Independent Financial Life Planners Bishop's Stortford: Anything for savers in the Autumn Statement?

Thursday, 24 November 2016

Anything for savers in the Autumn Statement?

Enables’ experienced IFA’s in Bishop’s Stortford know that savers have been having a tough time and things do not look as if they are going to change radically but The new Chancellor of the Exchequer, Philip Hammond, in his first Autumn statement seemed to be acknowledging this.

For savers the Autumn Statement confirmed, as had already been announced, that the annual Isa allowance will rise to £20,000 in April next year. In addition a new savings bond launched by the Government will allow anyone over the age of 16 will be able to deposit between £100 and £3,000 in it. The bond will be open for a year and savers are expected to receive interest of 2.2pc on up to £3,000. The "Investment Guaranteed Growth Bond", launched through National Savings & Investments, will offer a "market-leading" rate, said the Chancellor. Details will be announced when the bond is launched in the spring, but the Government expects it to offer that interest rate for a term of three years.

For savers using 'drawdown' pensions however there is some less welcome news, the annual allowance for saving into a pension for those who have started to "draw down" their pension savings will be cut to £4,000 from £10,000. The official documents said: "The Government does not consider that earners aged 55 and over should be able to enjoy double pension tax relief, such as relief on recycled pension savings, but does wish to offer scope for those who have needed to access their savings to subsequently rebuild them. The Government will consult on the detail."

http://www.telegraph.co.uk/tax/news/autumn-statement-2016-will-better-worse/

Issued by: Enable Independent Financial Life Planners •  25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

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