It would have been hard to miss that Chancellor George Osborne had updated the Houses of Parliament about the state of the economy and adjusted various tax provisions in his last Autumn Statement last week. But Stamp Duty rather took center stage in the press and you might have missed some of his adjustments in savings.
Enable’s independent Financial Advisors in Bishop’s Stortford often recommend ISA’s as a saving vehicle and from next April 2015 the ISA threshold will increase again from £15,000 to £15,250 a modest but useful tax free addition for savers. Whatever platforms you save across it is nearly always worth your while to max out your ISA allowance as savers who take out an ISA pay no tax on capital appreciation or income.
But perhaps a more interesting decision has been made by the Treasury to enable spouses to inherit their partners ISA’s tax free on their death. In previous years a spouse or civil partner inheriting an ISA would have been liable for tax on the savings. From next April the 6th 2015, however partners who have been bereaved will be able to add their late spouse’s ISA’s to their own, without any tax to be paid. The treasury estimate that as many as 150 000 married partners will be affected by the change and George Osborne told MPs, “Pass on your Isa tax free. Pass on your pension tax free. We are delivering fairness for savers.” Enable’s IFA’s in Bishop’s Stortford are happy to help you make the most of your savings.
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