It was the budget yesterday! Some quick comments on the #bingotax and some of the savings reforms.
Really? Of course, bingo, beer and them!
Savings, ISAs and Annuities
The big changes in Savings are to massively raise the limit on ISA deposits. The limit on cash ISAs deposits has risen from under £6,000 to £15,000. Nice if you’ve got it and even nicer if you’re paying 40%, 45% or 60% marginal tax rates. The other change is that money purchase pensioners no longer have to buy an annuity; this will take some research…has he really taken the taxman’s sights off the whole of the pension fund? And although some annuity providers have taken a price hit on the stock market, there are always winners and so new players will come to the fore in an attempt to earn fees at the expense of the hard working savers.
Some good reforms here, higher holdings, more million pound winners… another step towards the lotteryisation of our economy, but good if you have them, and/or can increase your holdings