George Osborne announced a big surprise at the end of his budget major changes to the Isa and pension regime.Here are all the main changes announced in the budget:
Isas
Existing Isas can be transferred between shares and cash or vice versa without any restriction. These restrictions will be lifted in July as well.
Pensions
More retirees will be able to go into flexible drawdown' with their pension pots. In other words, they'll have complete flexibility on how much money they can withdraw. They'll only need to demonstrate they have £12,000 in other pension income as opposed to £20,000 now.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Anyone with a pension pot who is about to retire can receive free financial advice on what to do a new right to advice'.
New pensioner bond
Income tax
The higher rate (40%) threshold will rise to £41,865, and then by 1% each year.
Growth and debt
Property
-
Side hustle tax changes: HMRC reforms could save thousands from filing self-assessment tax returnsThe government plans to raise the tax-free threshold for trading income – here is how it could help your side hustle
-
Return to the office: is working from home coming to an end?More and more employers want their staff to return to the office. Is it a good idea?
