From the 2016 Autumn Statement

The personal allowance will increase to £11,500 from 6 April 2017 and the point at which the higher rate of income tax will apply will increase to £45,000 from 6 April 2017.

By the end of this parliament the government will meet its commitment to increase the personal allowance to £12,500 and the point at which the higher rate of income tax will apply will rise to £50,000.

 

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From April 2017 the income tax and National Insurance benefits of salary exchange schemes will be removed for some arrangements.

This change will exclude arrangements in respect of pensions as well as advice, childcare, Cycle to Work and ultra-low emission cars.  Arrangements in place before April 2017 will be protected until April 2018 and arrangements for cars, accommodation and school fees will be protected until April 2021.

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Cutting the money purchase annual allowance flies in the face of efforts to make retirement more flexible. As soon as someone draws any taxable income using the pension freedoms, the amount they can save in a money purchase pension would be slashed from £40,000 to £4,000.

This will have a profound impact on their ability to go on working and contributing worthwhile amounts to a pension.

Starting to draw taxable pension cash becomes even more of a cliff-edge than at present.

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It was confirmed the ISA limit will increase from £15,240 to £20,000 in April 2017.

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The ban on pensions cold calling needs to be introduced swiftly and be as comprehensive as possible.

It needs to include unsolicited texts and emails as well as phone calls, and must cover a broad range of pension and investment cold calling. The consultation must be followed by swift action.

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