{"id":1277,"date":"2018-10-29T18:26:24","date_gmt":"2018-10-29T18:26:24","guid":{"rendered":"http:\/\/www.wealthatwork.co.uk\/jpm\/?p=1277"},"modified":"2018-11-12T13:17:39","modified_gmt":"2018-11-12T13:17:39","slug":"budget-commentary-2018","status":"publish","type":"post","link":"https:\/\/www2.wealthatwork.co.uk\/jpm\/2018\/10\/29\/budget-commentary-2018\/","title":{"rendered":"Budget commentary 2018."},"content":{"rendered":"

\"Budget<\/p>\n

The Chancellor of the Exchequer, Philip Hammond, has today delivered this year\u2019s Budget Report.<\/p>\n

Paul Morton, Investment Planning Director, comments;<\/strong><\/p>\n

\u201cDespite many rumours of further changes to pension allowances (lifetime and annual) and pension tax relief, the Budget was void of any material change.<\/p>\n

From a personal financial perspective, the raising of the personal allowance and the higher rate tax threshold will provide a welcome reduction in the income tax burden for many.<\/p>\n

Other allowances and reliefs have either been maintained or increased, as planned, in line with inflation.\u201d<\/p>\n

Please see our summary below;<\/p>\n

Personal Allowance and higher rate threshold<\/u><\/strong><\/p>\n

The government will meet its commitment to raise the Personal Allowance to \u00a312,500 from April 2019, one year earlier than planned.<\/p>\n

The government will also increase the higher rate tax threshold to \u00a350,000 from April 2019, also one year earlier than planned.<\/p>\n

Lifetime allowance for pensions<\/u><\/strong><\/p>\n

The lifetime allowance for pension savings will increase in line with CPI for 2019-20, rising to \u00a31,055,000.<\/p>\n

Starting rate for savings<\/u><\/strong><\/p>\n

The band of savings income that is subject to the 0% starting rate will be kept at its current level of \u00a35,000 for 2019-20.<\/p>\n

Individual Savings Account (ISA) annual subscription limits<\/u><\/strong><\/p>\n

The adult ISA annual subscription limit for 2019-20 will remain unchanged at \u00a320,000. The annual subscription limit for Junior ISAs for 2019-20 will be uprated in line with CPI to \u00a34,368.<\/p>\n

Child Trust Funds<\/u><\/strong><\/p>\n

The government will publish a consultation in 2019 on draft regulations for maturing Child Trust Fund accounts. The annual subscription limit for Child Trust<\/p>\n

Funds for 2019-20 will be uprated in line with CPI to \u00a34,368.<\/p>\n ","protected":false},"excerpt":{"rendered":"

The Chancellor of the Exchequer, Philip Hammond, has today delivered this year\u2019s Budget Report.<\/p>\n","protected":false},"author":1,"featured_media":1291,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts\/1277"}],"collection":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/comments?post=1277"}],"version-history":[{"count":4,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts\/1277\/revisions"}],"predecessor-version":[{"id":1290,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts\/1277\/revisions\/1290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/media\/1291"}],"wp:attachment":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/media?parent=1277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/categories?post=1277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/tags?post=1277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}