Budgets

2020 Spring Budget Summary

• Income tax
• Call for evidence - Pension tax relief administration.
• Annual allowance
• Lifetime allowance
• Money purchase annual allowance
• Tapered annual allowance
• ISAs

2018 Autumn Budget Summary

• Income tax
• Lifetime allowance
• Pension fund investment in patient capital
• Pensions cold calling
• Pensions Dashboard
• Boosting pensions for the self-employed
• ISAs

2017 Autumn Budget Summary

• Income tax
• Lifetime Allowance
• ISAs
• Trusts

2017 Spring Budget Summary

• Income tax
• National Insurance Contributions (NICs)
• Dividend allowance
• Business tax
• Money purchase annual allowance (MPAA)
• Transfers to qualifying recognised overseas pension schemes (QROPS)
• Review of state pension age
• Master trust tax registration
• ISAs

2016 Autumn Statement

• Income tax
• Money purchase annual allowance
• Pension scams
• Salary exchange
• Foreign pensions
• Insurance premium tax
• Life insurance policy part surrenders and part assignments
• ISA

2016 Budget Summary

• 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

2015 July Budget Summary

• 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

2015 Autumn Statement

• 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

2015 Budget

• Personal allowances
• Traded annuities – consultation
• Decrease in the lifetime allowance
• Joint Life and guaranteed term annuities
• Independent advice paid for by an employer

 2014 Autumn Statement

• Personal allowances
• Joint Life annuities – taxation of beneficiaries income
• Tax relief on pension contributions – unavailable on contributions for over 75s
• State pensions

2014 Budget

• 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

2013Autumn Statement

• 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

Budget Summary 2013

• 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

2012 Autumn Statement

• 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

2012 Budget Summary

• 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

2011 Budget Summary

• 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

2010 June Budget

• 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.

2010 Budget Summary

• 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

2009 Budget Summary

• Income Tax changes
• Limiting tax relief for high income individuals
• Anti-forestalling
• Pension Credit - capital disregard

2009 Pre-Budget Report

• 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

2008 Budget

• Personal Income Tax and NI contributions
• Capital Gains Tax
• Inheritance Tax
• Investments
• Business tax
• Pensions
• Tax tables facts and figures and NI

2008 Pre Budget Report

• Personal allowance
• Rate of income tax
• National insurance contributions
• Lifetime allowance
• Annual allowance

 2007 Pre-Budget Report

• 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

Pensions Act 2008

• 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

Finance Act 2008

• 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

Finance Act 2007

• Alternatively secured pensions
• Pension term assurance
• Who can establish a personal pension scheme
• Transfers and enhanced protection
• Transitional protection
• Ill-health retirement