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Autumn Summary 2013.

5th December 2013

The Chancellor has revealed the autumn statement 2013.  Please see below to learn more.

Income Tax thresholds

  • Personal allowance threshold is to be raised by £560, which means income tax will not be paid until earnings hit £10,000.
  • Threshold for 40% rate of income tax to rise to £41,865
  • From 6 April 2015 a new transferable tax will be introduced which will allow married couples and civil partners to transfer £1,000 of their income tax Personal Allowance to their spouse or civil partner this is available to all basic rate tax payers. The allowance will be increased in proportion to the Personal Allowance.

ISA contribution limits

  • ISA contribution limits are to be raised to £11,880 from April 2014 and the Junior ISA subscription limit will be increased to £3,840

State Pensions

  • Basic state pension to rise by £2.95 next year to £113.10 a week
  • State Pension Age to rise to age 68 in mid-2030s and to 69 in late 2040s. This will affect everyone currently under age 49.
  • Future increases in State Pension Age will be linked to life expectancy.
  • In October 2015 the government will introduce a new class of voluntary National Insurance Contributions to allow current pensioners and employees who reach State Pension age before 6 April 2016 an opportunity to boost their income in retirement.

Pension Savings

  • As a consequence of the reduction in the Lifetime Allowance for pension contributions from £1.5 million to £1.25 million, individual protection 2014 will be available for those with pension savings of between £1.25 million to £1.5 million on 6th April 2014

If you would like advice on your investments; or if you are considering retirement in the near future, please contact us.

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