Autumn Budget Statement 2024
Welcome to our latest issue..
On 30 October, Chancellor of the Exchequer Rachel Reeves will deliver the Autumn Budget Statement 2024.
It will be a critical indicator of the government's approach to managing the economy, aiming to foster an environment conducive to sustainable growth.
The outcomes of this Autumn Budget will have far-reaching implications, potentially influencing everything from tax rates and public services to business investment and consumer confidence.
As such, it is a pivotal moment that will shape the economic landscape in the months and years ahead.
On page 10, we look at what it could mean for your finances.
Since this has been written Capital Gains Tax has been branded 'ripe for reform' ahead of the Budget.
On Page 8 we discuss Intergenerational Planning and Inheritance Tax which may be relevant for you or your parents/family.
More than three-quarters (78%) of retirees have already dipped into their pension pots by the time they retire, according to recent data.
This trend highlights a significant shift in retirement planning behaviours, where immediate financial needs or desires often outweigh the long-term benefits of leaving pension funds untouched.
The implications of early withdrawals are multi-faceted and can significantly impact retirees' financial security.
Turn to page 05.
Autumn Statement 2023
WHAT DOES IT MEAN FOR YOU?
The Chancellor of the Exchequer, Jeremy Hunt, unveiled his 2023 Autumn Statement on Wednesday 22 November, alongside an updated economic forecast from the Office for Budget Responsibility.
The Statement covered a number of areas including growth, cutting National Insurance, State Pension increases, Business Capital Allowances and the Lifetime Allowance (LTA) Abolition
Our detailed Guide to Autumn Statement 2023 looks at these key announcements. If you require further information or want to discuss how the announced measures could affect your finances or business, please contact us for more details.
GUIDE TO WEALTH SUCCESSION:
PENSIONS OF SIGNIFICANT VALUE
Welcome but unexpected changes to Pension Tax
The Budget in March brought some welcome but unexpected changes to pension tax, the most significant of which was the abolition of the pension Lifetime Allowance (LTA) charge. You could now expect significant changes that will affect your retirement savings. On page 10 we consider how these changes could impact you.
As we are already in the new tax year you may wish to consider using Investment Allowances to ensure that your money is protected from taxes and also benefits from having more time to grow. This can result in a bigger savings pot in the long run. Read the full article on page 06.
GUIDE TO WEALTH SUCCESSION |
SPRING BUDGET STATEMENT 2023
Analysis of the key tax changes and outlining the practical implications for you, your family and your business
One of the most interesting announcements for our clients included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. This is good news for higher earners and those with large pension pots. The standard tax-free annual pension contribution amount will increase from £40,000 to £60,000 from 6th April 2023.
Changes take effect from the new tax year starting 6th April 2023 and we will be happy to discuss the implications and benefits for you.
Analysis of the Key Tax Changes
Outlining the Practical Implications For You, Your Family And Business
THE NOT SO MINI BUDGET
Kwasi Kwarteng definitely hit the ground running with the largest tax cuts in a Budget since Anthony Barber 50 years ago!
He’s scrapped the 45% top rate of income tax, reduced the Basic Rate of tax (from 20% to 19% from April 2023) abolished the cap on bankers’ bonuses and reversed the recent National Insurance rise which was proposed to fund health and social care. There will also be cuts to Dividend taxes. A lot of the changes favour higher earners.
This has led to a slide in the value of the Great British Pound, and the cost of borrowing looks set to increase. The idea is that the mini-budget stimulates the economy. Let’s wait and see.
We know you’ll have different priorities for your wealth at different points in your life. Whatever your financial aims, we can help you achieve them.
Autumn Budget Statement 2021
Our guide
The Chancellor of the Exchequer, Rishi Sunak, delivered his Autumn Budget and Spending Review 2021(SR21) to Parliament on Wednesday 27 October 2021.
This Budget follows another year of extraordinary economic challenges as a result of the ongoing pandemic.
In our guide, we look at what the key announcements could mean to you, your family and business.
GUIDE TO THE BUDGET 2021
ANALYSIS OF THE CHANCELLOR'S BUDGET AND ITS IMPACT ON YOU, YOUR FAMILY AND YOUR BUSINESS
As the economy reopens, this Budget also sets out the steps the government is taking to support the recovery. The Chancellor said his immediate priority continues to be supporting those hardest hit, with extensions to furlough, self-employed support, business grants, loans and VAT cuts.
TAKE IT TO THE MAX
HOW TO MAKE THE MOST OF THE VARIOUS PENSION ALLOWANCES
Why working and retirement are no longer binary terms.
As the world continues to work out how to live with the Coronavirus (COVID-19) pandemic, many will agree that the new normal needs new thinking.
Budget Statement 2020
The Key Announcements for Individuals, Businesses and Employers
What to look out for in your financial plans for the year ahead.
