Income tax

Personal Allowance will be increased to £12,500 on 6 April 2019 for the 2019-2020 tax year.

The threshold above which higher earners start paying 40% tax is being increased to £50,000.

These allowances will remain the same for 2020/21 and then increase in line with Consumer Price Index (CPI) changes.

Pension changes

Standard lifetime allowance

The standard lifetime allowance for pensions will increase in line with the rise in the consumer prices index (CPI) for 2019/20 to £1,055,000 as previously announced.

Annual Allowance

There are no changes to pension annual allowances (AA). The standard AA remains at £40,000 and there are no changes to the high income AA taper rules.

 

Individual Savings Account (ISA)

The ISA annual subscription limit for 2019/20 will remain unchanged at £20,000. The annual subscription limit for Junior ISAs and Child Trust Funds for 2019/20 will be increased in line with CPI to £4,368.

 

Capital Gains Tax

The capital gains tax allowance will increase by £300 to £12,000 from April 2019.

 

Inheritance Tax

Inheritance tax rates and exemptions

The IHT Nil Rate Band will remain frozen at £325,000 until 2021/2022 as previously announced.

Residence Nil Rate Band (RNRB)

The Residence Nil Rate Band will rise to £150,000 from April 2019 as previously announced.

 

General Tax

Simplifying Trust Taxation Consultation

This Budget confirmed there will be a consultation on the taxation of trusts to make their taxation simple, fairer and more transparent.


If you would like to discuss your current financial planning arrangements in light of any of these changes to make sure you are maximising the opportunities now available to you, please do not hesitate to contact us: sayhello@psaspire.co.uk.

Posted by Phil Rouse

Topics: Insights & Advice

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