18th May 2015 at 12:36pm
The Chancellor has announced that the Government is to hold a second Budget this year on 8 July.
The first Budget, in March, signposted future income tax cuts and ISA allowances sitting alongside the many savings, pensions and income tax measures which came into effect on 6 April 2015. You can read more about them in my blog here.
In July’s Budget we’re expecting more detail on possible changes for pensions in 2016. The lifetime allowance for pension savings has already been highlighted as an area likely to change, but this wouldn’t affect the majority of savers. And it’s also possible that for the highest earners there may be a cap on the tax relief which can apply to payments made into your pension – the final picture is not yet known, so watch this space.
As usual, the moneyplus blog will be live later on Budget day digesting what you need to know from the July Budget. And you can follow us on twitter @StandardLifeUK and Facebook for commentary during the Budget speech.
The information in this blog or any response to comments should not be regarded as financial advice. Laws and tax rules may change in the future. The information here is based on our understanding in May 2015. Your personal circumstances also have an impact on tax treatment.