Budget 2016 – A Summary

The budget saw some good news for savers and investors as well as a reduction in capital gains tax, amongst other things.

The main news was perhaps the raising of the ISA limit to £20,000 with effect from April 2017. In addition, a new Lifetime ISA is to be introduced in April 2017 for those under 40. They will receive a £1 top up from the government for every £4 they save, up to a limit of £4,000. This will be part of the total ISA allowance of £20,000.

Capital gains tax on investments has also been cut. From 06 April 2016, the higher rate has been cut from 28% to 20%, and the basic rate cut from 18% to 10%.

As per the recent media coverage, any planned changes to pensions tax relief did not materialise, so saving into a pension is still a very attractive proposition, particularly with employer contributions as well.

Below is a copy of the Kellands Budget 2016 Summary for you to download.

Some of the key announcements in this Budget could well have a bearing on your current and future financial plans. To review what action you may need to take to keep your plans on track, please contact Kellands Bristol.

Download Kellands Budget 2016 Summary

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