Budget 2016: Key points
16th March 2016
George Osborne delivered his 8th Budget as Chancellor of the Exchequer this afternoon, calling it a “Budget for the next generation”. Despite predictions of a “quiet Budget”, there were a few headline grabbing announcements.
We summarise the key points from the Budget and what they will mean for individuals and businesses:
Pension changes still on the horizon?
7th March 2016
Big changes to the way individuals receive tax relief on pension contributions were widely predicted for the Budget on March 16th, but have now be put on hold, with a HM Treasury spokesperson stating “now is not the right time”. It’s believed that the Chancellor George Osborne backed down from making changes this year so as to not unsettle voters ahead of the EU referendum in June, opting instead for a “safe” Budget.
Budget 2016: What pension changes can we expect?
2nd March 2016
UPDATE (07/03/2016): The Government has stated since this article was written that proposed changes to pensions tax relief will now NOT be announced at the Budget in March 2016. However, a spokesperson for HM Treasury left the door open for changes at a later date, possibly at the Autumn Statement later this year or Budget 2017, stating “now is not the right time”.