Our experts are looking at what the Chancellor could, should and shouldn’t do and they have their say.
Partner Genevieve Moore comments what the Chancellor should do with regard to savings:
- “Should extend the Lifetime ISA (“LISA”) to people over the age of 40 so they can still open a LISA and help save towards their retirement.
- Should extend the time that someone can contribute to a LISA to retirement age, rather than 50.
- Should reintroduce tax relief on mortgage interest, but for first time buyers only of properties under £450,000 in Greater London and £250,000 elsewhere to help off-set the cost of buying their first home.”
With regards to pensions
, the Chancellor:
- “Should scrap the phased reduction of the pension annual allowance, people need to be encouraged to save for the future in order that they can be self-sufficient in retirement and not rely on the state pension,” Genevieve Moore.
- “This could be simplified by making the pension allowance a flat £25k and the ISA allowance also a flat £25k for everybody. Taxation is a less volatile component over the personal lifecycle.” Frank Nash
- “Could cap the amount that can be withdrawn from pensions tax free at retirement.” Genevieve Moore
For more information, please contact Genevieve Moore
or Frank Nash