Savings and investments
|The lifetime allowance for pension savings will continue to increase in line with the Consumer Price Index (CPI), rising to £1,055,000 for the 2019/2020 tax year.|
|The annual allowance for personal pension inputs will remain the same at £40,000 per annum. For pensions investors already in flexible access drawdown, the money purchase annual allowance remains at £4,000.|
|A small increase in the Junior Individual Savings Account (ISA) and Child Trust Fund limits to £4,368 for 2019/2020.|
|No change to the existing legislation on State Pensions. The triple lock kicks in, meaning a further increase in State Pension income for pensioners from April 2019.|
|No increase in the annual ISA allowance which is frozen at £20,000 for 2019/2020.|
|The band of savings income that is subject to the 0% starting rate will remain at its current level of £5,000 for 2019/2020.|
|The 2019/2020 ISA annual subscription limit will remain unchanged at £20,000.|
David Allen Financial Services, as independent financial advisers, can help you make the most of your savings and investments and ensure your retirement planning makes the most of the tax advantages available. We can also help you plan for a home purchase or remortgage via our Mortgage and Protection Advice Team.
For an initial discussion to see how we can help, please contact one of our team on 01228 711881.