Displaying items by tag: Budget

The Chancellor could introduce a limit to the tax-free lump sums taken from pensions, cut the pension annual allowance, and tax pensions when left to descendants to raise cash in the Autumn Budget.

The Financial Services Compensation Scheme received 4,100 extra SIPP and pensions claims 2019/20 than it expected, resulting in increased cost of £3.9m.

Chancellor Rishi Sunak has scrapped a planned and long-awaited 2% cut in Corporation Tax to 17%.

Chancellor Sajid Javid has quit just four weeks before he was due to deliver the first post-Election Budget on 11 March.

Chancellor Sajid Javid is likely to tackle some thorny pensions problems in his first post-election Budget which will take place on Wednesday 11 March.

Recent developments in the Brexit saga and an inevitable snap general election led the Government to put the Sajid Javid’s Autumn Budget on hold last week to focus on getting Brexit done.

Chancellor Philip Hammond confirmed today that his next Budget will take place on Monday 29 October.

Unusually, the Budget is being held on a Monday this year. It's is typically on a Tuesday or Wednesday.

The Treasury said the Budget would “set out the government’s plan to build a stronger, more prosperous economy, building on the recent Spring Statement and last year’s Budget.”

The announcement of the Budget date was slow to emerge this year with some commentators believing the Chancellor was waiting for the conclusion of Brexit negotiations with the EU.

As there is little sign these will be concluded quickly it now appears he has decided to press ahead with a relatively early Budget date despite some experts believing it could have been put off until November or even December.

Mr Hammond Tweeted: “I’ll set out how our balanced approach is getting debt falling while supporting our vital public services, and how we are building a stronger, more prosperous economy.”

Mr Hammond moved the date of the Budget from March to the Autumn after taking over as Chancellor to avoid an end of year tax scramble.

Some commentators have predicted Mr Hammond may limit pensions tax relief and introduce other pension changes but the Treasury has not commented on any speculation.