ISAs, Pensions and Income Tax: The Autumn Statement Explained

20 December 2013 - Which Way To Pay

    



ISAs, Pensions and Income Tax: How does the autumn statement affect you?

A few weeks ago the Chancellor outlined the governmentís big financial plans in his Autumn Statement. He outlined a brighter economic climate than a year ago, but said "difficult decisions" still needed to be made. He took the opportunity to announce new plans about the state of pensions, ISAís and taxes

What are the likely changes that will have an impact on me?

Your personal allowance will increase to £10,000 in April. What does this mean? This is the amount that most people can earn before they pay income tax. If you are unsure what this means you should contact independent legal services and have them explain this to you.

What will happen to my ISA allowance?

Savers can put a little more money into cash ISAs from next April. The ISA allowance will increase to £11,880 in April; £5,940 for Cash ISAs. Cash ISAs are normal savings accounts, with the exception that interest is not taxed.

Pension age will rise to 68 in mid 2030s and then to 69 in mid 2040s

The Basic state pension will increase by 2.7% in April to pay £113.10 a week. A Treasury spokesman said the bulk of people who will be affected would currently be in their mid to late 40s. "The figures previously published show that delaying the state pension age by one year saves the government £13bn," said Malcolm McLean, a consultant at the actuaries Barnett Waddingham.

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