View more on these topics

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions.

So how does this budget affect you? If you are – or want to be – a saver, then there’s plenty to consider. A new Lifetime ISA will be introduced for the under 40s from 6 April 2017, with a Government bonus of 25%. The overall annual ISA subscription limit (including the Lifetime ISA) will be increased to £20,000 from April 2017.

Other important points included:

  • The opportunity remains to increase pension funding using past unused allowances, between now and 5 April 2016, and beyond to benefit from higher rates of tax relief.
  • Salary sacrifice is also still available – the Government confirmed pension saving can continue to benefit from income tax and national insurance relief when provided through salary sacrifice.
  • The Lifetime Allowance reduction from £1.25m to £1m and the restricted (tapered) annual allowance will come into effect on 6 April 2016 as planned.
  • Higher and basic rates of CGT will be reduced from 28% to 20% and from 18% to 10%, from 6 April 2016 – but not for certain residential property such as buy-to-let and second homes.
  • Employer financed pension advice – the income tax and NICs relief available for employer-arranged pension advice will be increased from £150 to £500 from April 2017, ensuring that the first £500 of any advice received is eligible for the relief.

Click here to download full Budget summary


Richard Adams: Don’t forget other revenue streams

Mortgages should not be pursued to the detriment of other sectors that could give considerable reward for far less effort One of the great conundrums of business life is why some firms are more successful than others. With so many active in the same field, what are the defining lines that separate them? Part of […]

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


Advertising watchdog denies conflict with Govt on ‘misleading’ MAS

The Advertising Standards Agency has denied that the Government declaring the Money Advice Service’s branding “misleading” conflicts with its own verdict on the service. A 2011 advertising campaign sparked 80 complaints to the ASA after the MAS advertised its services as “free, independent advice”. At the time, the ASA ruled customers would understand the campaign […]

One to One: Colin Bell, managing director of commercial mortgages, Hampshire Trust Bank

The three things that introducers and customers really want, the importance of top-quality staff and a keen interest in food provenance Hampshire Trust Bank has just entered the bridging sector. What are your aspirations for this class of business? During my many years in this industry I have learned that introducers and customers want three […]


Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now