FOR ADVISERS ONLY
Budgets
Each year the Chancellor delivers a pre-budget report (referred to as the Autumn Statement nowadays) which is then followed by his Budget in March.
Budgets
- Income tax
- Money purchase annual allowance
- Pension scams
- Salary exchange
- Foreign pensions
- Insurance premium tax
- Life insurance policy part surrenders and part assignments
- ISA
- Income tax – personal allowance increase
- Lifetime ISA – announcement
- ISA – overall maximum contribution increase
- Help to save – initiative for low incomes
- Annual allowance – confirmation
- Technical amendments to support pension flexibility
- Dependant scheme pension – authorised limit calculations
- Bridging pensions
- Pension dashboard
- Pensions and inheritance tax
- Financial advice market review – employer arranged pensions advice
- Salary exchange – government review
- Class 2 NI contributions – abolished from April 2018
- Strengthening the incentive to save – consultation on pension tax relief
- Personal allowances
- Increase in the Inheritance Tax threshold
- Reduction in annual allowance - taper on high incomes and the alignment of PIPs
- Consultation on pension tax relief
- Taxation of lump sum death benefits
- Lifetime allowance - reducing to £1 million
- Salary exchange - government to monitor its use
- Pension transfers - consultation
- Pension Wise - extending access to the over 50s
- Secondary market for annuities
- Basic state pension - increased rate
- New state pension - starting rate
- Automatic enrolment - minimum contribution increases
- Pension tax relief - consultation published before next Budget
- IHT and undrawn pension funds
- Secondary market for annuities
- Personal allowances
- Traded annuities – consultation
- Decrease in the lifetime allowance
- Joint Life and guaranteed term annuities
- Independent advice paid for by an employer
- Personal allowances
- Joint Life annuities – taxation of beneficiaries income
- Tax relief on pension contributions – unavailable on contributions for over 75s
- State pensions
- Personal allowances
- Increase in maximum drawdown limit
- Increase in the limit for triviality and 'stranded pots'
- Reduction in the minimum income requirement (MIR) for flexible drawdown
- Pensions liberation
- Pensioner savings bonds
The government will be consulting on:
- Ability to take all defined contribution pension savings as a lump sum at retirement
- Financial guidance at retirement
- Increase in the minimum pension age
- Pension contributions after age 75
- Pension drawdown – GAD rates remain unaltered
- State pensions – age increases; confirmation of basic state pension and voluntary NI contributions
- Lifetime allowance - individual protection
- Personal allowances
- Rates and Allowances - Tax and tax credit rates and thresholds for 2014-15
- Personal allowances
- State pensions – new state pension to commence from April 2016
- Lifetime allowance - individual protection
- Lifetime allowance - primary and enhanced protection
- The Pensions Regulator - new objective
- Pension Drawdown - increase in max GAD from 100% to 120%
- Residential property in SIPPs and SSASs – consultation
- Reduction of annual allowance – reduce to £40,000 from 6 April 2014
- Reduction of lifetime allowance - reduce to £1.25million from 6 April 2014
- Increase in GAD limits
- Consultation on deficit recovery plans
- Other consultation - on the tax policies announced at Budget 2012
- Rates and Allowances - Tax and tax credit rates and thresholds for 2013-14
- Tax rates – additional rate reducing from 50% to 45% from 6 April 2013
- Personal allowances
- State pensions - confirmed that the State Pension will become a flat rate for future pensioners
- Child benefit - new income tax charge will apply to families receiving Child Benefit
- Pension contributions for a spouse
- Employer asset backed pension contributions - limit tax relief available to employers
- Lifetime allowance - fixed protection
- Annual allowance –‘scheme pays’ rules
- Qualifying Recognised Overseas Pension Schemes - new conditions to qualify as a QROPS
- Qualifying life assurance policies – introduction of an annual limit of £3,600
- Cluster polices – new rules
- The restriction of tax relief through reduced annual allowance
- Removing the need to buy an annuity by age 75
- 'Disguised Remuneration' restrictions which effectively end the tax attractions of Employer Financed Retirement Benefit Schemes
- The reduction of the lifetime allowance from 6 April 2012.
- New state pension – end of contracting out for defined benefit schemes
- Personal allowance - basic rate tax limit increasing so that higher rate taxpayers don't benefit from the increase.
- Basic state pension - triple lock from 6 April 2011
- The requirement to buy an annuity by age 75 will be removed from 6 April 2011.
- Annual allowance – reduction proposed the anti-forestalling regime currently in place is unaffected.
- Personal allowance
- Tapering of tax relief - anti-forestalling measures
- Reduction of personal allowances for those earning £100,000 or more from April 2010
- Increase of the annual ISA allowance to £10,200 to all borrowers from April 2010.
- Standard lifetime allowance and annual allowance will rise to £1.8 million and £255,000 respectively
- Small lump sums rules to be extended to personal pension
- Income Tax changes
- Limiting tax relief for high income individuals
- Anti-forestalling
- Pension Credit - capital disregard
- National Insurance contributions increased
- Anti-forestalling extended
- Consultation on the restriction of tax relief from 6 April 2011
- Tax on short service refund lump sums increased
- Auto-enrolment contributions re-phased
- Basic State Pension
- Personal Income Tax and NI contributions
- Capital Gains Tax
- Inheritance Tax
- Investments
- Business tax
- Pensions
- Tax tables facts and figures and NI
- Personal allowance
- Rate of income tax
- National insurance contributions
- Lifetime allowance
- Annual allowance
- Inheriting tax-relieved pension savings
- Spreading of tax relief for pension contributions
- Inheritance Tax and Alternatively Secured Pension
- Scheme investments
- Tax-free lump sums
- Inheritance tax on overseas pension savings
- State Second Pension
Acts
Some Acts are deemed so important that they merit their own article.
- Abolition of safeguarded rights
- Revaluation of accrued benefits for deferred members under a final salary scheme
- Pension Protection Fund (PPF) and pension sharing
Automatic enrolment
- Qualifying earnings
- Automatic enrolment schemes
- Qualifying scheme and quality requirement
- Deduction of contributions
- Right to opt out/In
- Penalties
- Pre A-Day protection of tax-free cash
- Additional authorised payments
- Inheriting tax-relieved pension savings
- Benefit Crystallisation Event 3 - increasing a scheme pension
- Investment-regulated pension schemes (occupational pension schemes only)
- Employer contributions
- Alternatively secured pensions
- Pension term assurance
- Who can establish a personal pension scheme
- Transfers and enhanced protection
- Transitional protection
- Ill-health retirement