% tax threshold will increase.
The chancellor said that the state pension age would rise faster and but petrol price and train fare rises are reduced.
The big headline from the Autumn Statement is that the state pension age is likely to rise to 68 in the mid 2030s, which could affect anyone born after 1967. By the late 2040s, the state pension age could be 69, which could be bad news for those born after 1979. The chancellor didn’t announce that parents who have child trust funds for their children will be able to transfer them into junior ISAs and there was no big increase in the amount you can save in cash ISAs – both missed opportunities as far as I’m concerned.