Shirley Hook-Pattison
Independent Financial Planner
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The Oxfordshire Office.

The new tax year 2014, what you need to know.
Mar 31, 2014

So………….what did the Chancellor do in his budget?

It’s the last week of the old tax year and a new one will be starting on Monday.  

  1. He increased the tax-free personal allowance from £9,440 to £10,000 with effect from 6 April.  Then in the following year it will rise again to £10,500.
  2. The threshold for paying 40% tax will also rise to £41,865.
  3. He gave teeny increases to Working Tax Credit and Child Tax Credit.
  4. National Insurance Classes 2 and 3 are due to rise, as is the Class 4 lower profits limit and the upper profits limit.
  5. Basic State Pension will increase by £2.95 per week to £113.10 per week.
  6. Pension Credit will rise from £145.40 to £148.35 per week for a single person and from £222.05 to £226.50 for married couples.
  7. The ISA allowance will be £11,880 per annum from 6 April (up from £11,520), and then from1 July it will be £15,000.
  8. Premium Bond holders will be able to have £40,000 instead of £30,000 from 1 June.
  9. Capped pension drawdown sees an increase from 120% to 150% of the value of an equivalent annuity.
  10. The minimum threshold for flexible drawdown, which allows you to withdraw your whole pension pot, will be allowed if you can prove another income of £12,000 per annum as opposed to £20,000.
  11. The size of a small pension pot which can be taken as a lump sum will rise from £2,000 to £10,000.  Up to three pots of £10,000 can be taken, as opposed to two.
  12. The main rate of Corporation Tax will fall from 23% to 21% with effect from 1 April. 

Clear as mud?  Can I help at all?  If so, I would be delighted to hear from you. 

I have a little break before all these changes take place.  It is my husband’s birthday this weekend and we are going away to celebrate, but I will be back on Monday!  Have a great weekend people.

You can contact me directly on my website here http://www.bicesterifa.co.uk/contact/  or contact me directly here: 01869 247995 | 07736 105865 or via email shirley.hook-pattison@sfs-ifa.co.uk

Until next time…

Shirley 

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