Well todays budget has brought forth several changes - and a couple of unexpected changes!

The main financial related changes are summarised here - but should you want a copy of our Budget Summary document, please ask for it.

Personal Allowance and Taxes - The Personal Allowance will increase to £10,500 from 6th April 2015 and the 10% Savings Tax Rate has been abolished.

Individual Savings Accounts - The ISA allowance will increase to £15,000 from 1st July 2014 and the distinction of Cash ISA's and Stocks and Share ISA's has been removed.

Pensions - For those aged 60 or over, the Triviality Rule has been increased to £30,000 and the 'stranded' pot allowance increases from £2,000 to £10,000, and the number of plans increases from 2 to 3. These changes come into play from 27th March 2014.

The Income Drawdown 'GAD' Rate is increased to 150%, the Flexible Drawdown annual income requirement for £20,000 of secure pension income is reduced to £12,000 (both from the above date) and legislation is proposed that will allow everyone to draw unlimited pensionable income (similar to Flexible Drawdown) from the 6th April 2015. This latter point is extremely important and will affect pension planning for many individuals.

Other changes - Along with some other changes, there are planned changes to the tax charge on death for Drawdown plans, a possible clampdown on transfers of pension benefits from Defined Benefits to Defined Contribution Plans and 'Impartial Financial Advice for every retiree'!

Should you like to discuss the Budget and how it will affect you or would like a copy of our Budget Summary document, please complete the 'Contact Us' form or call us on 0118 9076505.

Please note the above information is for general guidance only and should not be taken as personalised advice.