What to Expect from the Autumn Budget 2017
The Chancellor, Phillip Hammond, will deliver his Autumn Budget on Wednesday 22nd November. As announced in his last Budget earlier this year, this will be a full Budget, introducing changes for the upcoming tax years.
Make sure you follow our live commentary on Twitter @ScottishWidows for updates on key changes to the financial landscape as they get announced and insight into what it could mean for you.
WHAT PENSION AND RETIREMENT CHANGES CAN I EXPECT?
The Work & Pensions Secretary recently ruled out fundamental change to tax relief in the short term. But this doesn’t mean that we shouldn’t exclude small changes to tax relief limits – such as reducing the Annual Allowance, as has been done on a number of occasions in recent years. Recent Budgets have also been led by rumours on Salary Sacrifice reductions, changes to Lifetime Allowance and restrictions to counter pension scams so look out for any changes here.
HOW CAN I PLAN AHEAD?
If you can afford to, it’s worth considering paying the maximum contribution of your Annual Allowance in advance of the Budget. If on Budget day, the Annual Allowance is restricted with immediate effect, those who had paid the maximum contribution may be in a better position.