Budget 2015 – The savings revolution continues

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Savings

MoneyPlus Features Team

19th March 2015 at 1:03pm

Budget 2015 – The Savings Revolution Continues

Below we share some of the highlights from the March Budget 2015.

Final_Budget_Day_visual

Income Tax

  • 4 million married couples and civil partners can register to claim a new transferable tax allowance
  • No tax on your savings income if your total income is under £15,600

Pensions

  • From 6th April, with flexible types of pension, you can spend what you want, when you want, but don’t sleepwalk into a tax bill.
  • Annuities may become more flexible in 2016 – you might be able to swap your existing annuity for a cash lump sum or flexible income.

ISAs

  • Savings limit goes up to £15,240 from 6th April 2015.
  • Proposal for Cash ISAs to be made more flexible from this autumn, to allow top-ups to replace withdrawals within the same tax year
  • New Help to Buy ISA proposed for first-time-buyers this autumn, with a government top-up of 25%, up to £3,000.

Share your thoughts

Join the conversation and follow us on twitter @StandardLifeUK and Facebook and let us know what you think about the savings revolution and key highlights of the March 2015 Budget.  Do you think the UK is witnessing a savings revolution?

This blog and any responses to comments are not financial advice.

A pension is an investment and investments can go up or down. This means you might not get out what you put in. Tax and legislation can change in the future and this blog reflects our understanding of the rules as at 19 March 2015.

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