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Autumn Budget Statement – October 2018

30th October 2018

Autumn Budget Statement – October 2018

When Mrs May announced the NHS 70th Birthday bonus earlier this year, it was clear that she was putting pressure on Mr Hammond to find some cash from somewhere. With a further statement at the Tory Conference that austerity had ended, so the pressure increased as she passed the ‘Baton’ to her Chancellor.

With the baton firmly in his hand, Mr Hammond promptly produced the sort of ‘giveaway’ Budget not seen for some time, which includes the required extra cash for the NHS along with extra funds for Defence, Mental Health, Universal Credit and even some money for Potholes.

Even his ‘rabbit out of the hat’ lacked an element of surprise with the final giveaway being an increase in Personal Allowances that was a Manifesto promise simply pulled forward a year from April 2020 to April 2019.

Yet, it is quite clear that all of this spending requires a good Brexit deal along with good UK growth. Without either, we could well be seeing Mr Hammond on his feet again post Brexit with a rather more sombre Budget message.

It seems the baton has been well and truly passed back to Mrs May at Number 10.

In all of this to-ing and fro-ing, changes affecting Savers and Investors were broadly and remarkably untouched, which very much sits in the ‘no news is good news’ camp. After far too much tinkering with rates and allowances, a Budget such as this does allow us to plan more easily when the goalposts remain firmly in place.

Full details of what Personal Finance changes were made (or not as the case may be) are attached

Autumn Budget 2018:

Key Points for Savers & Investors

 Income tax

Personal Allowance will be increased to £12,500 on 6 April 2019 for the 2019-2020 tax year.

The threshold above which higher earners start paying 40% tax is being increased to £50,000.

These allowances will remain the same for 2020/21 and then increase in line with Consumer Price Index (CPI) changes.

Pension changes

Standard lifetime allowance

The standard lifetime allowance for pensions will increase in line with the rise in the consumer prices index (CPI) for 2019/20 to £1,055,000 as previously announced.

Annual Allowance

There are no changes to pension annual allowances (AA). The standard AA remains at £40,000 and there are no changes to the high income AA taper rules.

Individual Savings Account (ISA)

The ISA annual subscription limit for 2019/20 will remain unchanged at £20,000. The annual subscription limit for Junior ISAs and Child Trust Funds for 2019/20 will be increased in line with CPI to £4,368.

Capital Gains Tax

The capital gains tax allowance will increase by £300 to £12,000 from April 2019.

Inheritance Tax

Inheritance tax rates and exemptions

The IHT Nil Rate Band will remain frozen at £325,000 until 2021/2022 as previously announced.

Residence Nil Rate Band (RNRB)

The Residence Nil Rate Band will rise to £150,000 from April 2019 as previously announced.

 General Tax

Simplifying Trust Taxation Consultation

This Budget confirmed there will be a consultation on the taxation of trusts to make their taxation simple, fairer and more transparent.

If you would like to discuss your current financial planning arrangements in light of any of these changes to make sure you are maximising the opportunities now available to you, please do not hesitate to contact us.


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Good health and safety standards help you to run your business successfully.

Aviva Motor Fleet Advice

Employers are legally responsible for employees who drive whilst at work.

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Budget Summary

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Charity Fundraising by PWW

This year for the first time, staff at P W White and Partners attended the Amersham carnival on 13thJuly in the glorious weather with temperatures of over 30 degrees C.

Dilnot Report on Long Term Care

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Disclosure of all the facts

Are you aware of yourresponsibility to disclose what is considered ‘material’ information inrelation to your Insurances?

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If you are aged under 70 the chances are that your licence has not expired as driving licences generally expire at 70 unless extended.

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Floooding and Commercial Premises

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GAP Cover for new & used Cars

P W White & Partners Ltd now have the facility to provide GAP cover when you purchase a new or used (up to 7 year old) car from a dealer.

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ELTO is the Employers Liability Tracing Office which was set up so that all businesses (subject to a few exclusions)

Important information that could affect the validity of your cover

Any intended alteration or extension to your property – personal or commercial, i.e. creating an additional bedroom, bathroom or shower room

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If you run a motor fleet have your details been entered on the MID?


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Paper driving licence changes

From January 2015, the DVLA will no longer issue the paper counterpart to the photocard driving licence.

Pension Lifetime Allowance Limit (LTA)

In 2006 the Government introduced a cap on the value of Pension Pots.

Tax Disc Changes

The new rules, which came into effect on 1stOctober 2014, mean it will no longer be possible to transfer tax when a vehicle is sold.

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You may have noticed the recent media coverage following the findings by Which?

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When you reach retirement age, with interest rates at historic lows, your most important choice will probably be between

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