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Whilst it may take weeks to go through the small print, see our 'snapshot' of how it may affect you.

BUDGET - 11th March 2020


Whilst it may take weeks to go through the small print, see below our 'snapshot' of how the March 2020 budget may affect you

 
TAX

Income tax rates and bands remain the same.

INHERITANCE TAX

The “Nil Rate Band” remains at £325,000 until April 2021.   The “Residence Nil Rate Band” will increase to £175,000 from £150,000 from April 2020.  No measures taken for single people without children.

PENSIONS

An increase to the amount of pension contributions that can be made for some higher earners from 6th April 2020.     The “tapered” annual allowance has been increased by £90,000, BUT, those with total earnings of over approx. £300,000 are likely to see their maximum pension contributions reduce from £10,000 pa to £4,000 pa.

The changes are seen to help a lot of high earners but especially with Doctors, Consultants and GPs in mind.

The Lifetime Allowance limit is increased to £1,073,000 from 6th April 2020 – in line with CPI.

CHILDRENS SAVINGS

The limit for investment into Junior ISA plans increases to £9,000 from £4,368 from 6th April 2020.

INDIVIDUAL SAVING ACCOUNTS  (ISAs)

The current limit of £20,000 per annum stays unchanged.

NATIONAL INSURANCE

Self-employed and employees will not start to pay NI Contributions until earnings reach £9,500.

ENTREPRENEURS RELIEF

Entrepreneurs who sell their businesses may face an increase to the Capital Gains Tax paid.

For more information on any of the above contact your adviser at Woodward Markwell.

 

This information is based on our current understanding of the changes announced.


For more information or to discuss any of the above or please contact your adviser here at KGS or call us on 01473 408422 or e-mail ifa@wmibl.co.uk