Member Article

The Budget - winners and losers

Savers seem to benefit from some of the announcements made in last week’s Budget. The changes to the ISA mean savers will be able to draw money out and top up to the allowance level later in the year will go down well.

Those individuals who want to escape from their annuity received a boost, however it will be vitally important that there will be sufficient guidance for those looking to sell – especially if their current annuity is still the best option, providing value for money and supporting them in retirement

On the downside, it has been widely reported that the lifetime allowance will be reduced from £1.25M to £1M. This is a disappointing reduction when the government already has a cap on the maximum annual contributions of £40,000.

Mark Parkinson, partner at Tait Walker. For more information, call 0191 285 0321.

This was posted in Bdaily's Members' News section by Tait Walker .